From WisPolitics.com/WisBusiness.com …
— Workers’ compensation insurance rates for employers in the state will be 3.2% lower on average starting next month — the 10th straight annual decline but a smaller one than in recent years.
The state Department of Workforce Development today announced the rate decrease that was approved by the state Office of the Commissioner of Insurance.
DWD cautions that specific policyholders will see different changes in their rates, as premiums are based in part on factors like the risk of injury for workers.
This year’s rate decline is smaller than the 10.5% decline from 2024, the 8.4% decline from 2023 and the 8.47% decline from 2022, figures from the agency show.
Today’s update comes after a workers’ compensation fee schedule for hospital charges was included in the latest biennial budget following years of debate over the issue. Under the budget provision, DWD will establish a new framework for hospital fees charged under workers’ comp by mid-2027, so impacts on employers’ insurance rates likely won’t be seen until 2028.
The workers’ comp insurance program provides wage replacement and medical benefits to employees related to accidential injury or disease related to their work. Most employers in the state are required to have workers’ comp policies.
Rates for workers’ comp are adjusted each year by a committee of actuaries from the Wisconsin Compensation Rating Bureau, the agency notes.
See the release below and see a recent story on the fee schedule in the budget.
Top Stories
– Why Young Children May Not Get Covid Shots This Fall
– US FDA approves Insmed’s drug as first treatment for a chronic lung disease
– Experts Say Rural Emergency Rooms Are Increasingly Run Without Doctors
– Texas sues Eli Lilly for allegedly bribing providers to prescribe its medications
– Considering a Life Change? Brace for Higher ACA Costs
– Man poisons himself after taking ChatGPT’s dietary advice
Press Releases
– Medical College of Wisconsin: Consortium on Public and Community Health appoints new member
