The BWC is not going to pay out 2018 2019 Group Retro refunds this fall.They have decided the dividend rebates issued for these policy years will take the place of 2018 and 2019 Group Retro refunds.We do not believe the dividend proposal passed by the Board of Directors gives the BWC the authority to eliminate Group Retro refunds.Spooner Incorporated is appealing this decision with the BWC, but we may not be able to do it alone. Please email Jennifer Kantorowski if you would like to join us in the fight to get the BWC to release the 2018 and 2019 Group Retro refunds this fall. Jennifer can be reached at email@example.com.
Effective July 1, 2020, Ohio BWC implemented a new reserve system called ACES.Based on a large sampling of claims, weve found that this system can drastically increase reserves for future claims costs - which will then impact premiums and Group Retro performance. A reserve is a dollar amount placed on every claim, in which the insurer (BWC) reserves assumed future costs within the claim. The concept of a reserve is considered standard practice in workers compensation insurance, even for self-insured employers. Once a reserve is set, it will not leave the claim until the claimant has ceased medical treatment for at least six (6) months. The only other way to eliminate a reserve is through the process of a settlement. If a claim has a reserve when Ohio BWCs September snapshot is taken - those reserves will be treated as dollars already spent on the claim, impacting premiums for the coming policy year. Lost time claims will see the largest impact, as medical reserves for 2019 were roughly
Spooner Inc. helps Ohio employers understand their group retro rating.
In this video blog, Jacqui and Joe discuss the changes the Ohio Bureau of Workers Compensation in 2019 and how Spooner Inc., can help you save time and money for your business in the new year!
Spooner Inc., has partnered with Virteom to engage our customers and users about our services and the technology behind the scenes. In our video series, Jacqui and Joe talk about what Spooner Inc., does and how it all works! This video is all about our program placement and getting the best placement for customers. Watch or read the transcription below! What is Spooners Program Placement? Everything has to start with an AC3 form which is a temporary authorization, it allows us to give a company quote. Theres no obligation or cost to it, but once we have that were able to take a screenshot of a companys history and then see whats a good fit for them. There are two main programs that exist. The first is our group rating, this is an upfront discount. Its like youre safe drivers discount. Essentially, if you have not received any speeding tickets in a while, well give you a little bit of a cheaper rate. What is the Group Retrospective Program? Group retro is when youve had a couple of