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Local Business

No Need to Reform Workers’ Compensation When Insurers Stack the Deck (and Profits)

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When the Illinois Workers’ Compensation Act was amended in 2011, workers’ rights were slashed, and doctors and hospitals were told to take a pay cut.  The only people who walked away happy were the insurance companies.  Five years later, Gov. Bruce Rauner is seeking to further reduce workers’ rights and benefits.

The Illinois Policy Institute, which is aligned with Rauner, has flooded the media with propaganda seeking to distract Illinois employers from the real reason their premiums are rising: insurers are refusing to pass on their savings to employers.

The National Council on Compensation Insurance (“NCCI”), an industry-funded clearinghouse, reports that workers’ compensation indemnity payments in 2015 were down nearly $39 million from 2014 and $95 million since 2012 – an 11.6% decrease in just three years.  In addition, the 2011 amendments to the Workers’ Compensation Act caused a 30% reduction in medical and hospital fees.  As a result, NCCI recommended that Illinois insurers reduce their workers’ compensation premiums by 12.9%.  This would have been the third largest premium reduction in the United States and greater than the combined premium reductions in all of our neighboring states.

Benefits have been dropping since 2012, yet the insurance companies have refused to reduce their premiums in compliance with NCCI’s advisory rate…

Read the rest at: No Need to Reform Workers’ Compensation When Insurers Stack the Deck (and Profits)

        

HORWITZ, HORWITZ & Associates

25 East Washington Street, Suite 900, Chicago, IL 60602

1403 Essington Road, Suite 200, Joliet, IL 60435

(312) 372-8822 (Chicago)

(815)-723-8822 (Joliet)

or visit www.horwitzlaw.com.