BWC Update - Prepared for the Next Steps - True-Up

Are you prepard for the next steps in the new workers compensation billing process.

True-Up is coming in July.

Ohio private employers have adjusted to the new way BWC charges for workers compensation coverage.

Last year's change to prospective billing brought a much-needed move to the standard insurance industry practice of charging premiums in advance of extending coverage.

Employers are now enjoying a number of benefits of the new billing system, including more flexible payment options, better customer service and a $1 billion premium credit provided by the BWC to avoid double-billing employers during the switch.

However, the transition process is not fully complete. The payroll true-up is coming in July.

True-up is a new process that requires employers to report their actual payroll for the previous policy year and reconcile any differences in premium paid.

This is an important step that is necessary for the BWC to accurately calculate the premium. It is also critically important to maintaining your policy and your participation in your current rating plan or discount programs.

You must complete the true-up report even if your payroll for the year matches the estimate you receive from the BWC.

Your policy year 2015 payroll true-up notice will be sent July 1 and your report will be due by August 15. Reports must be submitted on line at bwc.ohio.gov or by phone at 1.800.644.6292.

A number of videos, webinars and other resources about prospective billing are available at bwc.ohio.gov.

Attendance - 05/20/16