State workers compensation insurance may be in for a long and rude awakening. By that I mean your safety may no longer be a must, but more of a luxury. The states are looking for ways to save and budget money, which means of course taking from other programs that we use. Some of the programs may be small insignificant to must, however some may be very big programs like workmen’s compensation insurance.
Most states have the insurance coming from the Department of Labor and Industries. Although this means always insured, it also means more money being wasted and insurance rates going up yearly. This means more money out of pocket, less money to be giving in case of an accident. Now, not all states are like this. However most like in Washington are. For the citizens and employees of Washington, in the past 5 years their insurance rate has increased by 40%.
Then you have other states like Oregon that have gone from being one of the worst states in the United States to one of the best in regards to workers compensation insurance. They have found a way to turn things around so that they are giving their employees what they deserve as well as giving it to them for a price they can afford. Instead of having interest rates increase every year, they have actually been able to decrease from their past recent years.
The state of Oregon is able to do this because they sat down and figured out a plan. Well, that and because they have businesses using an independent insurer. This is better for the businesses, the states, and the employees as well. It has been proven with Oregon that it is more cost efficient to use private insurers and sectors to save money for the state and keep the insurance rates down.
It is important for the states to realize that this can be the difference between wasting thousands of dollars and cutting more programs off. It is a win-win situation which is what the states need nowadays. No one and nothing can fail in this situation as long as it s done carefully. We can start turning the states around one at a time slowly by using private insurers for workmen’s compensation.
State workmen’s compensation insurance is not only important but vital. It is essential to work our way around the increasing rates and the money wasted so we can get back on track, one state at a time. Following in Oregon is a win-win which will only result in great results and satisfaction.
By John Hester