BWC Reminds Employers to ‘True-up’
COLUMBUS, Ohio – The Ohio Bureau of Workers’ Compensation is calling on its private employers to participate in the final step of the agency’s transition to prospective billing.
The “true-up” window opened July 1 and closes at the end of business Aug. 15. A critical step in BWC’s new prospective billing of premiums, employers are required to report their actual payroll for the policy year ended June 30 and reconcile any differences in premiums paid.
BWC will remove employers from their current rating plan or discount program if it does not receive a payroll true-up by the due date. BWC began its switch to a prospective billing last year and now collects premiums upfront, an insurance industry standard practice, the agency said.
Under the new system, BWC has reduced base rates and offered employers more flexible payment options while allowing employers to better forecast their workers’ compensation costs.
“This step is an important part of BWC’s ongoing efforts to modernize operations and provide better service to Ohio’s employers,” said Sarah Morrison, BWC administrator/CEO. “It’s also necessary for BWC to accurately calculate an employer’s premium and for employers to maintain their participation in current rating plan or discount programs.”
BWC has issued several notices this year reminding employers to take action. The quickest and easiest way to true-up is online with a BWC e-account. Online true-up and payment also qualifies eligible employers for a 1% premium rebate, up to a $2,000 maximum.
Copyright 2022 The Business Journal, Youngstown, Ohio.