By Brian Fowler, WisMed Assure Account Director
Starting October 1, 2022, Workers’ Compensation rates in Wisconsin will drop for the seventh year in a row. Unlike many other states, Work Comp rates in Wisconsin are set by the state and are the same for every insurance carrier. The decrease is 8.47% over all employee classifications. Physician rates are relatively low, though higher when hospital employees, but still much lower than hospital employees other than professional employees (see the chart below).
The following chart shows the current and new rates for the listed class codes (rates are per $100 of payroll):
|Code||Description||Current Rates||New Rates 10/1/2022||Change|
|8832||Physician & Clerical||0.31||0.28||– 9.7%|
|8833||Hospital Professional Employees||0.86||0.82||– 4.7%|
|9040||Hospital All Other Than Professional||5.08||4.24||– 16.5%|
Slight changes were also made to minimum premiums for experience rating, increases in annual remuneration to calculate premiums for sole proprietors and partners and increases in the maximum remuneration for executive officers.
Another difference in how Workers’ Compensation is governed in Wisconsin is there is not a set fee schedule for medical services provided. The Wisconsin Medical Society has long advocated to keep Wisconsin from adopting a Work Comp fee schedule.
Mark Grapentine, Wisconsin Medical Society Chief Policy and Advocacy Officer and a medical liaison to the Worker’s Compensation Advisory Council, told Wisconsin Health News that the current system gets workers back on the job faster and more satisfied with their health care than in other states.
“The news of yet another significant decrease in rates is good news across the board,” he said.
He called the state’s current workers’ compensation system a “national model” that provides injured workers easy access to high quality care. Though he noted that Wisconsin can do better when it comes to its workplace injury rate, and getting that below the national average would be a win-win for everyone.
If you have questions about Workers’ Compensation coverage rates and dividend programs for your practice, please contact Brian Fowler, WisMed Assure Account Director, at firstname.lastname@example.org 608.442.3718.