During an emergency virtual meeting on Friday, the Ohio Bureau of Workers’ Compensation (BWC) approved $1.6 billion in dividend payments to Ohio employers – most of which, $1.4 billion, will benefit private employers.
Checks will be mailed in batches to employers later this month. “BWC will apply the dividend to an employer’s outstanding balances first, including the recent installment deferrals. Any amounts exceeding outstanding balances will be sent to the employer. For those employers, it means one less bill to worry about,” the BWC states.
This dividend equals approximately 100% of the premiums employers paid in 2018, according to the BWC. Unpaid insurance premium installment amounts due for March, April, and May for the current policy year are automatically deferred until June 1, 2020, at which time the matter will be reconsidered. This is for private and public employers. Employers that wish to submit payments for March, April, and May, however, are free to do so.
According to the BWC, these payments are possible due to strong investment returns on employer premiums, a declining number of claims each year, and prudent fiscal management. It’s also due to employers who work hard to improve workplace safety and reduce injury claims.
Later on Friday, BWC announced it is postponing this year’s enrollment period for employers to select a managed care organization (MCO) to manage their injury claims. Offered every two years in the spring, the enrollment period is an opportunity for employers to select a new MCO that may best fit their needs. The official enrollment period, scheduled for April 27 – May 22, will now occur May 3 – May 28, 2021. Further questions may be directed to BWCCOVID19@bwc.state.oh.us.