Report: Benefit Costs for Workers’ Comp Down in California
The Workers' Compensation Insurance Rating Bureau of California on Monday released its annual report detailing the losses and expenses within the workers' compensation system last year, the Sacramento Business Journal reports.
The report found:
- California workers' compensation insurers collected $17.2 billion in premiums, down from $21.5 billion in 2005;
- $3.8 billion, or 51% of insurers' loss payments, were for medical services, up from 47% the previous year;
- Physicians received $1.6 billion in medical payments, compared to $1.7 billion last year;
- Hospitals received $817 million in medical payments; and
- Injured workers received $629 million in payments.
According to the report, benefit costs continue to decrease following reforms to the state workers' compensation insurance system several years ago.
WCIRB on Tuesday released a quarterly report that found that the market for workers' compensation insurers is healthier than before reforms took effect several years ago (Johnson, Sacramento Business Journal, 6/19). This is part of the California Healthline Daily Edition, a summary of health policy coverage from major news organizations. Sign up for an email subscription.