Raising the Rates of Workers Compensation

Due to medical inflation and other calculations the Department of Labor and Industries in the state of Washington has announced that there will be a 3 percent increase for workers’ compensation insurance in 2009. This is expected to raise average premiums by 2 cents per hour, approximately. The amount will vary based on different factors. Read this article to find out how this may affect you if you are resident of that state.

The following article talks about the announced premium increase, expected to generate $57 million. The actual calculations reported that $119 million was needed, but the rest will be absorbed by the contingency reserve.

When workers are injured on the job and must receive workers’ compensation in Washington, the money comes from three different funds: the Accident Fund, the Medical Aid Fund, and the Supplemental Pension Fund. The article breaks down the three different funds and their percentage of increase, while also giving information on which percentage will be paid by the employers and which percentage will be paid by employees.

Workers compensation rates to rise in 2009






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