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Florida Experience Mod Changes

The National Council on Compensation Insurance has proposed changes to the way workers’ compensation experience modifications are calculated. These changes will have an effect on how much you pay. The change has already been approved by 25 states and is expected to be approved by Florida this summer. If approved, it could take effect in 2013.

Currently, a single loss is capped at $5,000. Any amount over that is reduced by about 90 percent. A $100,000 claim would be valued at about $14,500. NCCI has proposed raising the cap to $15,000. The same $100,000 claim would be valued at $23,500 with the update. To lighten the blow, the change will probably be phased in over three years.

The effect will be that it will either raise or lower a company’s mod. Companies that have debit mods (over 1.00) in 2013 will see their mods increase. If a company has a credit mod (under 1.00), the mod will get better. Companies with high mods should begin planning now. It is not too late to begin managing your claims and also avoiding future claims. The risk reduction work RGVI does can help. Call us at 850/386-1111 or 800/697-7890 and let us show you.

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