Guest Column from Pat LeMire, M3 Insurance

Effective October 1, 2024 Wisconsin Workers Compensation rates will be decreasing again for the 9^th consecutive year. On average, Wisconsin will see an overall 10.5% decrease, which is the largest decrease compared to 8.39% received in 2023 and 8.46% in 2017. Senior Living providers fared even better, with specific class code rates listed below:

While Wisconsin remains a state with the some of the highest medical costs for workers compensation in the nation, expected losses were offset with a decrease in frequency combined with wage inflation.

A notable change is to “the per claim accident limitation” being decreased from $268,500 to $160,000. This places a cap on severity, and more weight to focus on frequency. Moreover, this may help balance the impact that work comp rate reductions have to the experience mod. In short, class code rates are in the denominator portion of the experience mod. equation. As work comp rates decrease, depending on the size of the organization, this has a negative impact to the experience mod. being driven upwards. Whereas the per claim accident limitation is impacting the numerator portion of the formula.

Telehealth continues to be an advantageous approach for employers to give employees proficient treatment. Benefits of telehealth for work related injuries include: reduced interruptions for employee and less time away from work, support for first-aid and immediate treatment and, when necessary, assistance getting employees to the most appropriate medical provider.

With the current staffing crisis, coupled with the mental health crisis, focus on the total well-being of the employee remains an important measure. Integrating workers compensation program with other workplace benefits, such as a robust employer assistance program (EAP) as part of the workers’ comp process, can lead to a safer work environment and better employee engagement. Bear in mind, each organization’s approach may be different, driven by their social determinants of health (SDOH), nevertheless, can strengthen employee satisfaction.

Pat LeMire is a senior account executive and partner at M3 Insurance. His primary role is to work with skilled nursing and assisted living facilities, evaluating their operations and partnering with them to manage their property and casualty program. M3 Insurance is a WHCA/WiCAL Elite Business Partner. 

Connect with Pat: 608.288.2807 | pat.lemire@m3ins.com