After three years of increases in Florida’s workers' compensation insurance rates, state regulators are recommending legislative action to bring costs back down. The Office of Insurance Regulation addressed its concerns in a report it released on Wednesday.
On Jan. 1, the state saw a 6.1-percent workers' comp rate increase go into effect. It’s the third year in a row regulators have approved an increase, following several years of decreases.
Office of Insurance Regulation spokeswoman Amy Bogner says, two main areas are driving up the cost, according to the National Council on Compensation Insurance. She says, savings could come from changes to how doctors are allowed to repackage and sell drugs. Also, regulators are recommending changes to the required reimbursement rate for hospitals and surgical centers.
“The total savings they estimate would vary from 8.6 percent to 9.4 percent, based on the percentage of Medicare that is adopted," she said.
The changes would require Legislative approval.