The Ohio Bureau of Workers’ Compensation will be transitioning to a new prospective billing system beginning July 1, 2015 for private employers and Jan. 1, 2016 for public employer taxing districts.
Prospective billing is an insurance industry standard practice that will enable Ohio to collect premiums before extending coverage to employers. Ohio is hoping that their costs will be lowered and premiums will go down for employers as a result.
BWC recently mailed out the initial estimated premium letters to employers. Please let us know if you have any questions when it arrives.
Also, don’t miss out on the transition credit!
To receive the transition credit, private employers must be in an active, reinstated, or debtor-in-possession status as of July, 1, 2015. You must report your Jan. 1, 2015 – June 30, 2015, payroll by Aug. 31, 2015 to receive the transition credit equal to your premium for that time period. If Advanced Payroll Solutions has filed your BWC reports for you in the past, that will not change. Once we or you have reported the payroll, Ohio will apply the transition credit to your account.If you are in a lapsed status for any reason, there is still time to correct this before the July 1 deadline!
For more information, please follow the link below for the Ohio BWC website.