Good news for on-time payers: the Lapse Free program

If your company has paid its premiums on time for 5 years or more, the BWC will rebate 1% of your premiums every six months, up to $1,000.

Starting with the premiums that are due August 31, 2012, when you report your payroll on line, the BWC will calculate your premiums and automatically deduct 1%, up to $1,000.  If you pay your premiums with a check, the BWC will calculate the 1% and send you a rebate check.

This program is not available for any entity that pays the minimum $50 to maintain coverage.  The BWC is just not going to rebate fifty cents.

Public employers only pay premiums once a year, so their maximum rebate is also up to $2,000 a year.

Employers can get an additional 1% discount if they register for the Go Green program.

I asked my BWC contact how many entities would qualify for this program, but he didn’t know.  Of my clients, 30% will qualify for this program, and 35% have not yet been in business for 5 years.  It would be interesting to know if those percentages are true for the entire population in Ohio.  Are 35% of the premium-paying private employers in Ohio less than five years old?

 

Posted in premiums.