A Medicare Set-Aside (MSA) is a financial agreement that reserves a portion of a workers’ compensation settlement to cover future treatment and prescription costs of an injury, illness, or disease.
Since 2014, the percentage of indemnity claims involving a major surgery in the first two years has declined one percentage point per year, falling from 28% of the 2014 claims to 23% of the 2019 claims, according to a study released Monday by the California Workers’ Compensation Institute.
The old adage ‘You can’t judge a book by its cover’ may be true when it comes to reading the latest novel from your favorite author, but when it comes to independent medical examinations (IME), the cover letter means everything.
There seems to be a common misconception that all workers’ compensation losses are flat to slightly improving. While that might be true for the frequency of smaller claims, it definitely is not the trend in the frequency and costs of large death and permanent total disability claims.
It has been heartening--especially over the last few years--to see more founders and investors take an interest in the U.S. workers’ compensation and safety innovation sector. Why?
AI’s capabilities have surged so much that it has the potential in 2023 to dramatically raise the quality of claims handling and underwriting in workers’ compensation.
According to a report by the National Council on Compensation Insurance, physical medicine expenses have been the primary contributor to the increase in annual physician costs in workers’ compensation over the past decade.
Former Eagles linebacker turned media personality, Emmanuel Acho, has won a lengthy workers’ compensation battle. Acho’s career with the Eagles ended in 2015 due to a thumb injury, after playing in 20 regular season games.
Primary workers’ compensation, general liability, and no-fault claims payers should be on alert for civil monetary penalties of up to $1,000 per day, per claim, which will be issued against noncompliant claims payers beginning spring 2023.
When approaching a workers compensation settlement, efficiency and accuracy are critical. While it is important to get the settlement right, speed is key to curbing the potential long-term sprawl of expenses related to medical treatment, potential surgeries and indemnification for carriers and businesses.
A Pennsylvania appellate court has struck down a $5.59 million jury award for a former roofer who suffered catastrophic spinal injuries after falling 20 feet through an unmarked hole in a roof.
In its fifth year, the Risk & Insurance survey of workers’ compensation professionals, sponsored by Healthesystems, highlighted the top challenges industry professionals faced in 2022 and their priorities heading into 2023.
With everything employers have on their plates, why should they care about Medicare Set-Asides, or MSAs? The main reason is: MSAs facilitate workers’ compensation settlements.
Situational variables have an effect on the degree of seriousness of these unexpected events, which causes management to try to find means and methods of stopping their occurrences or minimizing their negative impact on the organization.
