According to a report released by the National Council on Compensation Insurance (NNCI), Illinois employers could see as much as a 12.9 percent cut in their insurance rates for 2017. That is the third largest suggested cut in the nation, which also totals more than all of our neighboring states combined.
NCCI is a nonprofit organization created by the insurance industry to consolidate and standardize the details of computing insurance premiums. Each year, it issues a report detailing recommended rates for workers’ compensation for several states, including Illinois.
The organization has noted large reductions in the costs of workers’ compensation in the state since the General Assembly passed an overwhelming reform package in 2011. The suggested cuts for 2017 will be the largest cuts since the reform package was put into action, a signal to many advocates that their efforts to reduce costs for employers and to reduce waste and fraud are working.
Medical and insurance costs have decreased significantly in Illinois since the reform to workers’ compensation first went into effect. The NCCI also noted significant cost reductions in 2013 and 2014.
As the preferred workers’ compensation law firm for many unions and trade organizations in Chicago and Illinois, GWC Injury Lawyers is an advocate for Illinois workers. If you are having trouble receiving the compensation you deserve after a workplace injury, we can help.<< BACK TO BLOG POSTS