WASHINGTON: Vigilant Workers’ Comp program earns even more in premium refunds!
Our Washington Workers’ Comp claims team is very excited to report that on top of the $7.5M in refunds distributed this year, we have recovered an additional $633,227 in premium refunds for participants in our retro program.
Our Washington Workers’ Comp claims team is very excited to report that on top of the $7.5M in refunds distributed this year, we have recovered an additional $633,227 in premium refunds for participants in our retro program. The additional refunds came as a result of successful protests on claims that were incorrectly charged, or should have been closed by the Washington Department of Labor and Industries (L&I) before the retro freeze date.
Here is a breakdown of the refund calculation. The retro plan year for the Vigilant program runs from July through June. At the end of the plan year, the premiums are retrospectively adjusted based on actual claim costs for each plan year. If claim costs for the coverage year are less than what is expected, there is an opportunity for a premium refund.
For the 2010/11 plan year Vigilant recovered an additional $275,781, which bumps the final return percentage for that plan year up to 27 percent from 26 percent. There was no change for the 2011/12 plan year; however for the 2012/13 plan year an additional $357,446 was recovered, bumping that refund up from 34 percent to 35 percent. The additional refunds will be hand delivered at the regularly scheduled refund distribution in June 2015.
If you have any questions, or would like additional information about the retro program, please contact Trish Leimbach.
This website presents general information in nontechnical language. This information is not legal advice. Before applying this information to a specific management decision, consult Vigilant or legal counsel.