We keep hearing media and business scream that that the business climate in the State of Illinois is unfair. ?This is even true after the major reduction in benefits under the 2011 IL Workers? Compensation Act, a major take-away?of employee rights and physician services, and a major give-away to business and the insurance industry.? But, businesses aren?t saving any money under the new IL WC ACT.
Why, you might ask, perplexed (as you should be). Where did the money go? Not to employees. Not to Doctors. Not to the hard-working business owners in this state. None of the above?.one more guess?
Well, 14 days after the signing into law by Governor Quinn of this past year?s worker?s compensation reform, the insurance industry (through the assistance of NCCI), still requested more than a 3% ?increase in premiums. It?s good to be King.
So why don?t we do something that actually works? Well, there are recently filed bills in the General Assembly to do just that:
- (SB 3825 ? Raoul) Creation of the Workers? Compensation Insurance Fund as an independent body for insuring employers against liability for workers? compensation claims.
- (SB 3826 ? Raoul) Creation of the Illinois Compensation Rating Bureau. The proposed bureau would be capable of providing more accurate and verifiable information on reimbursement rates on workers? compensation cases. Currently, the state uses figures provided by the National Council on Compensation Insurance (NCCI).
- (SB 3807 ? Maloney) Changing how all employers are charged for workers? compensation premiums, from wages paid to an employee, to the hours worked by that employee.
- (SB 3808 ? Maloney) Changing how construction employers are charged for workers? compensation premiums, from wages paid to an employee, to the hours worked by that employee.
These bills would be helpful to employers, employees and physicians in reducing insurance premiums and provide a competitive environment for insurance. Though, we know that the insurance companies don?t like competition. They like that they are not subject to anti-trust laws. They like that they can collude and fix prices. That?s why over 400 insurance carriers throughout the United States are seeking to collect WC premiums in the Illinois.
400!
Because the Insurance companies know they will get paid. That?s what happens when you?re the King. You get paid, and all the serfs starve.
You are soon going to here from the Insurance Industry on this. They will tell you the same tired BS they spoon-fed the legislature last year (successfully). Again hoping that their snake oil will be bought again and again while they continue to count their money. They are going to tell you these state funds don?t work and tell us about?Missouri.
Well, while misery loves company and the Insurance Industry wants to continue to make everyone else?s lives miserable. the truth about Missouri is that?the Missouri fund ?is a mutual fund, not a not-for-profit state fund like the IL State Insurance Fund.?The Missouri Mutual Fund is just a wolf in sheep?s clothing. ?But the IL State Fund is not for profit, a true fund for the people and business of ILLINOIS.
The Insurance Industry is going to try and create confusion regarding the differences. Do not buy it!
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