You are here: HomeWorkers' Compensation BlogBWC Billion Back Facts

Ohio BWC is coming in-line with how insurance companies collect money for services in advance of extending coverage. The calculations of the amount invoiced will be based on what the history reveals with BWC claims and accidents in the past.


Heading into 2015, don’t forget to report your payroll and pay your premium for the July 1 through Dec. 31, 2014 period as normal – due March 2, 2015. (Please note: the final 50/50 payment date was moved to May 1, 2015.)

In May 2015, you will receive a notice of estimated premium along with a certificate of coverage. This certificate will be somewhat different from your previous certificate, because it will not guarantee coverage. The only way to guarantee coverage is by paying your premium at the appropriate time. The notice of estimated premium will show you what Ohio BWC has calculated your premium to be, based upon the most recently completed year.

Ohio BWC will provide an eight-month transition credit to you. However, in order to receive the transition credit, your policy must be in good standing and you must submit your payroll report for the January - June payroll period due August 31, 2015 (no payment due with this payroll report). Upon completion of the payroll report, BWC will credit your policy with the transition credit. If your policy is in a lapsed status, you are not in good standing and must rectify this situation prior to July 1, 2015.

You will receive an invoice from Ohio BWC for your September and October premium. This invoice will be due by Aug. 31, 2015.

Summarized:

March 2, 2015: July 1 – Dec. 31, 2014 Payroll report and payment due

August 31, 2015: January – June 30, 2015 Payroll report due (no payment due for payroll report)

August 31, 2015: Policy year 2015 installment payment due for the Sept. and Oct. 2015 premium.

In the first prospective year, BWC will require employers to follow a bi-monthly (six installment) payment schedule.  In subsequent years, employers will have the option to make up to 12 installments.

 

 

Add comment


Security code
Refresh

Social Connect

 facebook_service1stpayroll  linkedin_service1stpayroll  twitter_service1stpayroll  googleplus_service1stpayroll



Quick Contact