On the 4th of December 2015, icare (previously known as WorkCover NSW) announced further changes as a component of the NSW government ongoing NSW workers compensation reforms.
The latest reforms include benefit changes to injured employees in need of the highest benefits being those with a Whole Person Impairment (WPI) of >30%. In addition to this there were several other as well as additional changes.
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Mental health issues are becoming increasingly common in Australian workplaces and from a workers compensation perspective they are 7-8 times more expensive than physical injury related claims. A recent PWC study found mental health issues cost Australian businesses $10.9B a year in lost productivity. The study also suggests poor mental health is likely to impact 1 in 5 employees. So what are the common mental health disorders?
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Finance Minister Dominic Perrottet and the NSW Government have led reforms to make business easier and cheaper, with workers’ compensation a key focus. These reforms reward strong performers and penalise poor ones. While many expected lower premiums, insurers advise that about 75% of medium to large NSW businesses will face higher 2015/16 renewal costs.
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At ABILITY GROUP, we understand that effective claim management is critical to controlling workers’ compensation costs and supporting injured employees back to health. Our Claim RTW Success story highlights how early intervention and specialist support can transform outcomes for both businesses and workers.
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Services issues can be a source of frustration for certain businesses when it comes to insurance. In workers compensation service responsiveness is key in minimising claim costs and resulting impacts to premiums. Small and medium businesses not receiving appropriate service can expect delays that can increase workers compensation related costs. Large businesses aren’t immune with service and support varying greatly between insurers and claims managers. Changing claims managers and unresponsiveness can be things of the past. These service issue were highlighted recently by the NSW Minister of Finance who is seeking to change the revolving door insurer’s face with staff. There is also a short video highlighting some of the common issues. When ABILITY GROUP are engaged, we work with our dedicated services teams to drive outcomes
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A NSW micro employer is a business with 5 or less employees and a basic premium tariff <$30,000. A micro employer with an injured worker may experience financial difficulties with return to work (RTW) of an injured employee. WorkCover acknowledges for many micro employers there is a financial burden they can’t afford or sustain. WorkCover is now extending special RTW assistance to these businesses.
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