Texas has some of the nationâ€™s most affordable workersâ€™ compensation coverage, according to a 2016 study, which found that the Lone Star State had the 10th lowest rates among all states.
The study by the Oregon Department of Consumer and Business Services ranks all 50 states and Washington, D.C., based on premium rates that were in effect January 1, 2016. Texas, with premiums at $1.45 per $100 of payroll, ranked No. 10, four spots higher than the previous study in 2014.
â€œItâ€™s great to see evidence of the progress weâ€™ve made in affordability,â€ said Texas Commissioner of Workersâ€™ Compensation Ryan Brannan. â€œLower injury rates, better return-to-work outcomes for injured employees, and reduced medical costs per claim are a big factor, but the results of the Oregon study are also proof that weâ€™re becoming more efficient, proactive, and transparent.â€
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Texas Workers’ Compensation Rates
Texasâ€™ workersâ€™ compensation premium rates are about 21 percent lower than the median for all states, according to the study. California has the most expensive rates in the nation, at $3.24 per $100 of payroll. Rates in Texas are also favorable compared with other high-population states, such as Florida, Illinois, and New York. North Dakota had the least expensive rates, at 89 cents per $100 of payroll.
â€œThe Texas workersâ€™ compensation system has been a model for other states in many ways,â€ Brannan said. â€œAnd weâ€™re going to keep improving. Weâ€™re working on several efforts to keep our costs low. Weâ€™re cutting data storage costs by digitizing records, reducing prescription drug costs with a closed formulary, and eliminating waste and fraud with a new in-house fraud unit. Weâ€™ve also launched a statewide effort to streamline the dispute resolution process.â€Â
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After being involved in an unfortunate accident at work, injuries and aggravated conditions resulting from the incident can often lead to a variety of painful symptoms and complications, if left untreated, along with missed days at work and lost wages. A new research study showed that workers who received regular chiropractic care experienced less work-related injuries.
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