Premium Installment & True-Up Reporting for Public Employers

By Tony Sharrock posted 26 days ago

  
Employers must pay premiums timely to the Ohio Bureau of Workers’ Compensation (BWC) to receive and maintain workers' compensation coverage.

Throughout the year, employers have been making premium installment payments based on estimated payroll. As we near the conclusion of the 2021 public employer policy year (January 1, 2021, through December 31, 2021), BWC will be requiring all employers to reconcile (“true-up”) the payroll that was used to estimate their premium with their actual payroll for the policy year. BWC will also be sending information regarding premium installments for the upcoming 2022 policy year (January 1, 2022, through December 31, 2022).

Important Reminders
BWC will mail 2022 estimated annual premium notices along with your installment schedule around November 1, 2021.
  • If you expect your payroll to change during the 2022 rating year from the estimate provided, you can call BWC at 800-644-6292 and request a change to your payroll and installment schedule.
  • Failure to make installment payments based on the installment schedule can result in lapses in coverage, therefore make sure installment payments are paid by the due dates as noted on the installment schedule. The first installment payment will be due by mid/late December 2021.
  • If you pay your full 2022 premium by the December installment due date, you can earn a 2%Early Payment Discount. There is no need to switch to an annual installment, but the premium must be paid in full by the due date. BWC will issue the 2% refund the following month.

BWC will mail notices regarding the January 1, 2021, through December 31, 2021, true-up around January 1, 2022. True-up reporting and payment are due by February 15, 2022.
  • Failure to true-up and pay any additional premium will result in your policy being removed from all discount and rebate programs and it will remain ineligible for discounts and rebates in future years.
Employers can receive a rebate for paying premiums and completing true-up online with BWC's Go-green Rebate Program.

If you have any questions regarding premium installments or the true-up process, contact me at 614.376.5450 or by email at tony.sharrock@sedgwick.com.
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