What are the requirements for being self-insured?
The basic requirements for an employer to apply for self-insurance are:
- 500+ employees in Ohio.
- Minimum of two years in state fund insurance.
- BWC-approved medical management plan.
- Demonstrated strong financial base.
- Bank account with a financial institution in Ohio, or the ability to draw compensation checks from the same account as payroll.
What is the timeframe to apply for self insurance?
The initial application process for Self Insurance (SI) generally takes 120 days from the time the application is submitted to the time a decision is made by the Bureau of Workers’ Compensation (BWC). There is an opportunity to appeal an unfavorable initial decision to the Self-Insured Review Panel.
What information is needed to begin the application process?
- BWC self-insured application forms.
- Five years of certified and audited company financials.
- A “Z-Score analysis” (a tool used by BWC to predict the company’s financial stability).
- Certificate of Good Standing from the Ohio Secretary of State.
- Corporate organizational charts and identification of plan administrator.
What needs to happen before the final review of the application?
Before a final application is filed, CareWorks Consultants works closely with our clients to complete a comprehensive medical management plan that includes establishing a PPO network, providing a claims-management workflow and developing customized injury packets. CareWorks Consultants will also guide clients through the Ohio BWC Self-Insurance orientation program.
What are some other key elements to a successful self-insured program?
- Active management leadership.
- Employee involvement and training.
- Structured return-to-work practices.
- Formal reporting and record-keeping practices.
- Formal safety and health practices that are monitored and enforced.
- Written policies and active training on safe work practices.