What is the Self Insurance Application Timeframe?
The initial application process for Self Insurance (SI) generally takes approximately 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 requirements make an employer eligible for Self Insurance?
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 information is needed to begin the application process?
- BWC SI application forms.
- Five years of certified audited company financials
- A “Z-Score analysis” – this is a tool used by BWC to predict the company’s financial stability
- Certificate of Good Standing from the Ohio Secretary of State
- Corporate organization 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, a claims management workflow and developing custom employer 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