WorkSafeBC Set to Lower Premiums for Long-Term Care Providers
WorkSafeBC has released its preliminary rates for 2016, coinciding with the first of several rate consultation sessions planned this year. The overall story was one of positive news; province-wide trends in lower injury rates and lower claims costs have persisted, as well as better-than-anticipated investment returns.
At the Classification Unit level, the preliminary rates spelled good news for the continuing care sector. In 2016, the preliminary base rate is expected to decrease from $2.66 to $2.42 per $100 payroll.
SafeCare BC Executive Director Jennifer Lyle welcomed this announcement with cautious optimism.
“I know this will be welcome news for our members,” she said. “Overall, our sector is making headway in addressing our high injury rates. It’s important that our members know the current base rates are not reflective of the actual costs our sector is incurring when it comes to claims. That said, looking at the total cost rate, we are seeing promising downward trends which, if they continue, will close the gap between the base rate and the actual costs to the system. It’s critical we continue on this path if we’re to avoid future rate increases as a sector, and we are demonstrating positive momentum in that regard.”
One of the goals in establishing SafeCare BC was to help get a handle on WorkSafe BC premiums. It’s great to see the downward trend in injuries which means lower costs, better care for BC seniors and a healthier workplace. With the work SafeCare BC is doing now to ramp up the education and training opportunities for care providers, this bodes well for the future.
WorkSafeBC has posted information on the preliminary 2016 rates. Interested individuals can click here to access this information.