Graphic Media Alliance

06/13/2023

True-Up Reporting for Private Employers

Source: Sedgwick, June 6, 2023

Deadline for Private Employers: August 15, 2023

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

Through the year, employers have been making premium installment payments based on estimated payroll. As we near the conclusion of the 2022 policy year (July 1, 2022 through June 30, 2023), 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.

Important Reminders

The Ohio BWC mailed 2023 estimated annual premium notices along with your installment schedule around May 1, 2023.

• If you expect your payroll to change during the 2023 rating year from the estimate provided, you can call the 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 June 2023.
• If you pay your full 2023 premium by the June 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.

The Ohio BWC will mail notices regarding the July 1, 2022 through June 30, 2023 true-up around July 1, 2023. True-up reporting and payment is due by August 15, 2023.

• 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 rebate in future years.

Please contact the GMA office at 614-794-2300 with any questions. 

• Group Rating – Sedgwick 's group rating program is the only plan endorsed by Graphic Media Alliance.  This program offers premium savings up to the maximum BWC amount of 53%. In 2020 the program has an average of nearly $2,000 in upfront premium savings.
• Group Retrospective Rating - This program offers premium savings projected as high as 57% and can be a great alternative for businesses unable to qualify for traditional group experience rating.  In 2020, the program's estimated projected savings are nearly $12,000 for members participating in this program.
• Deductible Program - This program offers discounts (up to 40%) on premium rates in exchange for accepting a specified deductible amount.
• 100% EM Cap - Businesses becoming penalty rated for the upcoming policy year can have increases to their Experience Modifier (EM) limited, or capped, at 100%, thereby limiting rate and premium increases.
• Self Insurance - Businesses pay compensation and medical costs directly for work-related injuries avoiding escalating reserves and premiums charged by the Ohio Bureau of Workers' Compensation.  York serves more Ohio self-insured employers than any other third party administrator. 

As a result of their best-in-class service, Sedgwick has consistently maintained a 97% retention rate - one of the highest in the industry.