Employer Cost-Savings is Our Priority.
You know that even one claim can skyrocket employer costs. Paramount Preferred Solutions experts offer the best fit and best cost available for Group Rating, along with consultation and legal assistance for your best interests. While the landscape is often fast changing in Group Rating, qualified employers continue to rely on this as a way to reduce costs by joining a group and, in essence, pooling their risk for a preferred rate in a given time period.
There is no cost or obligation to see if your company is eligible for Group Rating discounts and premium reduction programs for the coming year.
Paramount Preferred Solutions, one of the fastest growing Ohio Workers’ Compensation Third Party Administrators, offers Group Rating as a solution for employers looking to significantly lower workers’ comp premiums.
Group Rating FAQ
There are countless “groups” categorized by industry and risk levels. By grouping companies with few or no claims, all businesses enrolled in the group can earn up to the BWC maximum discount on their premium. All programs have a sponsor organization, such as a trade association or chamber of commerce offering a varying savings rate. You could potentially save more with Paramount Preferred Solutions compared to other group rating programs.
- You must have a licensed TPA in order to be placed in a group-rated discount program.
- Group Savings. Eligibility for this discount can substantially decrease your premium rate and ultimately impact your business’ bottom line.
- Cost Containment. If you do find yourself with a claim down the road, TPA services are extremely important to the cost-containment of that claim.
- Integration Component. Through these services combined with your managed care organization, you will be most successful at mitigating any costs associated with the claim and future premium.
An AC-3 is a temporary authorization that allows Benefits 1 Group to access your business’ claim history data from the BWC. Once signed, AC-3s expire after a nine month period. After this date, a new AC-3 must be granted to the TPA. It will ask you basic information such as your business’ policy number and contact information. It is not a contract. If you decide to move forward with Benefits 1 Group as your TPA, you will then be asked to sign a one year contract.
Visit paramountpreferredsolutions.com/grouprating and fill out the on-line AC-3 form (this provides temporary authorization to review your information). Or, call Paramount Preferred Solutions and they’ll get you started and answer all of your questions: 844-777-5867.
The Ohio Bureau of Workers’ Compensation (BWC) coverage remains the same. Group Rated employers maintain their individual policy number and premium payments which should continue to be made to BWC.
Enrollment starts in the spring and actual enrollment takes place in late November.
Employers must be a paid member of the sponsoring organization providing the group-rated status. Each member is charged an administrative fee to be in the program. By enrolling in a group rating program, you also receive cost control services provided by Paramount Preferred Solutions. Details of the administrative fee are provided along with Paramount Preferred Solutions’ proposal for services.
Yes, each year BWC assigns each employer new rates based on their payroll and experience. A company who did not previously qualify may now qualify if their claim history has improved. Paramount Preferred Solutions can also assist in identifying further available discounts to suit your company’s needs.
Premium statements from BWC will reflect the group discounted rate.