Who wouldn’t like a few more dollars in their pocket? If you’re an Ohio employer and you’re paying into the Ohio Bureau of Workers’ Compensation, you could be eligible for a rebate and a new discount being offered by the state agency. As an employer, it’s tough to keep track of every offer or discount available to you. So, be sure to read through the following criteria to see if you can take advantage of this rebate and/or discount and get some extra cash in your pocket.
What Is This Ohio BWC Rebate And Are You Qualified?
Many employers can expect a rebate close to 66% of their premium for the policy year ending June 30, 2016 (calendar year 2015 for public employers). The Bureau of Workers Compensation will begin sending checks in early July.
Both private and public employers in taxing districts that pay into the State Insurance Fund are eligible for the rebate. In order to qualify for this rebate, your business must have been billed premium for the policy year ending June 30, 2016 (Dec. 31, 2015 for public employers), and be current in meeting your policy requirements. If you have an outstanding BWC balance your rebate will be first applied to that balance. If you report through a Professional Employer Organization (PEO), you’ll receive your rebate from your PEO.
For more information about this rebate, click here.
The Private Employer Early Payment Discount
To be qualified for the 2% discount on early prepayments, you must pay your 12-month estimated annual premium on or before July 3, 2017. It’s important to know that the discount cannot reduce your annual payment below the required minimum of $120. Employers qualify for the discount if they are in the following situations:
- Have active coverage and your full 12-month payment is posted to your account by July 3, 2017. If you don’t mail in your payments, it cannot be postmarked.
- Have already paid into Workers Compensation, so you will receive the 2% discount and refund for the amount you paid. All outstanding balances due will not be included with the refund.
Make sure you are properly prepared to send in your payments before the July 3, 2017, deadline. You can take a look at the Ohio Bureau of Workers Compensation’s page for more information.
If you are looking for more insights into this rebate and discount, contact Rea & Associates to help you through the process.
By Matt Long (Wooster office)