Georgia Workers Compensation Program Strapped for Funds
ATLANTA, GA. – January 5, 2018 (myajc.com) According to a report from myajc.com, the Georgia workers’ compensation program has been regularly running at a deficit. With long-term payouts predominating, and the average cost per claim on the rise, the program is unfortunately struggling to fulfill its obligations.
The workers’ compensation program covers approximately 122,000 state and university workers and has reportedly run at a deficit in seven of the last 10 years. Reserves of $31 million have been depleted, and the program is looking for extra money to make it through 2018. Representatives will have to ask the state General Assembly for more money to cover costs associated with paying for medical and disability for workers injured on the job.
State agencies largely fund the program, which has seen the total amount of payments almost triple since 2008. In 2008, the program’s liability was $301 million for accidents, and in 2017, that number grew to $866 million. The program’s auditors said that while the number of claims has decreased, the cost to pay out each claim has increased. Because the program usually does not have the funds to settle claims up front, it will often pay them out over time, prolonging its burden and increasing the final amount it pays to claimants.
Along with pushing for more money (about $6 million before June 30), some lawmakers are looking into the possibility of settling claims for one-time payments. While the initial costs of doing so will be higher, this will reduce the program’s long-term liability. Right now, the majority of claims made through the program come from the University System, the Department of Corrections, the Department of Behavioral Health, and the Department of Juvenile Justice.
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