Premium installment & true-up reporting for private employers
Submitted by Sedgewick - Newsletter for July 2021
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 2020 policy year (July 1, 2020 through June 30, 2021), 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. BWC will also be sending information regarding premium installments for the upcoming 2021 policy year (July 1, 2021 through June 30, 2022).
BWC mailed 2021 estimated annual premium notices along with your installment schedule around May 1, 2021.
If you expect your payroll to change during the 2021 rating year from the estimate provided, you can call 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 2021.
If you pay your full 2021 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.
BWC mailed notices regarding the July 1, 2020 through June 30, 2021 true-up around July 1, 2021. True-up reporting and payment is due by August 15, 2021. 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.
Employers can receive a rebate for paying premiums and completing true-up online with BWC's Go- green Rebate Program.
If you have any questions regarding premium installments or the true -up process, contact our Sedgwick program manager, Dom Potina, at 614-579-4723.