State of Florida to Raise Workers' Compensation Premiums
Florida Insurance Commissioner Kevin McCarty, will shortly approve an 8.9 percent increase in the premiums paid by employers, to obtain workers' compensation coverage. The increase came at the recommendation of the National Council of Compensation Insurance, which made the request due to the rising cost of medical care, particularly for prescription medications.
Although the increase is significant in terms of size, it is disproportionate to the drastic reduction of benefits received by Florida workers under the Florida workers' compensation laws. Since the "reforms" of 2003 were enacted by the Florida Legislature, the quantity and dollar value of benefits paid to injured workers in the State of Florida has dropped dramatically, according to workers' compensation attorney and lawyer, Randy Zeldin, Esq., of Boca Raton, Florida. According to workers' compensation attorney Randy Zeldin, Esq., there has been a drastic reduction in the number of workers' compensation claims filed; a significant decrease in the number of claims prosecuted by attorneys and a "free fall" in the dollar value of claims settlements.