Florida approves 1% comp rate cut

Florida Insurance Commissioner Mike Yaworsky issued a final order approving an average 1% rate decrease for workers compensation policies starting on Jan. 1, 2025.

The National Council on Compensation Insurance, which recommended the average 1% rate cut, said the rate decrease would have been larger – 6.4% – but for a recently enacted bill increasing physician reimbursements.

S.B. 362 increased the maximum reimbursement for physicians from 110% to 175% of the reimbursement allowed by Medicare or the state’s Three-Member Panel, whichever is greater.

The bill also increased reimbursement for surgical procedures to 210% of the Medicare or Three-Member Panel rate, from 140%.

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