Oklahoma has the enviable record of being included among the Pollina "Top 10 Pro-Business States" for the second year running, although it slipped from 3rd to 10th in 2005. Pollina Corporate Real Estate compiles the nationally distributed report for its clients who are looking for good facility locations. To determine state rankings, the report examines 26 factors that shape the business environment over which state governments have control.
While overall, Oklahoma still ranks high on the Pollina list, its performance on two of these factors are viewed by some as a disaster in the making for Oklahoma: workers compensation rates and job creation, for which Oklahoma ranks 39th and 48th in the nation respectively.
Leaders of both political parties praised the passage of this landmark bill. “This legislation marks a significant boost for Oklahoma’s economy. This workers’ compensation reform measure will save Oklahoma businesses millions of dollars and guard the rights of injured workers,” said Governor Brad Henry.
Increases benefits for workers, while capping benefits for “sprains and strains” will help injured workers get the money and fast medical treatment they deserve. Increases benefits for disfigurement from $20,000 to $50,000 are also a great help. Another benefit is the death benefits increased from $20,000 for a spouse to $100,000, and from $5,000 to $25,000 for a surviving child. Increases continuing for disability benefits for surviving spouses are also very helpful to those who are left to raise a family all by themselves. Another great benefit is the increased “take home” benefits for hurt workers by avoiding attorneys’ fees through early resolution. Imposing a new cap on soft tissue injuries – reduces the maximum from 300 weeks of temporary total disability (TTD) to 8 weeks. If surgery is needed a claimant may receive an additional 16 weeks of TTD.
Reduces legal costs is another great way to help families when involved in a workers compensation case.
Value-added fees – In admitted cases, lawyers will only make money on the amount they obtain for a client above the settlement offered by the employer. This encourages settlements on fair cases, and discourages attorneys from taking bad cases.
Reducing the use of “dueling doctors” that fuel lawsuits and increase costs will help consumers. Reduces medical costs for workers & increases workplace safety
Employers will choose doctors for workers as part of their terms of employment.
Employees will have the right to request an independent doctor. This provision will cut down on fraud.
Encourage enrollment in certified workplace medical plans (CWMP’s) to allow more efficient and effective use of managed care medical services by employees. Ensure that heart-related, aging-related, and cumulative injuries are clearly proven workplace injuries. Reduces the medical fee schedule and states that diagnostic tests are good for six months.
Containing a $1,000 tax exemption for any company in the state that uses the Safety Pays program is sweeping Oklahoma. Providing tax incentives for employers who make it possible for employees to return to work quickly and safely will help increase the market place competition to stay healthy and fit.
Creating a true market for workers’ compensation insurance by moving to a use-and-file system that will allow the market to set workers’ compensation rates, encouraging more competition. Insurance companies will be able to enter the Oklahoma market without receiving prior approval from the state, a boost to competition that will lower insurance rates. There are many new benefit to the Oklahoma workers compensation so make sure that you contact your human resources department to find out all the tiny details. They can help you with any questions that you might have.
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