ACA Impacts Extend to Orlando Workers Compensation
The Insurance Research Council has been speculating on how the newly implemented Affordable Care Act will affect other insurance spheres such as Orlando Workers Compensation and Property/ Casualty Insurance. Amidst a multitude of opinions there is some consensus regarding some short term implications and long term results.
It is expected that initial ramifications could yield an increase in the amount of fraudulent Workers Compensations claims and cost-shifting practices in the Property/ Casualty sector.
According to the IRC it is likely that the ACA will initially create strain and congestion in the Healthcare system. This tension could lead to increases in Orlando Workers Compensation claims as individuals without health insurance could file claims to ensure care and coverage. They also expect higher costs for Orlando Workers Compensation providers as a result of longer disability periods and medical care obstacles. To compensate many businesses are reducing the number of full time employees and rising co-pays to offset the cost increases. The ACA offers an alternative long term solution. Businesses are encouraged to establish strong healthcare networks and relationships to improve the quality of care for their workers, by doing so they can become eligible for rebate premiums.
Cost shifting is also a major concern, especially from within the healthcare system itself. Some analysts fear that healthcare providers will attempt to recuperate losses by pursuing Property/ Casualty claims where they can charge higher fees as these providers are often less equipped to negotiate for cheaper medical services.
There are also the optimistic end-goal perspectives wherein the total number of fraudulent claims and practices reduce as the number of uninsured individuals decreases. The IRC reports that, assuming healthcare reform achieves its primary objective and quality medical care becomes more easily accessible to all, the amount of false claims should dramatically diminish in the years to come.
Newman Crane is committed to helping maintain the success and stability of your business. Our Orlando Workers Compensation Coverage is adaptable and customizable to your needs. For more information on how to protect your business and your employees, contact Orlando Commercial Insurance today at (407)859-3691.