Is there a need for workers comp companies with this new health care legislation?
If everyone (nearly everyone) is covered and there are no lifetime caps, is having workers comp insurance redundant?
I was wondering if countries with completely socialized medicine systems like the NHS still have a need for workers comp insurance.
Thanks Jo. I work for a workers comp company so I was just curiouse because right now employers pay for work comp ins so they don't go bankrupt if someone gets hurt. But if there are no pre-existing conditions and everyone has coverage, I don't see why the employer would need this security blanket anymore.
- JoLv 71 decade agoFavorite Answer
Yes, workers comp is paid for by the employer.
Therefore, when a claim is made against it, the money comes out of the pool that the employer is in not the employees pool that has been paid into.
If the pay out is great then the employer pool will have to raise its' rates and the employers healthcare pool remains the same. There will be no impact upon it.