JL_risklogo.png

Workers Comp Audit Stress Reducer
Use It For Your Next Premium Audit

What is A Workers Comp Wage Statement – critical part of claim

Share on facebook
Facebook
Share on twitter
Twitter
Share on linkedin
LinkedIn

Term Of The Day – Wage Statement

A wage statement is a necessary yet tedious part of paying a WC claim properly.  The injured employee’s compensation rate is based on this integral part of processing a WC claim. 

Graphic of Hand Touching Wage Statement In Tablet
123RF

It is usually filed by the employer. Each state has its own special form. They range from very complicated to complete to very easy. Most wage statements cover a period of 13, 26, or 52 weeks prior to the employee’s date of injury.

One of the most time consuming yet confusing part of a claims adjuster’s job is to value the wage statement to pay Workers Compensation benefits.  North Carolina always seems to calculate a different wage than what the adjuster has deciphered as the Workers Compensation TTD rate.  

The adjuster has to often use the rate from the First Report of Injury to initially pay the injured worker if they are still out of work.  New Hampshire always seemed to have an easier  one to use.  Thankfully, there are now many software packages that will calculate the proper WC rate using the filed wage history  by the employer.   An adjuster will sometimes have to makeup the difference if the initial WC rate (usually TTD) is too low. 

Almost all states now require a filed wage statement in place within a certain time period. 

©J&L Risk Management Inc Copyright Notice

Share on facebook
Facebook
Share on twitter
Twitter
Share on linkedin
LinkedIn

Table of Contents

Related...

What Is A Manuscript Policy?

Term Of The Day – Manuscript Policy A Manuscript Policy is an individually designed policy. It is negotiated by the insurer and the insured and is

James Moore

Raleigh, NC, United States

About The Author...

James founded a Workers’ Compensation consulting firm, J&L Risk Mgmt Consultants, Inc. in 1996. J&L’s mission is to reduce our clients’ Workers Compensation premiums by using time-tested techniques. J&L’s claims, premium, reserve and Experience Mod reviews have saved employers over $9.8 million in earned premiums over the last three years. J&L has saved numerous companies from bankruptcy proceedings as a result of insurance overpayments.

James has over 27 years of experience in insurance claims, audit, and underwriting, specializing in Workers’ Compensation. He has supervised, and managed the administration of Workers’ Compensation claims, and underwriting in over 45 states. His professional experience includes being the Director of Risk Management for the North Carolina School Boards Association. He created a very successful Workers’ Compensation Injury Rehabilitation Unit for school personnel.

James’s educational background, which centered on computer technology, culminated in earning a Masters of Business Administration (MBA); an Associate in Claims designation (AIC); and an Associate in Risk Management designation (ARM). He is a Chartered Financial Consultant (ChFC) and a licensed financial advisor. The NC Department of Insurance has certified him as an insurance instructor. He also possesses a Bachelors’ Degree in Actuarial Science.

LexisNexis has twice recognized his blog as one of the Top 25 Blogs on Workers’ Compensation. J&L has been listed in AM Best’s Preferred Providers Directory for Insurance Experts – Workers Compensation for over eight years. He recently won the prestigious Baucom Shine Lifetime Achievement Award for his volunteer contributions to the area of risk management and safety. James was recently named as an instructor for the prestigious Insurance Academy.

James is on the Board of Directors and Treasurer of the North Carolina Mid-State Safety Council. He has published two manuals on Workers’ Compensation and three different claims processing manuals. He has also written and has been quoted in numerous articles on reducing Workers’ Compensation costs for public and private employers. James publishes a weekly newsletter with 7,000 readers.

He currently possess press credentials and am invited to various national Workers Compensation conferences as a reporter.

James’s articles or interviews on Workers’ Compensation have appeared in the following publications or websites:

  • Risk and Insurance Management Society (RIMS)
  • Entrepreneur Magazine
  • Bloomberg Business News
  • WorkCompCentral.com
  • Claims Magazine
  • Risk & Insurance Magazine
  • Insurance Journal
  • Workers Compensation.com
  • LinkedIn, Twitter, Facebook and other social media sites
  • Various trade publications

Subscribe

Get the latest workers' comp news FREE!

Name
This field is for validation purposes and should be left unchanged.