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Home » Archives for October 2015

Archives for October 2015

Is Social Security Disability Affected by WC?

October 27, 2015 By JL Risk Management Consultants

Social Security Disability

Does Workers Compensation have an effect on Social Security Disability?  More precisely, do Social Security Disability applications increase when WC payments decrease?

Symbol for Social Security Disability SSA USA

Wikipedia – US Government

This was pointed out in the Work Comp Analysis group on LinkedIn today.  In reading over the study, I was at first very skeptical.

The authors of the study used historical data to prove that when states toughen their Workers Compensation laws, especially amount and duration of benefits,  this causes injured employees to seek out other benefits.

The link to the study is in PDF document.   You may want to at least skim through the study and formulate your own opinion.

There were a few responses  that acknowledged the dumping of WC claimants onto federal benefits as a way to lessen risk.  I would have to agree this has and does happen in  workers compensation.  Then, again the Workers Compensation Medicare Set Asides (WCMSA) enforcement was a method for the federal government to recoup some of those costs.

This study in 2012 seemed to disagree with the study authors’ conclusion as was acknowledged as a differing opinion in the study itself.  I give the authors credit as most authors do not include differing opinions.

Workers Comp does affect Social Security in the area of offsets.   Social Security Disability payments have a Workers Comp offset in most cases.   One has to wonder if in one of these  studies an author may consult with someone that understands workers comp such as a risk manager?

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Filed Under: Medicare Set Aside, social security Tagged With: amount and duration, LinkedIn, skeptical, study and formulate

Will China US Treasury Sell Off Affect Insurance and WC Markets?

October 8, 2015 By JL Risk Management Consultants

China US Treasury Sell-Off Possible In 2020

The China US Treasury relationship cannot be ignored when covering any type of financial market.   This is not a gloom and doom prediction.  The China US Treasury holdings are easily tracked due to the US Treasury’s  foreign holders page.    

graphic of red arrow china us treasury decrease rate

(c) 123rf

One needs to pay attention to the macro-economy instead of just looking at insurance and rating bureau calculations and estimates. 

China did have a  previous banking crisis that is still in effect today.

China has dumped 24 billion in Treasury notes in the last year.   That is only a 1.5 % shift.   That was not too alarming.   Japan also sold off the same % of Treasury holding over the last year.

This Wall Street Journal article from yesterday caught my attention (wow-factor).   The chart is astounding from a very well written article.   As the article points out

“To contain the selloff, the Peoples Bank Of China has been buying yuan and selling dollars to prevent the yuan from weakening beyond around 6.40 per dollar, according to the people.”   

Treasure Of China US Treasury At Safety Glass

Wikimedia Commons – Antoine Taveneaux

A very important point in the article –

The 10-year yield settled at 2.061% Wednesday, compared with 2.173% at the end of 2014 and 3.03% at the end of 2013. Yields fall as prices rise.  

Another internal pressure is the Fed Rate increase- 64% of economists surveyed say there will be an increase by the Fed in December.   Another upwards price pressure to make yields fall.

Insurance carriers, self-insured groups, and even captives (onshore or offshore) have to find the safest yield for a return on investment.   Treasury bonds, notes, etc. are among the safest on the planet.  They are the good-sleep-at-night investments.

When  core investment yields fall the difference must be made up somewhere – ergo- premiums.   A market hardening may not occur whatsoever.   Then again,   more than one major variable (foreign investment + Fed Rate) are two figures to keep track of in your WC  and insurance jobs.   Employers should look at this figure for many reasons including future WC insurance rates.

Will the China US Treasury relationship cause an increase in Workers Comp premiums?   No, not that one variable would cause an increase, however, it is one of a few that would cause a shift in US yields.

©J&L Risk Management Inc Copyright Notice

Filed Under: China Tagged With: banking crisis, gloom, internal pressure, prediction, treasury

New Mexico Marijuana – Five Joints Per Day Covered By Work Comp

October 6, 2015 By JL Risk Management Consultants

New Mexico Marijuana

Recent New Mexico marijuana laws  have enabled injured workers in the state to consume five joints per day – at a maximum.

Picture Of New Mexico Marijuana Plant

Wikimedia Commons – United States Fish and Wildlife Service

The state of New Mexico has always been very active in their allowance of medical marijuana for workers compensation injuries.

The most recent New Mexico marijuana laws enacted allow for consumption of  up to two pounds per year – and that is to be reimbursed by insurance carriers and self-insured employers.

Two pounds of marijuana equates to five joints per day.  The math  used for conversion from 2 pounds to grams- according to Google- is 907.185 grams.    According to the Denver Post’s 64 questions on marijuana, a PhD, yes, someone with a Doctorate degree figured out that an average joint is  1/2 gram.

So, 907.185 / .5 = 1814 joints per year.   The daily total = 1814/365 = approximately five joints per day.   The cost would be $10,904.54 per year – according to a fellow blogger.

For the average day of 16 hours – that would be a joint every three hours for just one person – and yes, paid by Workers Compensation and indirectly New Mexico employers (directly for self insureds).

As this wades into a political opinion to be drawn, I will not comment on whether I agree or disagree with the new rule that allows this much marijuana to be consumed by an injured worker.  One has to draw their own conclusion.  Feel free to comment on this issue.

©J&L Risk Management Inc Copyright Notice

Filed Under: marijuana, New Mexico Tagged With: Doctorate degree, pounds to grams, reimbursed

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James J Moore
Raleigh, NC, United States

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

 

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