Workers' Compensation

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Related to Worker's comp: Workers Compensation insurance

Workers' Compensation

Insurance that pays for an employee's medical care in the event that he/she is injured at work. Workers' comp may also provide for lost wages and compensate for disability or reduced earning potential. In exchange for receiving workers' comp, the employee surrenders the right to sue the employer for negligence. Workers' comp is mandatory in many jurisdictions and employee paychecks are reduced by the amount of the premium.
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The purpose of these reforms is to bring worker's comp in line with other health-care cost limitations, including utilization reviews of the type and frequency of treatment, and fee schedules to prevent overbilling.
"I bet every state legistlature in the country has a comp reform bill pending right now," says Jack Milarch, executive vice president of the New Mexico HBA and its worker's comp group self-insurance program (see box at left).

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