Workers deserve the best possible protection when they are on the job, especially when their employment is potentially hazardous like construction or emergency services. But if employers had to be prepared to pay medical expenses on their own, few small- or medium-sized businesses would survive an accident or two.
This is why state governments like the one in Columbus provide workers’ compensation plans to help people who have been injured or sickened at work. They also manage the finances for funds that often end up being huge pools of reserve money for potential hospitalizations, operations, medications and other elements of a safe recovery.
The Ohio Bureau of Workers’ Compensation disburses money held by the State Insurance Fund, which currently totals more than $25 billion. Multiple investment firms and other money managers are responsible for making sure this fund stays healthy.
The bureau recently renewed contracts with four of these managers, which handle around $4.4 billion for workers’ compensation. The four managers use a core-plus method to ensure results, which combines a base of solid performing investments with a few extras that may be higher risk but also may yield greater results.
What does this mean for the workers of the Buckeye State? No one should be denied benefits in their time of need because of a lack of assets. Anyone who has a workers’ compensation claim rejected may have the ability to appeal the decision and get the benefits they need.
An attorney can help prepare a claim for workers’ compensation or review a rejection. No one should have to deal with these details without help.