New Study Shows Older Workers Have Lower Work Comp Costs

The National Consortium for Compensation Insurance (NCCI) published a new study, which revealed that indemnity costs for injured workers aged 65 and older are generally lower than younger employees because they are generally paid less, according to a new study.

That  finding came in a detailed new report on older workers’ injury claims by the National Council on Compensation Insurance, which noted that the number of workers 65 and older has increased by nearly 50 percent since the late 1980s and is likely “to increase in light of recent financial and economic disruptions.” 

Its latest report examined not only how workers aged 65 and older differed  from all workers in terms of their share of indemnity claims, but also for medical payments, frequency and cost per claim. It also looked at implications for workers’ comp claims management and loss costs.

In addition to the findings on lost wage indemnity payments, key conclusions in the report were:

Falls, slips and trips are by far the greatest cause of injury among older workers.

Medical severity is higher for older workers, although the differential between workers aged 65 and older and nearby age cohorts is small.

Shares of indemnity and medical payments of older workers have a close relationship to their share of claims.

Frequency is less for older workers, especially in the more hazardous manufacturing and construction-related industries and occupations. In contrast, claim frequency is higher for older workers in the leisure and hospitality industry and food preparation and service occupations (as well as in sales and related occupations).

To read the entire article from Property Casualty News, click here.

If you or someone you know has an Illinois workers compensation claim or has been involved in Chicago car accident or Chicago truck accident, then call attorney Aaron Bryant for a free consultation at 312-588-3384.