Montana State Fund Lowers Rate by Five Percent for Policyholders
Missoula, MT (KGVO-AM News) - The state of Montana’s largest worker’s compensation insurer just announced another five percent rate reduction for their policyholders.
KGVO News reached out to the Montana State Fund’s President and CEO Holly O’Dell for details of the reduction in rates that will go into effect on July 1.
The Montana State Fund Continues to Lower Rates for Policyholders
“This is great news,” began O’Dell. “Our board of directors has approved a 5 percent average rate reduction and this will impact all of our policyholders. We have almost 25,000 policyholders across the state and on average they will see a 5 percent cut in their worker's compensation premiums.”
O’Dell said the Montana State Fund has continued working with their policyholders which has resulted in 17 straight years of reduced rates.
They have Lowered Rates for 17 Straight Years
“This is a partnership with our policyholders,” she said. “We've focused as a state on reducing the injuries that we have at work and on claims management and helping people who are injured get back to work successfully. This has shown to pay off time and time again. It's been 17 years that we've reduced rates or held them steady year over year in partnership around these two pieces; safety and returning to work.”
Safety in the workplace is the primary goal of the Montana State Fund, and when there is a workplace injury, O’Dell said they work with the individual and their families to get them through the experience and back to work.
“Our mission is to partner with employers to help them prosper and help make sure our employees across the state can go home safely every day, and when they are injured we come alongside them and their families to help make things better,” she said. “So this change helps businesses prosper. It puts more money in the pockets of their employees and in their bottom line allowing them to strengthen their businesses.”
Over $400 Million in Premiums have gone Back to Policyholders
O’Dell said a staggering amount of premium dollars has been returned to employers due to their emphasis on safety in the workplace.
“We also see a continuous dividend program,” she said. “When our years are better than expected we're able to return premiums and we've seen almost 400 million of premium go back to our policyholders since 1999. It's a combination of rates and dividend.”
O’Dell said Montana State Fund has produced a special video to show how workplace accidents, safety and rates are related. Click here to find out more.