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- \O~ of <br /> <br /> LEAGUEor CONNECTING & WNOVAI'ING <br /> MWNFSOTA si~cr. '`'is <br /> CITIES <br /> RISK MANAGEMENT INFORMATION <br /> WORKERS' COMPENSATION DEDUCTIBLE OPTIONS <br /> LMCI"f offers several deductible options to member cities of the workers compensation program. <br /> Under a deductible option, the city pays a lower premium in return for agreeing to reimburse the <br /> LMCIT for paid medical losses up to the deductible. 7f the city selects a deductible option, the <br /> deductible applies per occzrrence to medical costs only. <br /> What deductible options are available? <br /> The deductible options and the premium credits for each are as follows: <br /> lleductib(e Premium Credit <br /> $250 2% _ <br /> $500 3% <br /> $1,000 0 [ • • v <br /> $2,500 0 "j <br /> $5,000 /o <br /> $10,000 0 ~ ` " J <br /> ~JrV ~J <br /> Who is eligible? <br /> All cities who participate in the I,MC[T workers compensation program. The deductible options <br /> give smaller cities -those whose standard premiums are less than $25,000 and who are not eligible <br /> for a retro-rated option -away to reduce their premium costs by retaining some risk. The <br /> deductible approach may also be an attractive alternative for larger cities who feel the retro-rated <br /> premium option is too risky for their situation. A city can select only one premium option. If a city <br /> selects a reh•o-rated option or the standard premium option, they can't also select a deductible. <br /> How do the deductibles work? <br /> The city pays a deposit premium (net of discounts) to the LMCIT'. [f the city chooses a deductible <br /> option, their standard premium will be reduced by the percentage shown. This will not affect the <br /> premium volume discount or managed care discount which are also based upon standard premium. <br /> As claims are submitted and medical costs incurred, the LMCIT will pay the medical vendors <br /> directly. Cities who choose a deductible option will be billed periodically for their medical costs <br /> paid up to their per occurrence deductible. each occurrence has its own deductible. <br /> IGAGUIi C)F MINNIi$OTA CI~I~II:S iisun~ia~n~uvnv~.u~isr rnone:(viU2Sl-1200 rnx:(v511'lsl-1J,9S <br /> INSUItANC:I:IRU$"f ~r.raui mn~s;ioszo.i-i ruiinui,(s00~92i~1122 wimww~aiar~oiac <br /> 2 <br /> <br />