ANNOUNCEMENTS
POMCO Group's Risk Management Division Welcomes New Clients:
West Seneca School District
Oswego County
Town/Village of Harrison
City of Watertown
Monroe County Water Authority
Samaritan Health
Revere Copper
CASE STUDIES
Established in 2010 to recover monies owed on many older, permanent and often-expensive workers' compensation claims under the Special Disability Fund (SPD, WAMO settlements will end when the SPD funds have been exhausted; so time is of the essence.
Since the program's inception, POMCO Group has submitted more WAMO claims than any other third party administrator in New York State, representing 33% of all WAMO settlement submissions; a number that is unparalleled in the industry. In fact, many third party administrators have not submitted any WAMO settlement claims leaving their clients' settlement dollars unclaimed.
What does POMCO Group's unmatched expertise and in-depth WAMO knowledge mean for you?
Lower out-of-pocket workers' compensation plan costs for you, and nearly 30% higher settlement payouts for your injured employees.
The following case studies detail the settlement savings POMCO Group has secured on behalf of its clients. To see how POMCO Group can secure WAMO funds for your self funded workers' compensation plan, please contact us at bburke@pomcogroup.com
Waiver Agreement Management Office (WAMO) Self-Funded School District Case Study
The client is a self-insured school district. The employee is a 51 year-old assistant custodian who incurred a lower back injury in 2001. Due to the injury, the employee took an alternative job as a bus driver at a lower pay grade. The employee receives $126.54 per week in reduced earnings.
The claim had a 100% second injury fund reimbursement and had multiple benefits to the district including:
- the reduction in weekly cash outlay
- the contribution toward reduction of the Special Funds assessment
- the contribution to lowered future workers' compensation budget
The employee's remaining lifetime reserve is $138,181.68 up to age 72. The district's third party administrator, POMCO Group, secured a WAMO settlement of $53,000 to close the claim, including indemnity and medical, resulting in an eight year settlement. In addition, Medicare set aside $2,376, which would be administered by the claimant.
Total client savings is $138,181.68 which includes no settlement payout out of pocket and a reduction of outstanding liability.
Waiver Agreement Management Office (WAMO) Self-Funded Hospital Case Study
The POMCO Group client is a self-insured hospital. Per New York State Workers' Compensation Law, the hospital is required to maintain a security deposit for all self-insured claims liabilities.
The claimant is 52-year old hospital secretary with multiple low back injury claims. Three of the claims are the full responsibility of the employer, with 100% second injury fund reimbursement.
The claimant's indemnity benefits continue at $192.82 per week per the Workers' Compensation Board's direction. Her remaining lifetime indemnity reserve is $200,532.80 up to age 72.
As the client's third party administrator, POMCO Group secured a WAMO settlement of $78,372.30 to close all three files including indemnity and medical. This resulted in an eight year settlement, taking 12 years off the claimant's indemnity reserve.
In addition, WAMO reimbursed POMCO Group an additional $3,000 for obtaining the Medicare Set Aside of $23,226.00 which would be administered by the claimant.
The total savings for POMCO Group's client was $200,532.80 with no settlement payout out-of-pocket and reduction of outstanding liability.
For more information how POMCO Group can secure WAMO settlement claims on your organization's behalf contact bburke@pomcogroup.com
INDUSTRY NEWS
Benefits Brief Winter Newsletter 2011