A few reminder notes for the PTD season:
- Do not forget to adjust any PTD supplemental benefits effective 1/1/21.
- Date of accident after 10/1/2003- it’s a 3% increase. The formula is 3% x number of years since the accident x comp rate. PTD supplemental benefits end at age 62 (unless the accident prevented them from being eligible for SSR or SSD).
- Date of accident 1/1/94-9/30/2003- it’s a 5% increase. The formula is 5% x number of years since the accident x comp rate.
- If accepted as PTD before 62, PTD supps end at 62 (IF the claimant is eligible for
both SSD and SSR)
- If accepted as PTD between 62 and 65, no PTD supps until claimant reaches
65, then supps for life
- If accepted as PTD after 65, PTD supps for life
- Yes that is confusing. And somewhat stupid.
- Also earmark any PTD claims with date of accident after 10/1/2003 that will be turning 75 in 2021. PTD ends at age 75 birthday (unless the accident prevented them from being eligible for SSR or SSD).
- The exception is if the accident occurred after age 70, then PTD benefits are for 5 years.
Hope everyone is having a safe and happy holiday season!