Greetings,

The FL Dept. of Financial Services released the 2023 WC Maximum Compensation rate, $1,197, a 9% increase.  This applies to all dates of accident from 12:00 am January 1, 2023 on….memo link below.

Also, January 1 is the date to increase PTD supplemental benefits in the following scenarios:

Dates of accident since 10/1/2003

• 3% annual increase

• 3% x comp rate x number of years since injury = PTD supplemental benefit

• PTD supplemental benefits end at age 62 (unless the accident rendered them ineligible for SSD or SSR)

Also, while you at it calendaring stuff for 2023:

• PTD payments end at 75 (unless the accident rendered them ineligible for SSD or SSR)
• 5 year cap on PTD If the accident occurred on or after the employee reaches age 70.  Benefits shall be payable during the continuance of permanent total disability, not to exceed 5 years following the determination of permanent total disability.
• SSD offset ends at age 62

Dates of accident from 1/1/1994 to 9/30/2003

• 5% annual increase

• 5% x Comp Rate x number of years since injury = PTD supplemental benefit

• PTD supplemental benefit limitations (very confusing)

1. If PTD before age 62, ends at supps 62 IF the claimant is eligible for both SSD and SSR (whether or not they applied)
2. If PTD between 62 and 65, no supps until claimant reaches 65, then supps for life
3. If PTD after 65, supps for life

• PTD benefits continue for life

-No reduction due to age, no 5 year cap, and does not stop at age 75

• SSD offset ends at age 62

Hope everyone has a happy and safe holidays!   On behalf of myself and the firm, thank you for your business this year and looking forward to working with you in 2023!

https://www.myfloridacfo.com/docs-sf/workers-compensation-libraries/workers-comp-documents/bulletins/max-comp-rate-2023-bulletin.pdf

Sincerely,

Morgan Indek | Managing Partner