Privatize Your New Jersey State Temporary Disability Benefits
Since the New Jersey State Temporary Disability Benefits Law INJ TDB) has waived the requirement to obtain employees’ consent for a private plan, there is a buzz among employers in NJ about privatizing New Jersey temporary disability insurance benefits.
Not only has this amendment made it easier for employers to switch to a private plan but it’s opened the gate to cost savings and other advantages. Here are 4 advantages of a private temporary disability plan in NJ.
Savings on Premiums and Better Coverage
By purchasing your temporary disability benefits in New Jersey through a private carrier, you can save as much as 15 to 20% (if not more) on your premiums. Additionally, the benefits and coverage are equal to or better than what is offered by the State Plan.
Multi-Line Discounts When You Bundle New Jersey State Temporary Disability Benefits with Other Insurance Coverage
By opting for a private plan, employers can take advantage of multi-line discounts with vision, dental, long-term disability, and group life insurance.
You can also purchase long-term disability to cover employees when their short-term disability benefits end.
No Need to Stick to One Plan or Carrier
When you have the State TDI plan, you have just one option. Private plans give you the option to switch, so you may enjoy better benefits with lower premiums.
You can also opt to increase a corporation’s weekly benefit to assist top earners if they get sick or disabled. There can be several reasons why you want to change your private plan or carrier. There might be a change in the class of employees covered by the plan, you might find better benefits, or maybe you’re seeking better customer service than the state or your current carrier providers.
At EZTDB, we work with a variety of preferred carriers so you can always find the right plan at the right price.
No Need to Pay the private Plan 4F Deficit Assessment Fee
Did you know the state of New Jersey charges an assessment fee, or an insurance tax, to employers who purchase temporary disability benefits? It is based on taxable wages and is generally around 2.7%-4.5% of the total covered payroll annually. When you opt for a private TDB plan, the insurance carrier pays this fee.
Prevent yourself from potential rate hikes, save big on premiums, enjoy better discounts, and increase employee retention.
Contact us to privatize your New Jersey State temporary disability benefits with EZTDB today!