The New Jersey Temporary Disability Benefits Law allows employers to provide private disability insurance in NJ.
Although employers always had this option, privatizing NJ TDB has gained a lot of popularity after an important amendment in the law. Previously, business owners needed to obtain employee consent by signature from 50% + 1 of their employees to choose private disability insurance in NJ.
Now, business owners can:
Employers can now shop for private TDI plans in the open market and enjoy benefits that are better than or equal to the state plan, while yielding cost savings of up to 20% or more (depending on the plan).Since TDB coverage in NJ offers income replacement for employers and employees, with relatively low premiums, better TDB coverage gives you and your employees peace of mind.
A solid benefits package that includes private disability insurance plus ancillary benefits like dental, vision, and Group Life/AD&D insurance can also help with employee recruiting and retention.
Many employees state they’d consider a job with a solid benefits package over a higher salary. Vision and dental coverage are some of the most affordable benefits you can purchase, and you can save even more on premiums by bundling them with private disability insurance in NJ.
Best of all, we can help you write dental, vision, and Group Life/AD&D as voluntary, employee-funded benefits, so the additional coverage costs you nothing out of pocket.
The State insurance plan provides no flexibility, coverage choices, or even payment options.
When you opt for private coverage, you’ll gain flexibility. First, you’ll have a wide range of top-rated carriers to choose from. When you or an employee files a claim, you’ll be entitled to choose your form of payment, and also the schedule of payments. This makes it easier for employees to stick to their budgets and pay their bills on time, as they can replicate their current pay schedule with their disability checks.
Covered employers with private plans, as well as their workers, are relieved of contributions to the State Disability Benefits Fund.
It’s extremely important for employers to clearly understand the requirements for the privatization of TDI benefits so they don’t end up committing any costly mistakes. If you are planning to make the big move, here is what you should know-
No matter which disability insurance company you choose for a private plan, the plan must be approved by the Division of Temporary Disability Insurance in NJ.
EZTDB works with top-rated carriers who are approved by the State of New Jersey to write private disability insurance in NJ.
Reach out now to start saving money and providing better benefits to your employees.
Here are ways to reduce costs while improving recruiting and retention Less than 10% of…
Are you one of the growing number of New Jersey business owners saving money and…
The “Great Resignation” of late 2021 and early 2022 has led to another employment trend…
Have you noticed, recently, that as the days grow longer during the summer, workdays –…
When it comes time for a New Jersey business owner to renew their TDB policy,…
As a New Jersey business owner in today’s tight labor market, you may be focused…