Your Deadline to Privatize New Jersey TDB Is Coming Up
If you’re a New Jersey business owner, you may be struggling to find ways to enhance your employee benefits packages in ways that are meaningful to your team. Offering temporary disability benefits by privatizing New Jersey TDB coverage can set you apart from 98% of business owners in your state. And the deadline to privatize New Jersey TDB coverage is approaching on April 1.
What Is Private New Jersey TDB Coverage?
Instead of writing your policy and claiming benefits through the New Jersey State Insurance Fund, a private TDB plan delivers benefits through a reputable, top-rated insurance carrier. Your employees will enjoy:
- Concierge-level, personalized service
- Payment flexibility
- No waiting periods
- The same (or better) coverage with the same (or lower) premiums
Enhance Benefits by Bundling Voluntary Worksite Benefits with New Jersey TDB
When you privatize TDB coverage, you’ll also have the option to save money and offer better benefits with voluntary worksite coverage such as:
- Accident insurance
- Group Life / AD&D
These are benefits employees see the value of; benefits on dental and vision can help employees stay healthier through preventative medicine, such as comprehensive eye exams and regular dental cleanings and check-ups. Vision coverage can help them save money on necessary expenses, such as eyeglasses and contact lenses.
Studies during the pandemic show that life insurance sales experienced double-digit growth year-over-year in 2020, CNBC reported. And while the pandemic is starting to wane, people remain concerned about their own mortality. Those who may not have been in a position to buy life insurance during the pandemic, perhaps because they weren’t working, may now be looking to their employers to fill that need.
Bundling important ancillary benefits with privatized New Jersey TDB insurance can save you and your employees money, while providing you with a one-stop shop for most employee benefits.
How to Privatize Your TDB Coverage
Prior to the pandemic, the state of New Jersey made it easier for employers to switch TDB coverage to a private carrier by waiving any employee signature requirements. Previously, 50% + 1 of your employees would have to agree to the coverage change.
To privatize your TDB coverage today in advance of the April 1, 2022 deadline, you’ll need to provide EZTDB with a copy of your AC174.1 form. This document details employer contributions to TDB and the employer’s final disability rate. You can obtain the form by visiting the New Jersey Department of Labor and Workforce Development Division of Employer Accounts and creating an Employer Access account (formerly called TWES).
Reach out to EZTDB with a copy of this form, as well as the number of lives (male and female) in your company, and their salaries. Our benefits experts will help you write the best plan for your company, including private TDB coverage and the voluntary worksite benefits that matter to your team. We leverage our relationships with top carriers to ensure you are getting the best benefits at the lowest premiums available. We will be by your side with white-glove service.