You Can’t Lose with Privatized NJ TDB
It’s important to understand that, by law, private TDB plans in New Jersey must be equal to or greater than state-funded benefit amounts. The duration of payments must have the same, or more lenient, eligibility requirements as the NJ TDB state plan. Private TDB carriers must also offer the same rates as the state of New Jersey, or even better. The New Jersey state insurance fund that handles NJ temporary disability claims often takes as long as four weeks from the date of filing to begin paying employees who filed for temporary disability. For employees without emergency savings, an illness, injury or birth of a child could put them into debt, using credit cards or loans to cover living expenses. Your customers should know that this can hurt retention rates and morale within their organization. There is a lot for NJ insurance brokers to offer their customers with a privatized NJ TDB policy, including the ability to bundle coverage packages for lower rates.
