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Email: Info@dblcenter.com

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  • Why New York State Employers Should Offer Enriched DBL Coverage
March 24, 2023
Dawn Allcot
Tuesday, 29 November 2016 / Published in Disability Coverage

Why New York State Employers Should Offer Enriched DBL Coverage

Five ways it benefits employers to provide a living wage for workers on NYS DBL.

In the months leading up to the election, there’s been a lot of talk about Americans having the opportunity to earn a living wage. While some states have minimum wage laws in line with their costs of living, the Federal minimum wage as of 2016 is only $7.25 as of July 2016. Most of us reading this might remember earning that much during high school or college—it’s certainly not enough to raise a family or buy a home. New York State workers—and their employers—face another wage challenge: Mandatory NYS DBL payments cap out at 50 percent of an employee’s paycheck, up to $170 per week. This is not a living wage. And the financial burdenNYS-DBL-Businesspeople is even greater if the employee is facing medical bills and co-pays or the birth of a newborn and the added expenses that come with a child.

But there is a solution.

It’s important for New York State business owners, CFOs, and HR directors to understand why they should offer enriched DBL coverage in New York to provide employees on temporary disability with a living wage. If you’re a broker, please share this information with your customers to start earning commission on these enriched mandatory benefits today.

1. Enriched DBL coverage can encourage employee retention.

An injured or ill employee on temporary disability shouldn’t have to worry about how they will pay their bills. If your organization isn’t taking care of them, they might use their time off to polish up their resume and look elsewhere.

2. A robust benefits package helps attract top talent—even across state borders.

Today’s employees, particularly millennials, want to have it all in a job: Salary, flexible hours or work locations, and a robust, customizable benefits package. Providing enriched DBL—even if the majority of your employees don’t use it—lets you beef up your benefits package.

Additionally, New York-based businesses in Manhattan or on the New York / New Jersey border should consider that they are competing with New Jersey-based businesses—which already have a generous mandatory disability benefits package—for top talent. A NYS DBL package that rivals New Jersey’s Temporary Disability Benefits might help you attract the best employees from over the bridges.

3. As far as benefits go, enriched DBL provides employers and HR directors with a lot of “bang for their buck.”

With minimal employer contributions, which can be shared with employees at a rate of one-half of one percent of the employee’s wages up to 60 cents per week on pre-tax dollars, employers can offer generous NYS DBL coverage of up to $850 per week. Few benefits cost so little yet provide so much value.

4. With New York introducing Paid Family Leave in 2018, enhancing DBL benefits to keep pace will improve employee morale and loyalty.

In states that offer Paid Family Leave, this benefit for new parents and anyone caring for an ill or injured loved one has been shown to improve employee morale and loyalty. More importantly, co-workers don’t mind helping out to cover for employees taking Paid Family Leave.
Offering enriched NYS DBL benefits for employees who are ill or injured can help ensure co-workers won’t resent those who are out on PFL, because they know they have the same protection should they ever be unable to work.

Additionally, New Jersey employers found that the state’s generous paid leave package helps reduce stress amongst employees who took leave, as well as their co-workers, which can impact the company’s bottom line, according to the National Partnership for Women and Families.

5. Top executives benefit, too.

When you enrich your DBL benefits package in New York, your disability benefits package will increase, too, up to the maximum of $850/week or $1020/week with in-hospital coverage. You can also add an Accidental Death & Dismemberment (AD&D) rider to the policy, with a tiered plan that will provide your C-suite with the most coverage available.

Find out more about Enriched DBL in New York State in this post, or bind your NYS DBL quote for a company with fewer than 50 lives here.

Tagged under: enriched DBL, New York disability insurance, NYS DBL, temporary disability

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