MELVILLE, N.Y. - May 19, 2021 - Business owners are required to provide New Jersey TDB (temporary disability benefits) coverage to all full-time employees. As the premium rates for New Jersey TDB increased in 2021, more employers are taking advantage of a privatized insurance plan through top-rated, state-approved carriers for cost savings and better service.
With 45 years of experience in the statutory benefits market, EZTDB can help New Jersey business owners access the right paperwork, shop for the best rates, and write private TDB coverage at any time.
Deadline Extended to Save Money with Private TDB Coverage
In the past, employers had to write a private policy by April 1. But now, employers can privatize New Jersey TDB at any time. For the first time in 2021, the taxable wage base is different for employers than for employees. Employees contribute 0.47% on the first $138,200 of earnings, which maxes out at $649.54. Employers contribute based on employees' earnings, with a maximum of $35,5000 annually for the company. A private policy can reduce the premium rate, shaving money off employer contributions.
Additionally, the carrier covers up to $10 of assessment fees per employee per year, which can add up to tremendous savings. "My philosophy is that nickels, dimes, and quarters make dollars," says EZTDB president Michael Cohen. "If a business owner can reduce their statutory insurance premiums plus put thousands of dollars in their pocket while enjoying a better experience, there's no reason to wait."
How to Get a Quote for New Jersey TDB
Business owners must obtain their AC174.1 form from the New Jersey Department of Labor website, plus provide the carrier with an employee census that includes the gender, date-of-birth, and salary of every qualified employee. EZTDB can assist with these important steps.
Business owners can make the decision to privatize TDB with no signature requirements or employee opt-in. "Business owners know what's best for their company, their employees, and their bottom line. For those on the fence about privatizing TDB, the premium increase means there's no better time to get a quote for a policy that could save thousands of dollars."
About EZTDB
With more than 45 years in the statutory insurance industry, EZTDB delivers white-glove service and cost savings to New Jersey business owners through temporary disability benefits from top-rated carriers.
Contact
EZTDB | Michael Cohen
6312935100 ex 800
info@eztdb.com
Contact
Michael Cohen
