The New Jersey Temporary Disability Benefits (NJTDB) law mandates that employers provide coverage for employees with non-occupational illness and injuries resulting in a period of total disability.
As a New Jersey employer, you can protect your employees under the state’s disability plan or through a private plan. Many employers move to a private plan to expedite Short Term Disability payments to their disabled employees, who often have no other source of income replacement.
Why choose a private plan?
If you have more than 100 employees, a private plan may make sense for you. The benefits of a NJTDB Private Plan include:
- Cost savings. Your costs may be the same or lower than under the state plan with the state assessment (a separate charge under the state fund).
- Coverage for out-of-state employees. You can cover your employees outside of New Jersey with a comparable non-statutory Short Term Disability benefit plan.
- Pricing stability. You can secure multi-year rate guarantees with many carriers.
- Weekly benefits payments. Claimant benefits are paid weekly, compared to the State Fund’s two- or three-week payment cycle. With weekly payments, you may not need to provide a self-insured salary continuation.
- Plan flexibility. You have the option to enhance your statutory disability plan to offer employees coverage beyond what the state mandates.
How we can help
Wells Fargo Insurance can work with you to develop a comprehensive NJTDB program that will provide prompt payment and additional assistance to your employees. While you manage your business, we manage the details of your claims. We offer:
- Billing flexibility. Choose from various monthly, quarterly, and quarterly in arrears billing options to meet your business needs.
- Easy transition. We can provide a seamless transition from the state plan for your employees.
- Program integration. We can combine your statutory plan, salary continuation, and long-term disability with one insurance carrier to simplify the claims process and ensure your employees receive their disability payments in a timely matter.
- Disability claims management. We work with insurance companies who will review, manage, and service your claims quickly and accurately.
- Reporting. Our recommended insurance companies can also take care of W-2 preparation and tax reporting for your employees receiving disability benefits.
The Wells Fargo Insurance advantage
We have local service and underwriting teams, as well as a dedicated team of statutory disability experts, who can manage all aspects NJTDB plan implementation and administration, including escalated claim issues and appeals. Plus, our leverage with carries can help us secure competitive rates for your program.
For more information on how we can help you with a NJTDB plan, contact:
- Stephen Paternoster: 973-261-9145
- Philip Friedlander: 973-261-9161