Answering Frequently Asked Questions About Private Temporary Disability Insurance in NJ
When you privatize your temporary disability insurance you will receivethe same benefitsin a more timelymanner than the state-run program in New Jersey. To better assist business owners make this switch, we answer some of the most frequently asked questions. Let’s look at them:
Ques 1) What is an approved private TDI plan?
Ans) An approved private TDI plan in New Jersey is an alternative to the state-mandated best disability insurance in New Jersey plan. As of 1/1/2020 Employees are contributing .26% on the first $134,900 of earnings (maximum annual contribution $350.74), while employers are contributing based on employees earnings capped at $35,500.
Ques 2) What are the benefits of writing with a Private Carrier?
Ans) When you choose to get your private TDI in NJ through a private carrier, you can rest assured that you will have competitive rates, faster and more personalized claim service, and outstanding customer services. Plus, the carrier picks up the Assessments/Taxes giving you additional savings over and above the rate.
Ques 3) Do I have an option to have my best Disability Insurance in New Jersey with a Private Insurance Carrier?
Ans) Yes. New Jersey disability law permits all covered employers to find Private disability insurance in New Jersey through an approved carrier instead of getting coverage directly through the State plan.
Ques 4) Will my coverage be different under a Private Plan?
Ans) No. Under the State law, the Private Plan carriers must offer at least the same benefits to employees that they receive under the State Plan coverage.
Ques 5) What are the requirements to set up a Private plan?
Ans) Employers are now required to visit the New Jersey Department of Labor website and fill out the applicationin order to download and update their invoice or AC174.Here is the link https://www.nj.gov/labor/ea/index.shtml
If you are planning to switch to a private disability benefits insurance in NJ but have a few questions in mind, feel free to get in touch with us anytime, and we will answer your questions in the best way possible. Also, we will find you the best disability insurance in New Jersey to meet your specific needs.