Help Your NJ Clients Save | Deadline for NJ Private TDB Option

Savoy’s Specialty Team offers private plan options to help your New Jersey clients save money and remain compliant.

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Published: 11.08.2024

For the first time since 2022, the State of New Jersey’s mandated disability market is open for business.

On October 21, 2024, the State of New Jersey announced there will be a tax on employee wages to pay for New Jersey Temporary Disability Benefits (TDB) coverage. Previously, the State of New Jersey eliminated all costs to employees, and private carriers found it difficult to identify a market for the benefit.

For a comparison of 2024 and 2025 rates and further details, read our full article.

Why offer a private solution?
Private solutions offer key advantages for employers and brokers, including:

• Improved employee satisfaction: Employers and employees have access to a direct contact if issues arise.
• Faster claims processing: Private carriers adhere to a 2-week maximum whereas the State has 6-8 weeks by law.
• Predictable costs: Private carriers are restricted to premium-only charges while the State can add mid-year assessments without limits.
• Broker compensation: Private carriers provide compensation for brokers to manage the account.

To help you easily communicate the benefits to your clients, Savoy has created a sample email you can send to your employer clients.

EMPLOYER SAMPLE EMAIL

The deadline to implement a private plan solution is 12/15/2024.
Savoy’s Specialty Team offers private plan options to help your New Jersey clients save money and remain compliant.

For more information or to request a quote, contact the Savoy Specialty Team.