KBA Employee Benefit Plans
KBA Medical And Dental Plan
The KBA medical and dental plan is a self-funded plan that pools the risks of all of the participating banks in a multiple employer plan. This allows banks to offer competitive benefits in a consistent and affordable manner taking advantage of economies of scale which lower the administrative costs. The plan is administered by the KBA with BCBS of Kansas providing stop loss protection, claims administration, and the network of providers with negotiated allowances and discounts that assist in minimizing claim costs and help keep premiums low.
KBA Vision Plan
The KBA vision plan is a voluntary benefit to employees. It offers comprehensive coverage including exams, frames, contacts and more.
KBA Group Term Life Plan
The KBA group term life plan allows banks to provide their employees with group term life insurance. The insurance amount is based on a multiple of salary selected by each participating bank. In addition to the employee life benefit there is a matching amount of accidental death coverage on the employee and a $4,000 term life benefit on spouses and eligible dependent children. The bank can also elect to offer voluntary employee and dependent life insurance which is designed to be elected on an employee by employee basis and paid for by the employee via payroll deduction.
KBA Long Term Disability Plan
KBA Voluntary Accidental Death & Dismemberment Plan
The KBA voluntary AD&D plan provides a benefit to employees and their dependents if they are killed in an accident. The plan is ideal for bank employees that have spouses involved in vocations that are more risk-prone than banking. The plan is designed to be elected by the employee and paid for via payroll deduction. Some banks opt to purchase a determined level of coverage for all of their full-time employees.
KBA Felonious Assault Plan
The KBA felonious assault plan enables a bank to pay a $50,000 benefit to a bank employee’s family if the bank employee is killed in either a crime involving the bank’s assets or in an accident while traveling on bank business. The very low premium is paid annually and is based on the total number of employees and the number of physical locations.
Transparency in Coverage Rule
As part of the Patient Protection and Affordable Care Act (PPACA) group health plans and insurance issuers are required to make available to the public three separate machine-readable files that include detailed pricing information. The files will show negotiated rates for all covered items and services between the plan or issuer and in-network providers, historical payments to, and billed charges from, out-of-network providers, and in-network negotiated rates and historical net prices for all covered prescription drugs by plan or issuer at the pharmacy location level. Plans and issuers will display these data files in a standardized format and will provide monthly updates. Below is the link to the Blue Cross and Blue Shield of Kansas website where the files will be maintained.
Bank Insurance Products
FINANCIAL INSTITUTION BOND
Financial institution bonds protect banks from loss caused by illegal acts perpetrated by employees or vendors.
MANAGEMENT LIABILITY POLICY
Protection for your directors, your employees, and your bank.
CYBER LIABILITY POLICY
Fee Income And Collateral Protection Products
CREDIT LIFE AND DISABILITY PROTECTION
MORTGAGE LIFE & DISABILITY COVERAGE
TERM LIFE INSURANCE
Premium guaranteed for terms up to 30 years with level death benefits. This is very affordable coverage for large agricultural and commercial borrowers. An easy one page application and streamlined underwriting simplifies this process for lenders.