Voluntary benefits are an important aspect of customizing a benefits package. Employers in Kansas may customize their employees' benefits to meet the demands of any sector, size, or city. While medical insurance covers healthcare, dental, and vision care, voluntary benefits include everything from short-term disability to long-term care insurance. Voluntary benefits provide you with the option of developing benefit packages that are tailored to your industry, business size, and employee requirements. For example, a construction worker will require much more disability insurance than an accountant based on the type of work. Older workers may want extended long-term care coverage, while those with pets might seek pet-related benefits. Benefits requirements fluctuate over time as employees change jobs, industries, and make life decisions, which is why voluntary benefits are an essential component of any comprehensive employee benefits package.
One of the most significant voluntary benefits available to a Kansas business is short-term disability. This benefit will provide coverage for your staff for a set period of time if you are unable to work as a result of an illness or injury. Women in their childbearing years often take advantage of this benefit after childbirth and are the main users of short-term disability.
Around 60% of Kansas businesses provide short-term disability, and over 98% of people join up when presented. One of the major reasons is that 98% of Kansas businesses do not ask workers to pay anything into the plan. This may differ from employer to employer. The higher cost of the plan is determined by how much the employer covers. Also 73% of companies in Kansas pay their staff a percentage of their earnings on short-term disability. The amount paid out for short-term disability may range anywhere from 50% to 100% of an employee's salary. In Kansas, 43% of firms pay out at a rate equal to 60%. Also 20% of the state's businesses offer payout amounts that exceed 70%. The payment method may differ; some Kansas companies can utilize variable wage payments dependent on the type of disability and how long someone will be away.
Long-term disability insurance, like short-term, is income protection coverage that protects your earnings if you're unable to work. Long-term disability insurance can cover major injuries that happen on the job and may last for years. It's also possible to extend coverage until retirement or the government taking over payments at a later date. Long-term disability insurance is an essential investment because it reduces the risk of financial ruin when you become disabled.
Long-term disability insurance is offered by roughly 57% of Kansas businesses and 95% of workers sign up for it when they are presented with the option. Also, 94% of firms pay out the whole amount without any employee contribution. When this is done, benefits are utilized at a high rate, similar to short-term disability payments. What's more, 92% of plans are structured on a predetermined percentage of yearly earnings as payment amounts can differ based on how wealthy the plan is. The payout amount for 60% of Kansas firms is equal to 60% of your salary. This can range from 50% to up to 100%, with the bulk falling between to 60% and 70%.
A life insurance policy gives a specific person (the named beneficiary) the right to receive a lump sum of money if the insured dies. Payment can be triggered by a variety of conditions, such as fatal illnesses.
In Kansas, life insurance is available from 73% of employers. When given the option, 97% of employees take it. Most (96%) employers in Kansas do not demand a worker contribution. Also, 80% choose a fixed multiple of earnings as the payout mechanism, which is the most popular option. Additionally, 65% of earnings in Kansas are paid 1x, but this can vary from .5 to 2X. Life insurance is an important element of financial protection, and the desire grows as one's financial responsibilities increase, such as family or mortgage payments. Employers may use life insurance as a cost-effective method to offer employees additional financial security by comparing both company plans and individual policies.
Another option for employees are voluntary benefits ranging from pet insurance to accident and sickness protection. Long-term care insurance is one of the most popular, with 25% of Kansas businesses providing to their workforce. Understanding how much or what percentage a business will pay for these services is critical before electing.
Download your free Mployer Insights report to see how your organization's volunteer benefits compare to other Kansas businesses with comparable professions and business sizes. Understanding how well your plan measures up against employers similar to you may be useful for recruiting new employees and retaining existing ones.
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