Flexible Benefit Plans

With a Flexible Benefit Plan, the plan member is able to chose the benefits and the level of coverage that is right for them. Rather than provide a one size fits all package of benefits under a traditional benefits plan, a plan sponsor supplies the plan members with a core program with benefit options.

Plan members use credits allocated by the plan sponsor to purchase their benefits coverage, with different levels of coverage provided for each benefit type. Plan members can reduce or opt out of coverage they don’t need and enhance coverage they do need. Any left over credits often can go into a Health Care Spending Account.

Whether it is a full-choice flex plan or a modular package, plan sponsors are able to accommodate the variety of lifestyles and priorities of their plan members. Flex Plans were initially designed for large employers (1,000 plus participants) although employers with fewer employees are considering and implementing Flex Benefit Plans.