Even though Sam and Sara are twins and work for the same company, they don't have the same benefit needs. Sam has a family and requires more life insurance and dental benefits. Sara is single and wants greater medical and disability coverage. It's fortunate that their workplace provides a flexible benefits group plan that allows them to put more dollars towards the benefits that mean the most to them. So even though they have different coverage, Sam and Sara both feel their company's benefits plan fulfills their needs perfectly.
What's the flex advantage? It's simple. With flexible benefits, plan members are able to choose the benefits-and the level of coverage-that's right for them.
Rather than provide a defined (one size fits all) package of benefits under a traditional benefits plan, a plan sponsor supplies plan members 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.
They can also deposit leftover credits into a Health Spending Account.
Whether it's 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.
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