What is Flexible Benefits?

Flexible Benefits is an employment package that includes all the non-wage benefits, like insurance and paid time off, provided by an employer to each employee. Flexible Benefits is similar to Employee Group Benefits, however it provides additional employeement benefits to just Health Insurance

Flexible Benefits are non-salary compensations, that can vary from company to company, which are indirect and non-cash payments within a compensation package. They are provided by organizations in addition to salary to create a competitive package for existing and new employees.

In addition to benefits required by law, other benefits are provided by companies because they feel socially responsible to their employees and opt to offer them more than is required by law.

Depending on the company, flexible benefits may include health insurance (required to be offered by larger companies), dental insurance, vision care, life insurance, paid vacation leave, personal leave, sick leave, child care, fitness, a retirement plan, and other optional benefits offered to employees and their families.

What does it provide?

Most employers present staff with group medical insurance plans to assist workers with health care costs.

Most plans provide coverage for visits to primary care physicians and specialists, hospitalization, and emergency care. Alternative medical care, wellness, prescription, vision, and dental care coverage will vary by the plan and employer.

Flexible Benefits provides the following benefits:

  • Providing freedom for employees to choose between their Health Insurance Benefits or Flexible Spending Account provided by the Company.
  • Maximizing the cost effectiveness of spending the Company's plans for all employee benefits, and it is important to include work and family issues.
  • Increase the effectiveness of compensation for employees.
  • Increase perceived benefits.

Employee benefits

Flexible Benefits for Employees include:

  • The employee feels direct participation in choosing the benefits.
  • Employees feel more about ownership of the selected benefits.
  • Employees are more appreciative of the benefits provided by the Company.
  • Employees feel the maximum benefits.

Flexible Spending Accounts (FSA)

Flexible Spending Accounts (FSA):

  • A number of balances that can be exchanged with programs determined by HR.
  • Employees feel more about ownership of the selected benefits.
  • There are several Program Categories that have been determined in advance by HR, which can be exchanged by Employees.
  • Example Categories:

    • Education
    • Wellness
    • Tour & Travel
    • Religious

Why choose Flexible Benefit plans?

Employers choose Flexible Benefit plans for the following reasons:

  • Many companies have implemented flexible benefit programs to respond to the needs of their employees.
  • Give freedom to employees to determine their benefits according to their family needs.
  • Make employees work comfortably.

Whether you are job searching, deciding on a job offer, or happily employed, it's important to review what benefit coverage is provided by the company and to decide whether the employee benefits package is one that fully meets your needs. It's also important to take full advantage of what the company provides to employees.

MIP is knowledgable and experienced in negotiating with insurance companies for the best employee benefits package on your behalf.

Contact Us Today to help review your existing employee benefits package and discover areas where your policy can be improved.