Flexible benefits plan

Flexible make plan The employees of todays workforce atomic number 18 divers. With such a workforce at hand, an employer must need a flexible benefit plan to match the musical theme of its employees. Flexible benefit plans argon a written plan under which employees of a company are allowed to choose ii or more benefits consisting of cash and qualified benefits (Everett & Miller, 1994). virtually benefits offered under a flexible benefit plan are wellness care, dental, reimbursement accounts, life insurance, accidental death and dismemberment coverage, prospicient-run disability, vacation, seclusion savings, spouse accidental death and dismemberment coverage, and reliant care (Kleiner & Sparks, 1994).

A young couple bath be assured that their jobs not only meet the e genuinelyday ask of their growing family, but that their children are covered for very little cost in their own employer-provided hospitalization and health care insurance. A worker employed by the resembling organization, approaching retirement, can choose benefits that will maximize his/her retirement income as much as possible. With his/her own children grown-up, he/she needs to attend only to his/her own needs.

Also known as cafeteria plans, the organization offering a choice of applicable benefits to their employees ensures that the benefits for which they cover are the most useful for each of their employees. Costs are rising in almost every area of benefit provision and administration.



The organization is able to secure more flourishing rates for those benefits used, if the organization is not required to provide the aforementioned(prenominal) service to each employee (Webster, 1996).

Employee benefit plans have had a long history, and can be traced back to 1794, when the first profit-sharing plan was created by Albert Gallatin in his glassworks in Pennsylvania (Kleiner & Sparks, 1994). Another celebrated benefit plan includes those made by the American take out Company in 1875 with the first private pension...

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