These days everyone wants to select and opt for the benefits that will be most beneficial to them. This could vary based on lifestyle, family members, financial impact and many other factors. Thus, came into existence the concept of Flexi Benefits.
Flexi Benefit plans allows employees to choose the benefits they want or need from a package of benefits offered by an employer. Employees can avail for additional benefits i.e. insurance or non-insurance provided under the group benefits umbrella.
These benefits can be grouped with the insurance policies such as Group Mediclaim, Group Personal Accident or Group Term Life. Or else these can be stand alone benefits offered by the employer.
A flexi benefit for instance can also offer flexibility in the coverage of dependents. For e.g. a single employee need not pay the same premium as a married employee who will cover self and spouse, instead he can opt for a personal accident cover.
A type of flexi benefit plan known as cafeteria plan enables employees to choose from a large collection of benefits.
These benefits could include health, personal accident and life insurance, medical reimbursement plans for non-insured expenses like dental, eye sight, day care, etc. The funding for these kind of cafeteria plans can come from the employer or the employee themselves.
There can also be a Flexible Spending Account that the employer creates and puts in money, that the employee can use to pay for certain benefits that they wish to opt for. By paying an additional premium under flexi under Flexi insurance, employees can enjoy benefits of group health insurance such as waiver of waiting periods for pre-existing diseases, coverage for a greater number of ailments and hassle free processing of claims.
The most important advantage of Flexi benefits plan is the choice that an employee must select the medical coverages that are most relevant to them and also to opt for numerable non-insurance benefits that the employer provides. If your employer does provide flexi benefits, go opt for it now!!
Best of Luck on the purchase of your Mediclaim Policy!.
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