Traditional benefits plans are designed to offer everyone in your company the same privileges. While that seems fair, not everyone wants or needs the same benefits as their colleagues. That's the beauty of the Flex Plan. By choosing a more flexible benefits plan, you are now able to offer your employees greater choice, while still staying on budget.
Top 3 Benefits of the Flex Plan:
1. Greater Choice for Employees
Your employees are free to select the benefits that suit their needs. And if they want more than what's offered, they can simply pay for it.
2. Better Renewal Rate Stability
The Flex Plan is designed to be shared amongst many small companies. This means premiums are pooled, ensuring less rate fluctuation upon renewal.
3. More Control Over Budget
You decide how much your company can afford according to three levels of coverage.
After two years, you can re-allocate budgets and renew your plan.
How It Works
The Flex Plan is easy to setup, and employee enrolment and claims are simplified through an easy-to-use online portal. Here's a quick overview of how the Flex Plan works:
- Set a fixed budget for your benefits plan.
- Assign each individual a monthly benefits allowance, depending on their status.
- Allow each employee to select one of three levels of coverage.
- Any leftover funds are allocated to their health spending account.
- Any overages are deducted from their pay.
Is the Flex Plan Right for Your Company?
As one of the exclusive providers of the Flex Plan, our team at BenefitDeck can help you determine if this type of plan is right for your company. Generally speaking, you should consider the Flex Plan if:
- You have 5-100 employees of varying demographics
- You need a good benefits plan that meets your budget
- You want to keep your talent happy with more flexible options
- You want more stability in your benefit plan renewal rates
- You are looking to attract top talent with a differentiator
"With the advice of Donald Chu from BenefitDeck, we saved significant annual premium. Further, we were also entitled to a major refund from our previous insurer's retention accounting policy. Donald further protected us from future premium increases by negotiating a maximum renewal cap with the new provider. I would highly recommend Donald to other business associates who are looking for expertise in the group benefits area."
— Yvonne Darcel, Senior Vice President and CFO, Linwood Homes Ltd.