List and describe the various flexible benefits plans.
The three most popular types of benefits plans are modular plans, core-plus options, and flexible spending accounts.
Modular plans are predesigned packages or modules of benefits, each of which meets the needs of a specific group of employees. A module designed for single employees with no dependents might include only essential benefits. Another, designed for single parents, might have additional life insurance, disability insurance, and expanded health coverage.
Core-plus plans consist of a core of essential benefits and a menu-like selection of others from which employees can select. Typically, each employee is given "benefits credits" which allow the purchase of additional benefits that uniquely meet his or her needs.
Flexible spending plans allow employees to set aside pretax dollars up to the dollar amount offered in the plan to pay for particular benefits, such as healthcare and dental premiums.