[F075]

flexible benefit plan

Benefit plans offered by employers to employees that allow the employee some choices in the benefits, coverages, and limits selected. For example, a health insurance package that allows the employee the option to choose between vision benefits or dental benefits or to select both if the employee wishes to bear the burden of the additional costs. Other options are higher or lower deductibles, coinsurance, whether or not to make the benefits pretax, and so forth.

(See flexible spending accounts.)