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Lcchang Posted 20 years ago
Vocabulary
Cafeteria plan of benefits
More and more companies are offering employees a cafeteria plan of benefits, providing a variety of options.
Can any advisor tell me what a cafeteria plan of benefits means? And why would it become a variety of options? Thanks.
LC
Can any advisor tell me what a cafeteria plan of benefits means? And why would it become a variety of options? Thanks.
LC
Top answer
A company decides that it's willing to spend $X per employee on benefits, which could include medical insurance, disability insurance, a vision or dental, life insurance, etc. The employee can choose which of the benfits he wants, and know that he has $X to "spend" on these benefits. If other benefits are desired, then the cost for those is borne by the employee.
- A company decides that it's willing to spend $X per employee on benefits, which could include medical insurance, disability insurance, a vision or dental, life insurance, etc.
- The employee can choose which of the benfits he wants, and know that he has $X to "spend" on these benefits.
- If other benefits are desired, then the cost for those is borne by the employee.
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4 Answers
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A company decides that it's willing to spend $X per employee on benefits, which could include medical insurance, disability insurance, a vision or dental, life insurance, etc.
The employee can choose which of the benfits he wants, and know that he has $X to "spend" on these benefits. If other benefits are desired, then the cost for those is borne by the employee.
The employee can choose which of the benfits he wants, and know that he has $X to "spend" on these benefits. If other benefits are desired, then the cost for those is borne by the employee.
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No, not at all. But if you go to a cafeteria with $10 in your pocket, you look at the choices. Do you want the soup for $3, and the pie for $2... and then have $5 for the hamburger?
Or would you rather have the fish for $6, and then have trade in the $2 pie for the $1 cookie.
Or, you could have the fish AND the pie, but you need to dig another dollar out of your pocket.
Or would you rather have the fish for $6, and then have trade in the $2 pie for the $1 cookie.
Or, you could have the fish AND the pie, but you need to dig another dollar out of your pocket.
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