Flex Solutions

The flex plan gives money - called flexible credits – to each employee. Each core and optional benefit - life, Accidental Death and Dismemberment, disability, health care, dental care or others - has a cost. The employee’s choice of coverage is paid for using flexible credits or through payroll deductions.

To make informed choices, the employee needs to consider their current and future needs regarding, for example, health and dental care, as well as any other forms of coverage they currently have. If the employee is already covered under their spouse’s plan, they may consider opting out of certain benefits in order to use their flexible credits elsewhere.

Once the employee has made their selection, there are two possible scenarios, as illustrated below:

1. The employee has remaining flexible credits. Depending on the options offered by the employer, these may be disbursed in a number of ways (examples listed above).
2. The employee does not have enough flexible credits to cover all their benefit options. The difference is deducted from their pay.

• Competitiveness — Employees view flexible benefits as more advantageous than traditional insurance plans, since they can choose the benefit options that best suit their needs and the needs of their family.
• Cost containment — By choosing only the benefit options that they need, employees are more involved and make better financial decisions that help to keep costs down.
• Turnkey transition — Services ranging from an online enrolment and administration tool to tailored communication materials, help to ensure a smooth transition.

• Choice over benefits — Employees can choose the level of coverage for benefits that best suit their needs and the needs of their family. They can add coverage where they need it most and reduce coverage where they need it less.
• Choice over remaining credits — After an employee has paid for their core and optional benefits, any remaining credits can be disbursed depending on the options offered by the employer.
• Make changes to their plan — Employees have the opportunity to review their flexible benefit options during the annual enrolment period or as life events occur.

• Available for large- and mid-sized companies — Flexible benefit plans have traditionally been the domain of large companies. Standard Life offers employers with 100 employees or more the opportunity to take advantage of flex solutions.
• Customized solutions — Each plan is adapted to the employer’s unique situation, from design to implementation, to achieve the best solution. To ensure that the plan is as easy to administer as possible, a specialized service team provides support during the enrolment period.
• Exceptional after-sales service — Employers and employees can communicate with our customer service representatives even after the enrolment period. Our representatives receive training and know the details of each flexible benefit plan.