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Principles of Risk Management and Insurance, 13th Edition by Michael McNamara, George E. Rejda

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Cafeteria Plans

The final part of this chapter deals with cafeteria plans. Cafeteria plans allow employees to select those employee benefits that best meet their specific needs. Instead of a single benefits package that applies to all employees, cafeteria plans allow employees to select among the various group life, medical expense, disability, dental, and other plans that are offered. Cafeteria plans also allow employers to introduce new benefits to meet the specific needs of certain employees.

Cafeteria plans take several forms. The most common are (1) full choice plans, (2) premium conversion plans, and (3) flexible spending accounts. Although these categories are not mutually exclusive, cafeteria plans share certain common characteristics. ...

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