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Products > Group Benefits > Business solutions > Flex benefits

Flexible benefits

Since being introduced in Canada in the 1980s, flexible benefits programs have become increasingly popular as plan sponsors balance the desire to attract and retain employees with the need to provide a sustainable benefits program.

Even smaller employers have looked to vehicles such as Health Care Spending Accounts and Taxable Spending Accounts as a way to offer flexibility and choice.  

Why introduce a flexible benefit plan?

A flexible benefits program can appeal to the diverse needs of an employee population by allowing for choice while providing the employer with an effective mechanism for controlling costs. Employee cost-sharing and the visibility of price tags tend to give an employee a better sense of the value of the benefits program, and can promote health care consumerism.

With flex plans, employers often look to offer a wider range of  benefits such as cash back on unspent flex dollars, vacation buy and sell, Health Care Spending Accounts, Taxable Savings Account,  RRSP contributions and more.

Manulife Financial underwrites a broad range of flexible benefits programs and has been providing flex administration services for a number of Canadian employers since 1995.

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