Cafeteria plan is a kind of employee benefit plan that employers allow their employees to select a benefit in any form that suits them. These benefits can be selected by employees from various types of benefits that are pre-tax.
A cafeteria plan is a flexible benefits plan and is more useful when there is a diverse and are of a more personalized nature. The employees can contribute to benefits like health saving accounts contributions, personal and family term life insurances, etc, depending on the needs of the employee. A large family of an employee can be covered with a large healthcare plan or an employee who is independent can contribute toward his retirement plan.
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