Flexible Benefits (often called "Flex" or "Flexi-Benefits") are a set allowance given to employees to spend on their personal wellbeing beyond standard medical needs. Unlike strict medical coverage (which is for when you are sick), Flex is for staying healthy and happy.
Common uses for Flex allowance include:
- Wellness: Gym memberships, yoga classes, sports equipment.
- Optical: Prescription glasses, contact lenses.
- Lifestyle: Travel booking, personal development courses.
- Family: Childcare or dependent expenses.
How Flex works on Soda
Soda makes offering Flexible Benefits easy with our Soda Flex plan. Instead of HR manually approving receipts for gym memberships or glasses, the Soda platform handles it.
1. Company sets the budget
The company decides on a Flex Budget (e.g., $500 per employee per year). This is separate from the medical limit.
2. Employee chooses
Employees can spend this budget on the categories allowed by the company.
- Example: Jane spends $200 on new glasses and $300 on a gym membership.
- Example: John spends his full $500 on a dental treatment.
3. Simple Claim Process
- Employee pays for the item/service.
- Employee takes a photo of the receipt.
- Employee selects "Flex Claim" in the Doctor Anywhere.
- Soda processes the claim and sends a monthly report to HR so they can add the amount to payroll.
Why employees love Flex
Every employee is different. A young single employee might value a gym membership, while a parent might value childcare subsidies. "Flex" allows you to give one budget that satisfies everyone's unique needs, without increasing your overall cost. Learn more about Soda Flex