Managed care plan offered by an employer to his or her employees that allows them to select the type and amount of benefits from among options the employer offers. It also allows employees to make contributions required for their choice of benefits with before-tax dollars. Also called cafeteria plan, flexible benefit option, flex plan , or flexible compensation .

Type of deferred annuity investment contract that gives the buyer the ability to vary the amount of each premium payment to the insurance company during the accumulation period.