Arrangements where employers allocate a specific amount of money for each of its employees, who then select the particular benefit or package of benefits that best suits their individual needs is known as a(n):

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This is the definition of a cafeteria plan, also known as a flexible benefits plan. It allows employees to choose benefits that suit their individual needs using the allocated amount from their employer. Family plan refers to a specific type of health insurance plan. COBRA and HMO are not arrangements where employees choose benefits.

Arrangements Where Employers Allocate a Specific Amount of Money for Each