nd other benefit options. Flexible benefit plans have a number of different configurations available, depending on the company's resources, type of workforce, and other factors.
Baby boomers' concern over long-term health care has created a new type of benefit. Long-term care coverage is one of the new benefit options. The costs of nursing home confinement or an assisted living situation could devastate most people's retirement fund in a few years. As baby boomers near retirement age, they are opting for buy-in options to provide voluntary long-term care coverage. For example, AT&T already offers this benefit on a payroll deduction basis.
Traditionally, people were paid based on the position they held in the hierarchy of the organization. The amount of responsibility assigned and how many people reported to them reflected people's level in the company and their compensation. Pay increases for most workers were tied to job performance reviews. People sat down with their supervisor once a year to review their performance on the job. A
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