Employment benefits paid in "flex dollars"


My employer provides us with “flex dollars” which is separate from our wage and is an amount of money to be used to pay for insurance benefits (health, dental, life, and long term disability insurance). For each insurance we are allocated a set amount of flex dollars. We have the option to select different plans and if the total cost exceeds the amount of flex dollars we have been allocated then the remaining cost is deducted from our wage. If we have excess flex dollars after the cost of insurance, we receive that money in cash and is taxed.

For employee life insurance and long term disability insurance however, the cost is deducted directly from my wage and the flex dollars for these two are given to me in cash to pay for the benefits because it would create a taxable benefit otherwise.

The health and dental insurance is optional however the employee life and long term disability insurance are made mandatory by my employer and I have no option to opt out.

Given the above, would this benefits scheme be permissible?

JazakAllah khair