Monetary Reimbursement for declined benefits

What is the name of your state?What is the name of your state? Florida

I've recently started working and I plan on declining all the benefits my employer offers because I am already fully covered through my husband's military benefits. I have better medical, dental, and life insurance coverage than what my company is offering. I even have a separate retirement account not associated with my husband's employment. A friend told me that if I decline benefits offered by my company then they are supposed to provide me with monetary compensation(as in higher pay)in the amount of those benefits. Is this true?

No. It is not true.

Some companies have opted to provide an incentive for employees with access to spousal benefits to turn down benefits through their own employment, but that is strictly voluntary on their part. Nothing whatsoever in the law requires them to offer you higher pay, a bonus, or any kind of compensation whatever if you turn down benefits.

Agreed. Your friend is dead wrong. (1) An employer is under no obligation to offer you health insurance benefits in the first place (unless you're in Hawaii) and (2) they do not have to give you the money "in lieu of" your electing benefits. It's entirely a matter of company policy.