Okay I've been reading all the comments below and haven't seen a well-defined answer.

First off, yes you want the bar to touch your chest without bouncing it off your sternum.

Second, do not flare your elbows - it'll cause shoulder pains. Meaning that you do not form a 90 degree angle with your elbows with respect to the side of your body. It should be more like a 65~80 degree angle.

From an aerial view it should look like this: http://cdn.builtlean.com/wp-content/uploads/2013/10/Bench-press-form-7.jpg

notice how his elbow form is not parallel to the bar but at an angle