It is the same setup here...plants in that soft plastic sleeve put into a decorative pot. Fine as a cheap bunch of flowers that will last months provided you do not overwater.

Longer term if you wish to keep the plant when the flowers start to fade you should repot it. Especially so seeing it is potted in the dreaded Spag Moss which retains too much water for people heavy handed with a watering can

Just Google Phalaenopsis repotting and find notes written for places with a similar climate to where you live.

Should I repot immediately or should I wait till the flowers fall off?

Repot in the spring, after the flowers fall. Repotting while in bloom MAY result in dropping all the blooms.

You'll need a pot with drainage holes and orchid bark.

Your plant looks healthy right now and the blooms are so pretty! One of the nicer HD minis I've seen. As Arthur and Susan said, repot AFTER the blooms fade.

I've recently purchased two plants from a well respected grower/hybridizer that came planted exactly like this HD orchid and it WASN'T at HD pricing! I used a tweezer and removed some of the tight packing of sphagnum and set it into a clay pot large enough to give some air space. I tend to be an overwaterer and these plantins don't bode well for me!

This came with a tag that said just add ice orchids, the company that suggests people to water with ice cubes, at $9.99, it was pretty nice

Do not worry about the Ice water freezing the orchid roots, just will not happen.

Anyway it is just a gimmick to stop people overwatering orchids, which is easy to do in that packed spag. condition. I wonder how they pack the spag in so tight.

On another note, did you obtain the Equitant Oncidium mentioned in your other post?

I gave up trying, really hard to find specific species