The federal employees who are retired for more than a year now, without any exceptions, know that the OPM (Office of Personnel Management) will announce annual coverage and premium terms through the FEHB program for the rest of the year in the early fall. This article will help you get all the available benefits of this program for you and your family.
What is FEHB?
FEHB stands for Federal Employees Health Benefits. It was established in 1960. The FEHB is an effective employee health insurance program. It covers the healthcare insurance of federal employees, retirees, and former employees. This program helps you and your family meet all your medical and healthcare needs. It provides healthcare benefits to a total of 8.2 million individuals.
Annual Federal Benefits Open Season
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The average premium increase of 2023 will be 8.7 percent. There will be 271 programs in 2023. It will include 18 nationwide choices open for all. Four options are available for specific groups, and the rest are available regionally. The FEBH program will be focused on COVID-19, obesity, maternal health, telehealth, assisted reproductive technology, and medical foods.
How Employees Are Wasting This Opportunity
According to OPM, thousands of employees enrolled in FEHB are wasting this opportunity of open season. Many enrollees need to take advantage of this season. It is the best time for them to review their healthcare coverage. They should ensure they are getting the most out of their selected benefits, as with the rapid increase in new diseases and fluctuation of the overall economy. Looking after the healthcare benefits of yourself and your loved ones is essential.
A Checklist for Federal Employees
Following is a checklist for federal employees, enrollees, and annuities. Even if you want to make any changes to your plan or leave it the same, just make sure it is the right plan for you from every perspective to get the most out of this open season.
- Huge Premium Increases
For enrollees, the premium will increase to 8.7 percent in 2023. But this doesn’t apply to all plans. There will be a decrease in the total of 56 programs. Check to see if you have selected the right strategy and make changes accordingly.
- Trying a New Plan
Keep a few things in mind while shopping for a new plan. Your latest project’s total cost and expenditure evaluation are essential. Ensure that the program you have selected is within your budget and is suitable for your family.
- Changes in the Benefit Plans
The FEHB plan you opted for in 2022 may differ in 2023. The best place to look for changes is in section 2 of the original FEHB brochure. You may find out that the plan you choose is adding new benefits or making some changes, which may or may not be helpful. That’s why it is essential to look for plan benefit changes.
- Vision and Dental Care Programs
The federal employee dental and vision care programs will likely stay unchanged. The dental plan will increase by 0.21%, whereas the vision care plan will increase by 0.41%. There will be no waiting period for orthodontics with any FEDVIP dental plans.
- Try Flexible Spending Accounts
FSAs allow employees to save a small amount of $100 to as much as $3,050 in 2023. There are many FSAs healthcare programs that you need to be fully aware of. They help save money on medical expenses.
To Sum Up
The annual open season is an ample opportunity for federal employees, annuities, and retirees. They can review their plans, make needed changes and enroll for the following year’s plan. Recheck your previously selected plan, as there can be a change in its features or premium. Make sure to analyze your health insurance plan while choosing, as you should select a health plan for yourself and your whole family.
Contact Information:
Email: [email protected]
Phone: 3039011337
Bio:
PRESIDENT,
(FRC) FEDERAL RETIREMENT CONSULTANT
Caine Crawford Sr. uses his more than 20 years of experience in the financial services industry to help Federal Employees throughout the United States with their Benefits and retirement needs. Caine is President and Lead Benefits Counselor for the Federal Employee Advocacy Group, based in Denver Colorado.
When Caine’s father sought to retire from CSRS, he came to Caine for help. It was then that Caine discovered a lack of financial resources readily available to federal employees, and he sought to become better informed to help others. Caine met with his first GSA client in 2008, and he was shocked to learn that client truly did not know what to do with a thrift savings plan (TSP) after retirement. Following that meeting, Caine founded Federal Employee Advocacy Group and became laser-focused on helping federal employees maximize income and benefits while minimizing expenses and taxes.
Caine teaches Federal Benefits and Retirement workshops for Federal Agencies, all across the Country. He understands federal benefits can appear somewhat complex and lack clarity. By creating a custom benefit analysis, Caine pinpoints the gaps in clients’ current plans, maps out TSP growth based on historical data and ensures clients have a lifetime of income and a dignified retirement.
Caine has now published his book, The Educated Fed: Your Guide to Understanding & Maximizing Federal Benefits. The Educated Fed is a self-help book for federal employees who want to learn how to maximize their federal benefits for retirement. Inside you’ll find answers you didn’t even know you had questions for…With the help of a retired Department of Defense employee, Caine will walk you through all of the moving parts that are your federal benefits and show you which ones you have control of, which ones will make you money, and which ones could cost you. Even though we’re in the information age, we’ve found out that an “informed” federal employee is not as well positioned as an “educated” federal employee. The Educated Fed aims to address the gap between information and real education that we observed in teaching hundreds of federal benefits workshops across the country for numerous agencies.
Caine graduated from the University of South Carolina with a Bachelor of Science in finance. He then lived in Colorado for 25 years before moving with his family back to South Carolina to live near a lake. He and his wife have four children and enjoy spending time together when they can among their busy schedules. Caine also enjoys coaching lacrosse at the local high school.
