Key Takeaways
- With new FEDVIP updates for 2024, it’s important to understand how these changes could impact your out-of-pocket costs and available coverage options for dental and vision care.
- Pay close attention to how premiums and coverage are shifting, as these adjustments can directly affect the way you budget for dental and eye care in 2024.
What’s Changing in Your 2024 FEDVIP Benefits?
If you’re like me, you’ve probably come to rely on your Federal Employees
- Also Read: New TSP Withdrawal Rules and What They Mean for Your Federal Retirement Plans
- Also Read: TSP Investment Moves That Could Help Federal Employees Retire on Their Own Terms
- Also Read: Early Retirement Myths Federal Employees Need to Stop Believing
Premium Increases Are Here
Let’s face it: we’ve all gotten used to hearing about premium increases. FEDVIP premiums have risen in the past, but this year is hitting a little harder. Across the board, 2024 has seen an average premium increase for both dental and vision plans. While it varies depending on your plan, you’re probably noticing an uptick when you review your payroll deductions. This means budgeting for your healthcare in 2024 could look different from what you were used to in previous years.
What Does This Mean for Your Wallet?
In 2024, with rising premiums, it’s more important than ever to consider how your current dental and vision care usage matches the coverage you’re paying for. If you’re someone who visits the dentist twice a year and needs frequent vision checkups, the extra cost might still be worth it. However, if your dental or vision care needs are minimal, it might be worth exploring less comprehensive options during open season to avoid overpaying.
Adjustments to Coverage Options
It’s not just the premiums that are shifting—coverage options are evolving too. While basic preventive services like cleanings and eye exams are still covered, there are changes to the way more extensive treatments and procedures are being handled. For dental, that means you could be paying more out-of-pocket for things like crowns, bridges, or orthodontic services, as some plans have adjusted their maximum benefits.
Vision plans have made similar shifts. If you wear glasses or contacts, there are updates to frame and lens allowances, and more expensive or brand-specific options might mean more money out of your pocket. In 2024, it’s key to compare your plan’s coverage details to ensure you’re still getting the most value for what you’re paying.
Time to Evaluate Your Provider Network
FEDVIP works through a network of participating providers, and one thing that’s changing in 2024 is the network size for certain dental and vision plans. You may notice that your go-to dentist or optometrist is no longer in-network, which could mean higher out-of-pocket costs if you choose to stay with them. It’s always smart to verify that your preferred providers are still participating to avoid any surprise bills. Take the time to look into your plan’s updated provider list—switching to an in-network option can help you keep your costs down.
Open Season: Your Opportunity to Switch
With these changes, Open Season (which runs from November 11 to December 9, 2024) is your window to make sure you’re on the right plan. If your current coverage isn’t matching your needs or if the increased costs are throwing off your budget, this is your chance to switch things up. Whether you’re sticking with your current plan or making a change, don’t let Open Season pass without reviewing your options. Remember, once it’s over, you’ll be locked in until the next year unless you have a qualifying life event.
Understanding FEDVIP’s Coordination with Other Coverage
Are you coordinating FEDVIP with another form of coverage, like TRICARE or Medicare? It’s important to remember that FEDVIP is separate from other programs, but in some cases, they can work together to give you more comprehensive coverage. For example, if you’re already covered under TRICARE or another plan for vision care, you might not need as comprehensive a FEDVIP vision plan. The same goes for dental: make sure you’re not doubling up on coverage you don’t need.
Dental and Vision Costs in 2024: What You Should Expect
In 2024, the general cost of dental care has risen slightly, mirroring trends we’ve seen across the healthcare industry. This includes everything from routine cleanings to major procedures like root canals and crowns. For vision care, expect similar increases, particularly in costs for high-end frames, lenses, and contact lenses. While most basic services remain relatively affordable, advanced treatments and specialty eyewear could leave you with a bigger bill than in previous years.
It’s also worth noting that FEDVIP plans vary, so it’s important to review your specific plan to see how these cost increases affect you. Some plans might offer more generous coverage limits or lower copays, but those typically come with higher premiums. In other words, paying a little more upfront could save you more in the long run—if you’re using the benefits frequently.
FEDVIP Enrollment Tips for 2024
- Compare Plans Carefully: With so many options under FEDVIP, take the time to compare. Consider your current and anticipated needs—whether that’s braces for your kids, frequent eye exams, or more specialized dental work.
- Check for Plan-Specific Changes: While the general trends show premium increases, your specific plan might have unique changes, like new deductibles or changes in network coverage.
- Know Your Deadlines: Remember, the Open Season window is your annual chance to make changes, so don’t wait until the last minute.
Are Dental and Vision Still Worth the Investment?
In 2024, some of us may be asking ourselves if maintaining dental and vision coverage through FEDVIP is worth it, especially with premium increases. The answer depends on your personal health and needs. For most people, dental and vision care are vital to maintaining overall health. Neglecting your teeth or eyes can lead to bigger, more expensive health issues down the line.
If you’ve been diligent about routine dental care, you’ve probably noticed that catching problems early (like small cavities or gum issues) can save you from pricier, more invasive treatments later on. The same goes for eye care. If you wear glasses or contacts, keeping up with regular eye exams ensures you’re not putting unnecessary strain on your eyes or letting small issues become bigger, costlier ones.
Making Your FEDVIP Work for You
So, with these changes in 2024, how can you make FEDVIP work in your favor? The key is to tailor your coverage to your actual needs. If you don’t expect major dental work in the coming year, a plan with lower premiums and basic coverage might be just fine. On the other hand, if you know you need more advanced services, it might make sense to go for a higher-level plan with more comprehensive coverage.
Vision-wise, think about what you’re spending on glasses or contacts each year. If you’re someone who opts for more affordable frames or lenses, a basic plan could suffice. But if you tend to go for higher-end eyewear, a more robust plan might help offset those costs.
How to Stay Ahead of FEDVIP Changes
The takeaway? 2024 FEDVIP changes may mean paying a little more, but they also offer opportunities to fine-tune your coverage. Don’t wait until the bills start rolling in to realize your plan isn’t right for you. Take control during Open Season, review your coverage, and ensure your dental and vision needs are met without unnecessary expenses.
Staying on Top of Your Dental and Vision Care in 2024
With the adjustments FEDVIP is making this year, it’s time to reassess how these benefits fit into your overall healthcare picture. Stay proactive, make any necessary changes during Open Season, and keep your smile bright and your eyesight sharp throughout the year.
