The Federal Benefits Open Season in 2022 will run from November 14 to December 12, according to the official announcement of the Office of Personnel Management (OPM). This open season is for the federal benefits programs’ 2023 plan year.
Which federal benefit programs are open for enrollment during this open season?
The Federal Benefits Open Season is the time to consider your health, dental, vision, and tax-saving needs and enroll or change your enrollment.
You can hold elections during the open season that you typically can’t hold at any other time of the year.
Not all health, dental, or vision plans are the same. The purpose of the open season is to exercise your right to choose. By planning ahead of time, you’ll have access to the healthcare services and supplies you require at a price you can afford.
Dental and vision coverage can supplement existing coverage or pay for services you do not currently receive. A flexible spending account can assist you in lowering your taxable income.
During the yearly open season, federal employees have the option to enroll in, change plans or plan options, change the type of enrollment they make, or cancel their registration for the following:
- Federal Employees Dental and Vision Insurance Program (FEDVIP)
- Federal Employees Health Benefits Program (FEHB)
The Federal Flexible Spending Account Program (FSAFEDS) is open to returning participants and new applicants.
The FEGLI and FLTCIP programs do not participate in the annual open season.
Premium Rates for FEHB and FEDVIP in 2023
OPM published the FEDVIP and FEHB premium rates in late September 2023. By the first week of November, participants can access specific federal benefits open season information on its website by the first week of November, including 2023 FEHB plan comparison tools.
Options Available During the 2022 Federal Benefits Open Season
Federal Employees Health Benefits (FEHB) program
What are my options for the FEHB open season in 2022?
- Enroll
- Modify plans
- Modify plan options
- Alter the enrollment type (to Self, Self Plus One, or Self and Family)
- Cancel insurance coverage
What if I don’t do anything?
Your current coverage will be maintained. If you’re happy with your FEHB plan, you don’t need to do anything. However, you must switch plans if your plan has discontinued coverage in your area or is ceasing participation in the FEHB program.
When does the enrollment or change become effective?
Employee pay will begin on the first day of the first pay period beginning on or after January 1, 2023. It will immediately follow a pay period in which they were paid.
Federal Employees Dental and Vision Insurance Program (FEDVIP)
What are my options during the open season?
• Enroll
• Change plans
• Change plan options
• Change the enrollment type (to Self, Self Plus One, or Self and Family)
• Cancel insurance coverage
What if I don’t do anything?
Your current protection will continue. If you’re happy with your FEDVIP, you don’t need to do anything.
When does the enrollment or change become effective?
January 1, 2023
Federal Flexible Spending Account (FSAFEDS)
What are my options during the open season?
• Enroll in or re-enroll in the Health Care FSA (HCFSA), the Limited Expense Health Care FSA (LEX HCFSA), and the Dependent Care FSA (DCFSA).
What if I don’t do anything?
It is not guaranteed that your election will go forward. You must re-enroll to continue your account(s) for the next benefit year.
Note: To carry over unused funds from this plan year’s HCFSA or LEX HCFSA, you must re-enroll in either of these two plans the following year. DCFSAs do not qualify for carryover.
What else should I keep in mind?
The minimum annual election amount for all FSAFEDS accounts is $100, while the maximum contribution to a Health Care or Limited Expense Health Care FSA is $2,750 per participant. The Dependent Care FSA has a $5,000 maximum per family.
The Internal Revenue Service sets the contribution limits for Flexible Spending Accounts, which are subject to change. If FSAFEDS adopts new maximums, the public will be notified.
When does the enrollment or change become effective?
January 1, 2023
Contact Information:
Email: [email protected]
Phone: 8139269909
Bio:
For over 30-years Joe Carreno of The Retirement Advantage has been a Federal Employee Retirement System specialist (FERS) as well as a Florida Retirement System specialist (FRS) independent advocate. An affiliate of PSRE (Public Sector Retirement Educators), a Federal Contractor & Registered Vendor to the Federal Government, also an affiliate of TSP Withdrawal Consultants. We will help you understand your FERS & FRS Benefits, TSP & Florida D.R.O.P. withdrawal options in detail while recognizing & maximizing all concurrent alternatives available.Our primary goal is to guide you into retirement with no regrets; safe, predictable, stable, for life. We look forward to visiting with you.
Disclosure:
Not affiliated with the U.S. Federal Government, the State of Florida, or any government agency. The firm is not engaged in the practice of law or accounting. Always consult an attorney or tax professional regarding your specific legal or tax situation. Although we make great efforts to ensure the accuracy of the information contained herein we cannot guarantee all information is correct. Any comments regarding guarantees, safe and secure investments & guaranteed income streams or similar refer only to fixed insurance and annuity products. Fixed insurance and annuity product guarantees are subject to the claimsâ€paying ability of the issuing company. Annuities are long-term products of the insurance industry designed for retirement income. They contain some limitations, including possible withdrawal charges and a market value adjustment that could affect contract values. Annuities are not FDIC insured.
