Key Takeaways:
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FEDVIP premiums have increased by an average of 7.7% in 2024, meaning your monthly costs could rise, especially if you’re nearing retirement.
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Retirees should explore how coordinating FEDVIP with Medicare can help reduce out-of-pocket expenses while maintaining essential coverage.
Why FEDVIP Matters Now More Than Ever
If you’re retired or close to retiring from federal service, chances are you’ve already heard of FEDVIP (Federal Employees
- Also Read: Are You Eligible for the Federal Employee Retirement System (FERS)? Find Out Here
- Also Read: Why TSP Withdrawal Options Might Be More Flexible Than You Think for Federal Retirees
- Also Read: The Top Federal Employee Benefits You Should Be Tapping Into Right Now
Dental and vision care are just as important in retirement as they are during your working years. And for us federal employees, FEDVIP is a benefit that can provide peace of mind without the stress of navigating private insurance plans. But with 2024 bringing a few key changes, there are some things you should know to make the most of your benefits.
Higher Premiums—But Still Competitive
One of the first things you’ll notice this year is that FEDVIP premiums have gone up. On average, premiums for dental and vision plans have increased by 7.7% in 2024. While this might not be welcome news for retirees on a fixed income, it’s a reminder to evaluate your coverage and make sure it aligns with your needs.
That said, FEDVIP premiums are still more affordable than many private plans. If you’re already enrolled, this increase might not seem too drastic in comparison to private market alternatives. However, if you’re a retiree relying on a fixed pension, even a small bump in costs can add up over time. Keep an eye on your premiums and don’t hesitate to review your plan options during open season.
Is Medicare Enough?
If you’re like many federal retirees, you might be wondering whether Medicare alone can cover your needs. The answer is: not entirely. Medicare does not cover routine dental and vision care, which is why many retirees opt for FEDVIP to fill those gaps.
As you hit Medicare eligibility, coordinating between Medicare and FEDVIP becomes crucial. While Medicare handles a significant portion of your health care needs, FEDVIP ensures you’re not paying out of pocket for regular dental cleanings or vision checks. This combination can save you money in the long run, and in 2024, it’s more important than ever to ensure your coverage is in sync.
For those of us nearing retirement, think about how these two plans can complement each other rather than replace one another. You don’t want to be stuck in a situation where Medicare only covers a portion of your health needs, and you’re left scrambling to find extra coverage.
FEDVIP Options for Retirees in 2024
FEDVIP offers a variety of plans with different levels of coverage, and in 2024, you’ll want to revisit those options to make sure they align with your current situation. Retirement often comes with more free time (hopefully!)—which might mean a greater focus on health and wellness, including dental and vision care.
Many retirees find that their dental and vision needs increase as they age. After all, routine checkups may turn into more frequent visits, and let’s not even talk about how often we start misplacing our glasses! That’s why it’s crucial to take a moment to assess your options.
One thing to note: FEDVIP plans don’t offer the same flexibility in retirement as FEHB does when it comes to switching plans outside of open season. You’ll want to make sure you’re choosing the right plan now to avoid any headaches later.
What You’ll Be Paying Attention To
Beyond premiums, there are a few other aspects of FEDVIP coverage to keep in mind this year. For starters, dental plans under FEDVIP typically offer preventive care with no out-of-pocket costs, but the extent of coverage for more serious procedures—like crowns, root canals, or oral surgery—varies widely between plans. And let’s face it, those kinds of procedures aren’t exactly cheap.
On the vision side, plans cover everything from routine eye exams to glasses and contacts, but just like dental, coverage levels differ. If you’re a frequent visitor to the optometrist or considering upgrading your glasses, make sure to review what’s included in your vision plan for 2024.
Coordinating Your Benefits—Don’t Forget About Open Season
One of the best times to review and adjust your coverage is during open season, which runs from November 11 to December 9, 2024. This is your window to make changes to your FEDVIP plan, so mark your calendars. You’ll want to review any updates or premium increases and adjust accordingly.
If you’re already retired, don’t think that open season doesn’t apply to you! Open season is crucial even in retirement because your needs and budget may change from year to year. Whether you’re considering scaling back coverage or ramping it up, open season is your chance to make those adjustments.
Balancing Cost with Coverage
Let’s be real—no one wants to pay more for insurance than they have to. But at the same time, skimping on coverage can cost you more in the long run. The trick is to find that sweet spot where you’re getting the coverage you need without paying for extras you don’t.
In 2024, balancing cost with coverage might mean opting for a plan with a slightly higher premium but better coverage for those dental and vision services you actually use. With the rise in premiums this year, it’s more important than ever to shop around during open season and find the plan that works best for your health and budget.
What About Vision and Dental Networks?
Something else worth keeping an eye on is whether your preferred providers are in-network. FEDVIP plans often have large networks, but not all providers are included. If you’ve been going to the same dentist for years or have a trusted optometrist, make sure they’re still covered under your plan in 2024.
Going out of network can result in much higher costs, so take the time to check this before making any changes. The last thing you want is to be hit with unexpected bills because your provider is no longer in the network.
Why This Matters for Retirees
As you transition into retirement, your health care needs will likely shift, and your insurance should reflect that. Dental and vision care might not have been a top priority in your younger years, but it should be now. Regular visits to the dentist and optometrist help catch potential health issues early, which is always better than dealing with costly procedures later.
And let’s face it, in retirement, no one wants to stress about health care costs. FEDVIP offers a way to keep that stress in check by giving you access to quality care without breaking the bank. With 2024’s changes, it’s more important than ever to review your plan and ensure you’re covered where it counts.
What You Should Do Before the End of 2024
As we get closer to the end of 2024, take time to evaluate your dental and vision needs. Whether you’re already retired or just thinking about it, staying on top of your FEDVIP benefits will help ensure you’re not caught off guard by rising premiums or changing coverage.
Remember to mark your calendar for open season and review your plan carefully. If there’s one thing I’ve learned, it’s that being proactive with your benefits always pays off in the long run.
