Key Takeaways:
- Don’t let the FEDVIP enrollment period slip by—you’ve only got a limited window to make crucial choices for your dental and vision coverage.
- Now that it’s 2024, premium increases and plan changes are already here, so it’s essential to compare your options carefully.
Why the FEDVIP Enrollment Period Matters More Than Ever
If you’re a federal employee
- Also Read: New TSP Withdrawal Rules and What They Mean for Your Federal Retirement Plans
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The enrollment period for FEDVIP runs at the same time as the Federal Benefits Open Season, from November 11 to December 9, 2024. If you’ve been putting off thinking about your benefits, now is the time to focus. Let’s break down what you should be looking out for and why this open season could affect your wallet for years to come.
Changes Are Coming, and You Don’t Want to Miss Them
2024 has brought a few key changes to FEDVIP that you’ll need to consider before making any decisions. The first thing to be aware of is that premiums have increased this year, and this isn’t a small bump. We’re seeing some fairly significant cost adjustments across plans, so if you’ve been thinking that sticking with your current plan is the easy way to go, you might want to reconsider. Not all plans will be the same price as last year, and for many federal employees, ignoring this fact could cost you more than you expect.
Even if you’re satisfied with your current plan, double-check the premium changes. Look at what’s covered, the out-of-pocket costs, and whether your provider network has changed. Insurers sometimes tweak these details without much fanfare, but they can have a big impact on your overall expenses.
Should You Switch Plans?
This is the big question every year: should I stay with my current plan or switch? While it’s tempting to let things ride, taking a passive approach could backfire. The FEDVIP program offers a range of plans from different providers, and it’s not a one-size-fits-all situation. If your dental or vision needs have changed, it’s worth exploring other options.
For example, if you’re noticing more frequent eye strain, consider plans with higher allowances for glasses or contact lenses. If you need more complex dental work, look for plans that cover crowns, implants, or specialized procedures. Switching plans could provide better coverage for the services you know you’ll use in the next year, and sometimes, it could even save you money.
Remember, 2024 has already introduced new cost structures, and you’ll want to factor that into your decision. Take the time to review all the options available through the FEDVIP website. It’s more than just about pricing—it’s about making sure you get the coverage that fits your life now and into retirement.
Don’t Forget the Timelines—It’s Short
One thing we can’t stress enough is the importance of marking your calendar for the enrollment period. This year, it runs from November 11 to December 9, 2024. That’s less than a month to take stock of your current plan, research any changes, and make an informed decision.
If you miss the deadline, you’ll be locked into your current plan for another year—unless you experience a qualifying life event like marriage or retirement. This means you won’t be able to adjust your coverage, even if your needs or circumstances change drastically during 2024. Don’t let procrastination cost you in the long run. Be sure to log into your benefits portal early and review all the available options before time runs out.
Medicare and FEDVIP—How They Work Together
As you edge closer to retirement, one question that might be on your mind is how FEDVIP interacts with Medicare. While Medicare provides excellent coverage for medical and hospital care, it doesn’t cover dental or vision care. That’s where FEDVIP fills in the gaps. As a retiree, you’ll want to keep FEDVIP coverage for those dental cleanings, eye exams, glasses, and more.
If you’re already enrolled in Medicare, it’s important to coordinate between the two. Medicare will handle your major medical expenses, while FEDVIP will continue to provide you with the vision and dental coverage you’ve relied on. Skipping FEDVIP could mean paying entirely out of pocket for services that Medicare won’t cover.
Coordinating with Retirement Planning
For those of us nearing retirement, FEDVIP can feel like just one small part of a much larger puzzle. But don’t underestimate how vital dental and vision insurance will become once you’ve left the workforce. Many people tend to think more about their FEHB or retirement savings, but leaving out FEDVIP in your retirement planning could be a costly mistake. Routine dental care, eyeglasses, and even major dental procedures can add up quickly.
Having solid FEDVIP coverage could protect you from those unexpected bills while maintaining your quality of life in retirement. Think of it as an essential part of your broader retirement healthcare plan—one that you shouldn’t overlook.
What Happens If You Don’t Enroll?
Let’s talk about what happens if you ignore the FEDVIP enrollment period. If you’re currently enrolled, your plan will simply carry over into 2024, with any premium adjustments applied automatically. But if you haven’t enrolled yet, and this is your first time considering it, skipping the enrollment period means you’ll have to wait another year to join FEDVIP unless you have a qualifying life event.
This could leave you without affordable vision and dental coverage at a time when you might need it most. Think of it like this: FEDVIP is there to help you handle both routine and unexpected healthcare needs without paying through the nose. Even if you think you don’t need much coverage now, it’s better to have it in place for the future.
Why 2024 Is the Year to Review FEDVIP Options
With premium increases already in effect, 2024 is the year to pay close attention to FEDVIP. Don’t assume that everything will stay the same or that your current plan will continue to meet your needs. Dental and vision insurance might not seem as critical as your health coverage, but they can prevent you from dealing with large out-of-pocket costs later on.
The FEDVIP enrollment period is short, so take action now. Whether you’re adjusting your plan or just reviewing your coverage, make sure to carve out time to focus on it before the window closes in December 2024. Your future self—whether you’re still working or happily retired—will thank you.
