Posted on Wednesday, 5th October 2022 by Dennis Damp
Print This PostThe annual Federal Benefits Open Season 2022 starts on November 14 and is open through December 12, 2022. Employees and annuitants can assess the various plans to ensure they are cost-efficient and best address the care and services needed.
The average FEHB premium increase is 7.2 percent for plan year 2023. The new rates were announced this week and a complete list of premiums is available. The overall FEDVIP average premium for dental plans is increasing by 0.21 percent, and the overall average premium for vision plans will decrease by 0.41 percent.
Inflation continues to impact us in all areas, from the grocery store and gas station to health care and everything in between. There is no escaping its impact; today’s higher costs wiped out this year’s COLA months ago.
I checked the premiums for the self-plus-one Blue Cross Blue Shield (BCBS) basic (113) and GEHA standard (316) plans. BCBS monthly premium increased $47.17 to $472.12 while GEHA’s premium increased $28.47 to $320.39. The annual increases are $566 for BCBS Basic and $341 for GEHA Standard!
Now is a good time to compare your current plan to the 271 health plans available for 2023. OPM reports that only 2.5% of enrollees changed their health coverage during the last open season.
- FEHB Open Season for 2023 Plans– Higher Costs on the Horizon
- Medicare Advantage Plans (Heads Up for the Upcoming Open Season)
Helpful Retirement Planning Tools
- Retirement Planning for Federal Employees & Annuitants
- The Ultimate Retirement Planning Guide – Start Now
- TSP Considerations
- Medicare Guide
- Medicare and FEHB Options – What Will You Do When You Turn 65? (Part 1)
- Budget Work Sheet
- Social Security Guide
Disclaimer: The information provided may not cover all aspect of unique or special circumstances, federal regulations, medical procedures, and benefit information are subject to change. To ensure the accuracy of this information, contact relevant parties for assistance including OPM’s retirement center. Over time, various dynamic economic factors relied upon as a basis for this article may change. The advice and strategies contained herein may not be suitable for your situation and this service is not affiliated with OPM or any federal entity. You should consult with a financial, medical or human resource professional where appropriate. Neither the publisher or author shall be liable for any loss or any other commercial damages, including but not limited to special, incidental, consequential, or other damages.
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Tags: 2023 FEHB Plans, FEHB Premiums, Inflation
Posted in BENEFITS / INSURANCE, FINANCE / TIP, RETIREMENT CONCERNS, SURVIVOR INFORMATION | Comments (0)
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