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Open Season Coming to a Close – Last-Minute Checkup

Posted By Dennis Damp On In BENEFITS / INSURANCE,ESTATE PLANNING,FINANCE / TIP,RETIREMENT CONCERNS,SOCIAL SECURITY / MEDICARE,SURVIVOR INFORMATION,WELLNESS / HEALTH | No Comments
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The open season for FEHB / PSHB health care plan changes will close on December 8th, this coming Monday!  There is still time to consider a change, and the following resources will help you through the expedited process.

Review and Compare

Use my comprehensive Open Season Selection Guide, articles I published, and related resources to fast-track your research and make the selection that is best for you and your family. Many providers’ costs increased substantially last year, and over the past 4 years, our premiums have increased by an average of 40 percent!

Flexible Spending Account (FSA) Roundup

Shawn McCoy, the President of Federal Employee Benefits Advocates, LLC (and an expert on Federal employee benefits), advises, “Even if you have used FSAFED in the past, you must enroll again during this year’s open season. Unlike some benefits, FSAFEDS does not automatically renew each year.” You only have until December 8th to take advantage of the attractive plan.

The FSAFEDS program allows you to save money for health and care expenses that your FEHB Plan, the Federal Employees Dental and Vision Insurance Program, or other health insurance coverage does not cover.

Mr. McCoy publishes a comprehensive FSAFED guide [6] each year that highlights the advantages, changes, and costs for federal employees to consider when opting for this plan.




Applicable Life Events

Even after this Open Season closes, everyone should be aware that you can make changes throughout the year for certain life events [7]. There are time limits for these changes; review the article and OPM guidance to ensure your requests are submitted on time.

Throughout the year, you can change your FEHB / PSHB coverage for the following reasons:

Medicare Impact on FEHB / PHSB Plans

Review the following articles that describe the impact Medicare has on your FEHB provider payments.

Conclusion

The majority of federal employees and annuitants stay the course and are generally satisfied with their health care plans. Plans change each year subtly, and it’s essential that, at a minimum, you check Section Two of your provider guide to review those changes to ensure you will have the coverage you need in the upcoming year.

One of the changes last year was that GEHA auto-enrolled all members with Medicare as their primary provider into its Medicare Prescription Drug Program (MPDP). Essentially, all of these members were enrolled in Medicare Part D, and this took many by surprise and changed their prescription drug coverage. It took me months to withdraw from this program effectively.

Take some time to do a final review, read the sections of your provider’s guide that are of interest, and confirm that any changes meet with your approval. There are many lower-cost options to consider this year as well.

Helpful Retirement Planning Tools

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Disclaimer: The information provided may not cover all aspects of unique or special circumstances.  Federal regulations, medical procedures, investment information, and benefit details 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 information contained herein may not be suitable for your situation. This service is not affiliated with OPM or any federal entity. You should consult a financial, medical, or human resource professional where appropriate. Neither the publisher nor the author shall be liable for any loss or other commercial damages, including but not limited to special, incidental, consequential, or other damages.

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