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2019 FEHB Plan Selection Guide

Posted on Friday, 9th November 2018 by

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Open season starts November 12th. There are tools available to evaluate provider options and help you select your 2019 plan. Use the following resources to make an informed decision for you and your family’s health care needs.

Request a  Federal Retirement Report™  today to review your projected annuity payments, income verses expenses, FEGLI, and TSP projections.

Obtain Copies of Plan Guides

Active Employees

  • Request hard copies of desired plan brochures through your benefits coordinator. If you don’t know who that is talk with your supervisor.
  • Download plan brochures from the OPM website.
  • Request copies direct from the plan providers. I requested and received brochures direct from GEHA and Blue Cross Blue Shield weeks before they were available on the OPM site.

Annuitants (Retirees)

  • Sign up for FEHB Open Season Online – This site is devoted to federal annuitants. Request plan brochures to be mailed to your home address or you can download brochures to your computer. You must register to use this site and annuitants can change enrollments online.
  • Download plan brochures from the OPM website.
  • Request copies direct from plan providers.

Determine Plan Costs – 2019 FEHB Plan Rates (All rates are now posted online).

Compare Plans – Use OPM’s FEHB Plan Comparison Tool.  Compare costs and benefits of up to 4 plans side-by-side. It is easy to use and will show you the differences between plans with only a few keystrokes. OPM advises, “The information contained in this comparison tool is not the official statement of benefits. Before making your final enrollment decision, always refer to the individual FEHB brochures. Each plan’s FEHB brochure is the official statement of benefits. Items marked with an * must be completed before advancing to the health plan comparison.”

I compared the Blue Cross Blue Shield Basic and Focus plans to the GEHA Standard Plan for my last article.

Changing Enrollment

Annuitants (Retirees)

  • Annuitants can change plans online at FEHB Open Season Online. The online service is easy to use and you can track your change submissions.
  • Call Open Season Express 1-800-332-9798.
  • Send regular mail (Postmarked no later than final date of Open Season) to:

Office of Personnel Management
Open Season Processing Center
P.O. Box 5000
Lawrence, KS 66046-0500

When sending requests by mail clearly state your Open Season request. If you are making an enrollment change, be sure to tell OPM the plan you want, the type of coverage (Self Only or Self and Family), and the enrollment code. You must include your annuity claim number and social security number on your request. If you are choosing Self and Family coverage, we will also need your dependent and other insurance information as specified in the instructions mailed to you at the beginning of Open Season.

Federal Employees

Federal Employees Dental and Vision Insurance Program (FEDVIP)

Dental and vision benefits are available to eligible Federal and Postal employees, retirees, and their eligible family members on an enrollee-pay-all basis. Enrollment takes place during the annual Federal Benefits Open Season in November and December. New and newly eligible employees can enroll within the 60 days after they become eligible.

Register online at www.BENEFEDS.com to review and download plan brochures, use their plan comparison tool, and to initiate a change or cancel enrollment. I compared several plans this morning using their comparison tool. If you aren’t a registered user sign up now. You will be able to review your Dental, Vision, Long Term Care and Flexible Spending accounts.  Enrollees can initiate changes during open season, when there is a life event change, or to cancel coverage at any time.

For enrollment/premium questions regarding dental and vision insurance, contact BENEFEDS at 1(877)888-3337.

Medicare Impact on FEHB Plans

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

Request a  Federal Retirement Report™  today to review your projected annuity payments, income verses expenses, FEGLI, and TSP projections.

Additional Resources:

Helpful Retirement Planning Tools 

Distribute these FREE tools to others that are planning their retirement

Disclaimer: Opinions expressed herein by the author are not an investment or benefit recommendation and are not meant to be relied upon in investment or benefit decisions. The author is not acting in an investment, tax, legal, benefit, or any other advisory capacity. This is not an investment or benefit research report. The author’s opinions expressed herein address only select aspects of various federal benefits and potential investment in securities of the TSP and companies mentioned and cannot be a substitute for comprehensive investment analysis. Any analysis presented herein is illustrative in nature, limited in scope, based on an incomplete set of information, and has limitations to its accuracy. The author recommends that retirees, potential and existing investors conduct thorough investment and benefit research of their own, including detailed review of OPM guidance for benefit issues and for investments the companies’ SEC filings, and consult a qualified investment adviser. The information upon which this material is based was obtained from sources believed to be reliable, but has not been independently verified. Therefore, the author cannot guarantee its accuracy. Any opinions or estimates constitute the author’s best judgment as of the date of publication, and are subject to change without notice. The author explicitly disclaims any liability that may arise from the use of this material.

Posted in BENEFITS / INSURANCE, ESTATE PLANNING, FINANCE / TIP, RETIREMENT CONCERNS, SOCIAL SECURITY / MEDICARE, SURVIVOR INFORMATION

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2019 Leave Chart & Schedule Tracker Now Available

Posted on Friday, 2nd November 2018 by

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Each year we publish a comprehensive leave record that federal employees can use to track their daily record of annual and sick leave, comp, and credit hours used. Our updated 2019 Excel Leave Chart is designed for active federal employees that are planning their retirement and need to establish realistic target retirement dates. The new Excel 2019 Leave Record Spreadsheet also helps federal employees maximize their annuity through prudent management of their leave balances.

Please share our 2019 leave chart with everyone in your organization. The chart tracks all leave balances and you are able to annotate your work schedule on the chart as well.

A few leave chart users reported a problem with opening the leave spreadsheet, the Excel chart was opening up for them in protected mode and they were not able to enter data. If your spreadsheet opens in protected view click the “enable editing” button in the yellow bar at the top of the form. However, if you don’t see the enable editing button you may have an older version of Excel or your IT department may have to allow the form to pass without restrictions.

A Microsoft Office consulting firm advised us that If the spreadsheet only opens in the protected view status security settings on your agency’s LAN and network will have to be made by your IT staff to allow the form to function. Some agencies increase their security settings to lock out certain documents based on the parameters the IT specialist selects. We do include several hyperlinks in our spreadsheet to link users to additional supporting information such as our sick leave conversion chart and that may be the cause. If you have this problem when opening the form I suggest talking with your IT people to have them allow the form to pass without restrictions.

Request a  Federal Retirement Report™  today to review your projected annuity payments, income verses expenses, FEGLI, and TSP projections.

Helpful Retirement Planning Tools / Resources

Distribute these FREE tools to others that are planning their retirement

Disclaimer: Opinions expressed herein by the author are not an investment or benefit recommendation and are not meant to be relied upon in investment or benefit decisions. The author is not acting in an investment, tax, legal, benefit, or any other advisory capacity. This is not an investment or benefit research report. The author’s opinions expressed herein address only select aspects of various federal benefits and potential investment in securities of the TSP and companies mentioned and cannot be a substitute for comprehensive investment analysis. Any analysis presented herein is illustrative in nature, limited in scope, based on an incomplete set of information, and has limitations to its accuracy. The author recommends that retirees, potential and existing investors conduct thorough investment and benefit research of their own, including detailed review of OPM guidance for benefit issues and for investments the companies’ SEC filings, and consult a qualified investment adviser. The information upon which this material is based was obtained from sources believed to be reliable, but has not been independently verified. Therefore, the author cannot guarantee its accuracy. Any opinions or estimates constitute the author’s best judgment as of the date of publication, and are subject to change without notice. The author explicitly disclaims any liability that may arise from the use of this material.

 

Posted in ANNUITIES / ELIGIBILITY, BENEFITS / INSURANCE, FINANCE / TIP, RETIREMENT CONCERNS

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Blue Cross Focus to GEHA Standard Plan Comparison

Posted on Friday, 26th October 2018 by

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Blue Cross Blue Shield (BCBS) is offering a new lower cost fee-for-Service Focus Plan in 2019. This article compares the BCBS Focus plan to the GEHA Standard plan. Many federal annuitants opt for a lower cost Federal Employee’s Health Benefit (FEHB) plan once they sign up for Medicare. The majority of FEHB plans waive many of the copayments, coinsurance, and deductibles for those who have Medicare as their primary provider.

Monthly 2019 Premium Rates

 

 

 

 

Plan Coverage

According to the FEP BLUE guide, “There’s a lot that FEP Blue Focus covers, but there are some things it doesn’t cover. These include: routine dental services, Non-preferred drugs, skilled nursing facility care, hearing aids and long-term care. To see a complete list of exclusions, download the FEP Blue Focus brochure.” You must stay in-network. However, according to BCBS, 96% of hospitals, 95% of doctors and over 65,000 Preferred retail pharmacies are in their network. Plus, there’s no referral needed to see a specialist, and your coverage travels with you overseas.

GEHA provides reimbursement for both preferred and non-preferred providers and their Standard Plan covers dental services. They also pay for hearing aids, up to $2,500 every three years. Download the GEHA 2019 Plan Brochure for your personal  review.

Plan Highlights

  • Provider Coverage – GEHA Standard Plan covers Preferred Provider Organization (PPO) and non-PPO providers. BCBS limits coverage to PPOs.
  • Doctor Visits – $15 GEHA copay for office visit (non-PPO 35%), BCBS Focus members pay nothing for preventative visits with preferred providers, $10 copayments for the first 10 visits for professional doctor’s visits, after the 10th visit 30% of the plan allowance and a deductible applies. No coverage for non-PPOs.
  • Hospital Inpatient – GEHA PPO services require payment of 15% for covered services and 35% non-PPO. BCBS Focus requires 30% payment for PPO services, no reimbursement for non-preferred.
  • Outpatient Services requires payment of 15% for covered hospital services and 35% for non-PPO under the GEHA plan and BCBS Focus requires a 30% payment of the plan allowance (deductible applies). No coverage for non-preferred services.
  • Accidental Injury – With GEHA Standard you pay nothing up to the plan allowances of covered charges within 72 hours of an accident. BCBS Focus specifies nothing for Preferred outpatient hospital and physician services within 72 hours (regular benefits apply thereafter.) There are payments required under the Focus plan for non-participating providers of the difference between the plan allowance and billed amount for outpatient hospital and physician services within 72 hours.
  • Hearing aids – covered up to $2,500 every 3 years with GEHA, no coverage under the BCBS Focus plan.
  • Dental Services – GEHA covers 50% up to the Plan allowance for diagnostic and preventive services per year as follows: Two examinations per person per year, two prophylaxis (cleanings) per person per year, two fluoride treatments per person per year and $150 in allowed X-ray charges per person per year (payable at 50%). BCBS Focus limits coverage to treatment of an accidental dental injury within 72 hours (regular benefits apply thereafter). Note: When you are covered by more than one vision/dental plan, coverage provided under your FEHB plan remains as your primary coverage. FEDVIP coverage pays secondary to that coverage
  • Both plans provide comprehensive prescription drug programs. GEHA Standard includes a mail order program, BCBS Focus does not. Review each plan’s brochure for specifics. For example, under the GEHA Standard plan members pay the lessor of $10 or the pharmacy’s usual and customary cost for generic drugs. BCBS Focus charges a $5 copayment up to a 30-day supply from their preferred retail pharmacy. There are different payment schedules for non-network pharmacies.
  • Catastrophic Cost Protection – Under the GEHA Plan you pay nothing after $6,500 Self Only ($13,000 Self Plus One or Self and Family) per year for PPO providers. The limits increase for non-PPO providers to $8,500 Self Only ($17,000 Self Plus One or Self and Family) per year for Non-PPO providers. BCBS Focus has similar limits for PPO providers and there is no catastrophic protection for services provided by non-PPO providers except under certain situations as outlined in their brochure on page 18.

FEHP Cost Savings After Signing up For Medicare

When Original Medicare is the primary payor, Medicare processes your claim first. In most cases, your claim will be coordinated automatically and your FEHB plan will then provide secondary benefits for covered charges.

For members enrolled in the GEHA High and Standard Options, GEHA waives some costs if the Original Medicare Plan is your primary payor – They will waive some out-of-pocket costs as follows:

  • Inpatient hospital benefits: If you are enrolled in Medicare Part A, they waive the deductible and coinsurance. When you are enrolled in the high option, and you use a PPO facility, they will also waive the inpatient admission copayment.
  • Medical and surgery benefits and mental health/substance use disorder care: If you are enrolled in Medicare Part B, they waive the deductible and coinsurance.
  • Office visits PPO providers and MinuteClinic (where available): If you are enrolled in Medicare Part B, they waive the copayments for PPO office visits.
  • Prescription drugs: If you have Medicare Parts A and B, you will pay a copayment or coinsurance for drugs through CVS Caremark and at retail pharmacies. Review costs on page 85 of their plan brochure.
  • Manipulative Therapy benefits: There is no change in benefit limits or maximums for manipulative therapy care when Medicare is primary.
  • Physical, speech and occupational therapy benefits: There is no change in benefit limits or maximums for therapy when Medicare is primary.
  • GEHA does NOT waive the $300 (High Option) or $500 (Standard Option) copayment for specialty pharmacy medications not dispensed by the CVS Specialty Pharmacy. If Medicare denies coverage, they do not waive the coinsurance.
  • If you obtain services from a non-Medicare provider, they will limit their payment to the coinsurance amount they would have paid after Original Medicare’s payment based on their Plan allowance and the type of service you receive.

(Download the GEHA Payment Schedule for Medicare participants. )

For members enrolled in the BCBS Focus option, BCBS waives some costs if the Original Medicare Plan is your primary payor – They will waive some out-of-pocket costs as follows:

When Medicare Part A is primary –

  • They will waive their calendar year deductible and coinsurance
  • Once you have exhausted your Medicare Part A benefits, you must then pay the coinsurance once the calendar year deductible has been satisfied for the inpatient admission. Note: Precertification is required.

When Medicare Part B is primary –

  • They will waive their calendar year deductible, coinsurance and copayments for inpatient and outpatient services and supplies provided by physicians and other covered healthcare professional and outpatient facility services.

Note:  BCBS does not waive benefit limitations, such as the 10-visit limit for home skilled nursing visits. In addition, they do not waive any coinsurance or copayments for prescription drugs.

You can find more information about how the BCBS Plan coordinates benefits with Medicare in their highly informative Medicare and You Guide for Federal Employees.

For specifics and clarifications download the plan brochures. If you have questions after reviewing the plan brochures call the provider for clarifications and additional guidance.

  • GEHA (1-800-821-6136)
  • BCBS (1-800-411-2583

General Observations

There is much to consider when changing plans to avoid coverage issues and to reduce your costs down the road. Take your time and review the various programs available to you by all providers in your area. I limited this article to a comparison between two popular low-cost options that many enrolled in the traditional Medicare Parts A and B program might find worthwhile exploring. I’ve been enrolled in the GEHA Standard plan for a number of years starting before enrolling in Medicare at age 65. Prior to that my wife and I were enrolled in the BCBS Basic plan. Both served our needs.

Since enrolling in Medicare, we haven’t paid any copayments, coinsurance or deductibles even though my wife and I had multiple operations and last year I ended up in the emergency room.

Medicare Part B does require a monthly payment and it is income adjusted. However, you can often offset the additional costs by changing to a lower cost FEHB plan. Also, some FEHB plans will actually reimburse you for some of your Part B Premiums. For example, BCBS Basic Option members can get a $600 reimbursement for paying Medicare Part B premiums.

Open season runs from November 12, 2018 through December 10, 2018 and plan brochures are now available from most providers. OPM will have all plan brochures available online November 7th or you can sign up to access them via the OPM FEHB Online portal.

Request a  Federal Retirement Report™  today to review your projected annuity payments, income verses expenses, FEGLI, and TSP projections.

Additional Resources:

Helpful Retirement Planning Tools 

Distribute these FREE tools to others that are planning their retirement

Disclaimer: Opinions expressed herein by the author are not an investment or benefit recommendation and are not meant to be relied upon in investment or benefit decisions. The author is not acting in an investment, tax, legal, benefit, or any other advisory capacity. This is not an investment or benefit research report. The author’s opinions expressed herein address only select aspects of various federal benefits and potential investment in securities of the TSP and companies mentioned and cannot be a substitute for comprehensive investment analysis. Any analysis presented herein is illustrative in nature, limited in scope, based on an incomplete set of information, and has limitations to its accuracy. The author recommends that retirees, potential and existing investors conduct thorough investment and benefit research of their own, including detailed review of OPM guidance for benefit issues and for investments the companies’ SEC filings, and consult a qualified investment adviser. The information upon which this material is based was obtained from sources believed to be reliable, but has not been independently verified. Therefore, the author cannot guarantee its accuracy. Any opinions or estimates constitute the author’s best judgment as of the date of publication, and are subject to change without notice. The author explicitly disclaims any liability that may arise from the use of this material.

Posted in BENEFITS / INSURANCE, FINANCE / TIP, RETIREMENT CONCERNS, SOCIAL SECURITY / MEDICARE, SURVIVOR INFORMATION, WELLNESS / HEALTH

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2019 Medicare Part B Premiums

Posted on Friday, 19th October 2018 by

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Medicare recently announced the standard Part B premium amount of $135.50 for 2019. Most people will pay the standard Part B monthly premium. If your modified adjusted gross income as reported on your IRS tax return from 2 years ago is above a certain amount, you’ll pay the standard premium and an Income Related Monthly Adjustment Amount (IRMAA).  This extra charge is added to your monthly payment. Premiums due to IRMAA range from $189.60 to as high as $460.50 a month for the highest income bracket.

Those who retire and are covered under a working spouse’s health care plan can defer signing up for Medicare Part B without penalty. The cost for part B is determined by your Modified Adjusted Gross Income (MAGI). The modification adds any tax-free income that you earned to your standard adjusted gross income tax that is listed on your IRS 1040 form. For example, if you own tax free municipal bonds, even though bond interest isn’t federally taxed that income is included to determine your MAGI for Part B premium determination.

The premium increases this year were minor, the standard premium increased only $1.50 per month, from $134 to $135.50. The IRMAA increases are listed below:

There are definite advantages for federal retirees to sign up for Medicare Part B. The following list of Medicare articles will help you decide what is best for you and your family.

Request a  Federal Retirement Report™  today to review your projected annuity payments, income verses expenses, FEGLI, and TSP projections.

Additional Resources:

Helpful Retirement Planning Tools 

Distribute these FREE tools to others that are planning their retirement

Disclaimer: Opinions expressed herein by the author are not an investment or benefit recommendation and are not meant to be relied upon in investment or benefit decisions. The author is not acting in an investment, tax, legal, benefit, or any other advisory capacity. This is not an investment or benefit research report. The author’s opinions expressed herein address only select aspects of various federal benefits and potential investment in securities of the TSP and companies mentioned and cannot be a substitute for comprehensive investment analysis. Any analysis presented herein is illustrative in nature, limited in scope, based on an incomplete set of information, and has limitations to its accuracy. The author recommends that retirees, potential and existing investors conduct thorough investment and benefit research of their own, including detailed review of OPM guidance for benefit issues and for investments the companies’ SEC filings, and consult a qualified investment adviser. The information upon which this material is based was obtained from sources believed to be reliable, but has not been independently verified. Therefore, the author cannot guarantee its accuracy. Any opinions or estimates constitute the author’s best judgment as of the date of publication, and are subject to change without notice. The author explicitly disclaims any liability that may arise from the use of this material.

Posted in ANNUITIES / ELIGIBILITY, BENEFITS / INSURANCE, ESTATE PLANNING, FINANCE / TIP, RETIREMENT CONCERNS, SOCIAL SECURITY / MEDICARE, SURVIVOR INFORMATION

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2019 COLA Announced

Posted on Thursday, 11th October 2018 by

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Social Security and Supplemental Security Income (SSI) benefits for more than 67 million Americans will increase 2.8 percent in 2019. CSRS annuitants will receive the full amount, FERS retirees will receive a 2% cost-of-living adjustment (COLA).

The 2.8 percent COLA will begin with benefits payable to more than 62 million Social Security beneficiaries in January 2019. Increased payments to more than 8 million SSI beneficiaries will begin on December 31, 2018. Federal civil servant retirees will receive the new adjustment starting with their January 2019 annuity payment.

The maximum amount of earnings subject to the Social Security tax (taxable maximum) will increase to $132,900. The earnings limit for workers who are younger than “full” retirement age (age 66 for people born in 1943 through 1954) will increase to $17,640. Social Security will deduct $1 from benefits for each $2 earned over $17,640.

The earnings limit for people turning 66 in 2019 will increase to $46,920. Social Security will deduct $1 from benefits for each $3 earned over $46,920 until the month the worker turns age 66.) There is no limit on earnings for workers who are “full” retirement age or older for the entire year.

View the list of COLA’s for CSRS and FERS annuitants going back to 1999.  Since I retired December 31, 2004 my CSRS annuity has increased just under 50% over the past 14 years. COLAs may not make up 100% of what we lose to true inflation but they do keep our heads above water.

Our FEHB 2019 premiums are going up an average of 1.3 percent, which is the lowest increase since the 1996 plan year.  The Federal Employees Health Plan (FEHB) Open Season runs from November 12th to December 10th.  The combination of a higher COLA for 2019 and lower than anticipated increases in our health care costs is good news for all.

Helpful Retirement Planning Tools / Resources

Distribute these FREE tools to others that are planning their retirement

Disclaimer: Opinions expressed herein by the author are not an investment or benefit recommendation and are not meant to be relied upon in investment or benefit decisions. The author is not acting in an investment, tax, legal, benefit, or any other advisory capacity. This is not an investment or benefit research report. The author’s opinions expressed herein address only select aspects of various federal benefits and potential investment in securities of the TSP and companies mentioned and cannot be a substitute for comprehensive investment analysis. Any analysis presented herein is illustrative in nature, limited in scope, based on an incomplete set of information, and has limitations to its accuracy. The author recommends that retirees, potential and existing investors conduct thorough investment and benefit research of their own, including detailed review of OPM guidance for benefit issues and for investments the companies’ SEC filings, and consult a qualified investment adviser. The information upon which this material is based was obtained from sources believed to be reliable, but has not been independently verified. Therefore, the author cannot guarantee its accuracy. Any opinions or estimates constitute the author’s best judgment as of the date of publication, and are subject to change without notice. The author explicitly disclaims any liability that may arise from the use of this material.

Posted in ANNUITIES / ELIGIBILITY, BENEFITS / INSURANCE, FINANCE / TIP, RETIREMENT CONCERNS, SOCIAL SECURITY / MEDICARE, SURVIVOR INFORMATION

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US Census Jobs – Annuitants APPLY NOW

Posted on Wednesday, 10th October 2018 by

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The U.S Census Bureau under the Department of Commerce will be hiring thousands of census workers between now and 2020 to conduct the upcoming census.  Most of the positions are available for anyone to apply. Because the labor market is at full employment, federal employees and annuitants may also apply under certain conditions without impacting their benefits.

The positions available include census taker, recruiting assistant, office clerk, and supervisory staff.  Individuals can apply with one application to be considered for several positions.

U.S. Census Bureau Image

Some federal employees working at agencies that have a dual employment agreement with the Census Bureau can work in 2020 Census positions. Under Title 13, United States Code, Section 23(b), the Census Bureau may hire federal employees upon approval of agency directors, but only for temporary, short-term work on the 2020 Census.

To be considered, you must complete a job application online. Many agencies now have dual employment agreements for 2020 Census positions. The list of agencies signing the dual employment compensation agreement continues to grow.  Check the list of approved agencies if your agency is not currently participating, a link to this list is provided under resources.

  • Note: The approved agencies are listed on the FAQ page under “Other Special Circumstances.”

Federal annuitants (retirees) can also apply according to the local census office. All they have to do is check the dual compensation waiver block during the application process. If you apply under the dual compensation waiver process your annuity should not be impacted.

Currently, the 2020census.gov site does not have the capabilities for federal employees and annuitants to apply using the dual compensation waiver process. Federal employees and annuitants wishing to work with the 2020 Census must apply through the USAJobs.gov site.

The current positions listed on USAJobs are for field manager positions. All of the 2020 Census positions are Time Limited Appointments, initial appointment is not to exceed (NTE) 2 years.  Pay varies from $18 to $35 an hour for office field manager positions and from $12 to $25 an hour for census takers depending on your location, the higher cost of living metropolitan areas pay a higher hourly rate. The census taker positions will be opening soon. These appointments may be extended at management’s discretion. The work schedule for these positions are Mixed Tour. With a Mixed Tour work schedule, an employee may be changed between full-time, part-time and intermittent work schedules to accommodate fluctuating workloads and is subject to a signed agreement.

There will be many additional jobs advertised as we approach the year 2020 when the actual Census begins. Check the two sites listed below under resources weekly for new job announcements in your area. Eventually, federal employees and annuitants may also be able to apply using the 2020census.gov site, check both site’s listings frequently.

All job announcements include a contact phone number and email address listed under “Agency Contact Information” towards the end of the document. If you have any questions about that position and specifically if you can apply under the dual waiver compensation process, call them to discuss your personal situation. They will be able to answer your questions.

Resources:

Request a  Federal Retirement Report™  today to review your projected annuity payments, income verses expenses, FEGLI, and TSP projections.

Helpful Retirement Planning Tools 

Distribute these FREE tools to others that are planning their retirement

Disclaimer: Opinions expressed herein by the author are not an investment or benefit recommendation and are not meant to be relied upon in investment or benefit decisions. The author is not acting in an investment, tax, legal, benefit, or any other advisory capacity. This is not an investment or benefit research report. The author’s opinions expressed herein address only select aspects of various federal benefits and potential investment in securities of the TSP and companies mentioned and cannot be a substitute for comprehensive investment analysis. Any analysis presented herein is illustrative in nature, limited in scope, based on an incomplete set of information, and has limitations to its accuracy. The author recommends that retirees, potential and existing investors conduct thorough investment and benefit research of their own, including detailed review of OPM guidance for benefit issues and for investments the companies’ SEC filings, and consult a qualified investment adviser. The information upon which this material is based was obtained from sources believed to be reliable, but has not been independently verified. Therefore, the author cannot guarantee its accuracy. Any opinions or estimates constitute the author’s best judgment as of the date of publication, and are subject to change without notice. The author explicitly disclaims any liability that may arise from the use of this material.

Posted in BENEFITS / INSURANCE, EMPLOYMENT OPTIONS, FINANCE / TIP, LIFESTYLE / TRAVEL, RETIREMENT CONCERNS, SURVIVOR INFORMATION

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2019 FEHB Premiums Announced + Updates

Posted on Wednesday, 3rd October 2018 by

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The U.S. Office of Personnel Management (OPM) recently announced that the average 2019 total premiums for current non-Postal employees and retirees enrolled in plans under the Federal Employees Health Benefits (FEHB) Program will increase 1.3 percent, the lowest increase since the 1996 plan year.

Under the Federal Employees Dental and Vision Insurance Program (FEDVIP), the overall average premium for dental plans will increase by 1.2 percent, while the overall average premium for vision plans will decrease by 2.8 percent.

The Federal Benefits Open Season begins November 12 and ends December 10, 2018. This is the time to review your plan choices and make changes to your FEHB and FEDVIP coverage for the upcoming benefit year that begins January 1, 2019. Federal employees may also use Open Season to elect to make pre-tax contributions to health care and/or dependent care flexible spending accounts under the Federal Flexible Spending Account Program (FSAFEDS).

Starting this year, all FEHB carriers may offer three plan options of any plan type. Overall, the FEHB Program will offer 265 health plan choices in 2019. The actual number of choices available to any given enrollee will be lower and will vary by geographic location.

Even though OPM will not have plan brochures available for several weeks some of the providers already have information available online for their plans. Blue Cross and Blue Shield FFS is offering a third option this year, their Focus plans. You can compare all of the Blue Cross plans online. The Focus Plans generally have higher out-of-pocket and annual deductibles for members than their other plans. The monthly costs are approximately 30% less expensive than their Basic Plan. For example, if you enrolled in their Self + 1 Basic Plan (113) the monthly costs would be $369.56 compared to just $247.55 for the new FOCUS Self + 1 plan (133).  The premium for their Basic Self + 1 plan monthly premium decreased by $2.76 per month for 2019.

GEHA also has their plan information posted online.  Their Self + 1 Standard Plan (316) monthly premium increased to $273.83, up $17.91 for 2019.

OPM’s Plan Comparison Tool can help enrollees shop for coverage and will contain 2019 plan information beginning the first full week of November.

Changes for 2019 include expanded availability of telehealth services, enhanced chronic condition management, and improved incentives for FEHB enrollees who have enrolled in Medicare Part B. In addition, OPM removed a limit on the amount of premiums that High Deductible Health Plans (HDHPs) could contribute to an enrollee’s tax-advantaged savings account. As a result, more than one-third of HDHPs will make more money available to enrollees for qualified medical expenses.

Starting with this year’s Open Season, OPM is allowing certain TRICARE-eligible members of the uniformed services and their families to enroll in FEDVIP. Uniformed services retirees and their families may enroll in a FEDVIP dental plan. Uniformed services retirees and their families, as well as active duty family members, can enroll in a FEDVIP vision plan if they have also enrolled in a TRICARE health plan. More information is available at TRICARE.BENEFEDS.com.

Request a  Federal Retirement Report™  today to review your projected annuity payments, income verses expenses, FEGLI, and TSP projections.

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Disclaimer: Opinions expressed herein by the author are not an investment or benefit recommendation and are not meant to be relied upon in investment or benefit decisions. The author is not acting in an investment, tax, legal, benefit, or any other advisory capacity. This is not an investment or benefit research report. The author’s opinions expressed herein address only select aspects of various federal benefits and potential investment in securities of the TSP and companies mentioned and cannot be a substitute for comprehensive investment analysis. Any analysis presented herein is illustrative in nature, limited in scope, based on an incomplete set of information, and has limitations to its accuracy. The author recommends that retirees, potential and existing investors conduct thorough investment and benefit research of their own, including detailed review of OPM guidance for benefit issues and for investments the companies’ SEC filings, and consult a qualified investment adviser. The information upon which this material is based was obtained from sources believed to be reliable, but has not been independently verified. Therefore, the author cannot guarantee its accuracy. Any opinions or estimates constitute the author’s best judgment as of the date of publication, and are subject to change without notice. The author explicitly disclaims any liability that may arise from the use of this material.

Posted in BENEFITS / INSURANCE, FINANCE / TIP, RETIREMENT CONCERNS, SURVIVOR INFORMATION

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Retiree Reflections – My 50th Reunion, An All Too Common Story

Posted on Friday, 28th September 2018 by

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I grew up in Wilkinsburg, the Town of Churches. A bustling small town nesseled on the outskirts of Pittsburgh, PA. In my youth Wilkinsburg was a vibrant community and great place to raise children.  We had a Woolworth’s and Murphy’s Five and Dime store, the Rolland Movie Theater, Faller’s Furniture, the Penn-Lincoln Hotel, John’s Laundry where my sister worked, and many restaurants including the Penn-Wood Grill, two Isaly’s Dairy Stores, and specialty shops of every kind.

 

The Rolland Theater is in the background & Penn-Wood Grill to the right.
(Wilkinsburg Historical Society Photo)

In my pre-teens my friends and I would forage for pop bottles to return to the grocery store; 5 cents for the quart bottles and 2 cents for a 12-ounce bottle. A quart bottle was a prized possession. The older kids threw the bottles into thorn bushes just to watch us gingerly pull them out.  I earned a lot of cuts and scrapes in those days.

If I lucked out, I would find enough bottles for the 25 cents admission to Rolland Theater’s Saturday matinee, plus 10 cents for a bag of popcorn. Today, our generation, is accused of polluting the environment, yet we used paper bags at the grocery story, cotton diapers were washed daily, returned pop and milk bottles to the store for the deposit, darned socks, mended clothes, and our soft drinks, straws, and coffee cups were made with paper! We weren’t a throwaway society then; TVs, radios, and appliances were repaired, not thrown in the garbage heap.  What generation is truly environmentally conscious?

My mother was an elevator operator at the Shields Building on the corner of Ross and Wood Street; yes, an elevator operator, one of many lost crafts today. The carriage had a sliding metal mesh screen and ornate brass lever that you manually operated to move up or down. You had to stop it at just the right time or you would have to step up or down to exit.  My mother stopped it, without fail, at exactly the right spot each and every time. If I shut my eyes, I can see my mom at the controls, conversing with building tenants.

 

(Wilkinsburg Historical Society Photo 1966)

My first full time job was with R. Bruce Miller & Associates on the 4th floor of the Shields building. My mother talked Mr. Miller into interviewing me for a drafting position and I started work before I graduated. I stayed with them until I received my draft notice and joined the Airforce. I have many happy memories from those days.

 

First Full Time Job (Dennis V. Damp 1968)

In the 1960’s there wasn’t a vacant store front on Penn Avenue, today not only are store fronts vacant many buildings were torn down years ago.  Me and my friends could walk anywhere back then, and it was a safe environment for kids and adults alike.  We could ride the trolley for 10 cents or take a train to downtown Pittsburgh.  I don’t recall any drive by shootings, home invasions, drug overdoses, or gang warfare back then.

Prior to touring my old high school, I drove through town and discovered the apartments where my mother and I resided were demolished along with many landmarks. The roads that I walked to school on were littered with abandoned boarded up buildings, and in some places the weeds towered over the yards extending to the street, crowding out the sidewalks. I vividly recall walking those routes every day for years.

 

Wilkinsburg High School (Dennis Damp 9/15/2018)

The 4-story high school was built in 1911 and the exterior is striking to say the least. The many steps made it a challenge for some to navigate, including myself. The 12-foot-high ceilings, long dark hallways, brown tile floors, and wood trim seemed surreal and in stark contrast to schools today. You could see the many building modifications made over the years to modernize, including open cable raceways hung high towards the hallway ceilings to route automation cables and power to classrooms.

 

Hallway With Raceway Modification (Dennis Damp 9/15/2018)

In my youth I remember walking these corridors which included the boy’s gymnasium, swimming pool, personal interactions with friends, and several exceptional teachers including Mr. Sheffler. My graduating class had over 300, while the last class to graduate numbered 25! The rumor is that the school will be torn down soon and the high school students in town are now bussed miles away to another municipality.

 

Glass and Tile school flooring. (Dennis Damp 9/15/2018)
(You can see through the glass from the lower floor!)

The school is a metaphor for the community. The beautifully ornate iron stair railings are painted over many times, including the wood handrails that when you grab them they grab you back!  I visited one of the rest rooms and it hadn’t changed since my school days; same fixtures, stalls, etc. Everywhere you looked I saw shadows of the past. Once a proud and venerable institution now relegated to the wrecking ball.

 

School Stairwell (Dennis Damp 9/15/2018)

High school was full of cherished memories, good friends, and enjoyable school activities for most. My high school days were just a little different. I was there half a day, attending trade school for civil construction technology in the mornings throughout my junior and senior year. A training option they should use more of today.

I had little time to socialize or participate in school activities. Fortunately, I found a job at age 15 with Isaly’s on Penn Avenue. When I wasn’t working I was courting Mary, my wife of 49 years this November. Yet, I had friends like John, Chuck, Ernie, Clerence, Georgian, Joeanne, Judy, Barbara, and many others. I worked with Georgian’s mother at Isalys. Georgian and her sister visited the store often and we all would joke around during their visit. Life was busy but good.

You can see why people attend their high school reunions. We reestablish old friendships, share what has transpired in each other’s lives, and compare life then and now. You also learn about those who couldn’t attend, and ponder where others ended up.

Unfortunately, many small towns have suffered the same consequence. The NAFTA agreement shut down most of this country’s manufacturing, leading to abandoned buildings and blight. My mother worked at an envelope factory in town that has long since closed its doors. The workers were laid off without any golden parachutes. After that, mom went to work at the diaper laundry only to be laid off when disposable diapers became the rage. Global markets with their low wage rates put many others out of work and residents had to flee to the suburbs and other locations leaving only the shell of a city behind. Our textile mills, furniture manufacturers, steel and most others were literally sent packing.

When you buy an old house, people often say that it has good bones and has the potential to be restored to its former self. Hopefully, this will happen to our small towns. I still see potential in Wilkinsburg. There is new a housing development on South Trenton were I once lived. We rented an attic apartment on South Trenton with no central heat in the 1960s. It had a gas heater in the living room, if you could call it that. The building was demolished to make way for this development.

 

The Yingling Mansion (Erin McClain Studio)

The 28-room 112-year-old Yingling Mansion on Wood Street was transformed into a showplace for local designers in 2018. The Wilkinsburg Central Development Corporation has developed extensive plans to rejuvenate the town.  I can only pray their plans bear fruit. It’s a daunting task and I wish the best for my home town.

Request a  Federal Retirement Report™  today to review your projected annuity payments, income verses expenses, FEGLI, and TSP projections.

Helpful Retirement Planning Tools / Resources

Distribute these FREE tools to others that are planning their retirement

Disclaimer: Opinions expressed herein by the author are not an investment or benefit recommendation and are not meant to be relied upon in investment or benefit decisions. The author is not acting in an investment, tax, legal, benefit, or any other advisory capacity. This is not an investment or benefit research report. The author’s opinions expressed herein address only select aspects of various federal benefits and potential investment in securities of the TSP and companies mentioned and cannot be a substitute for comprehensive investment analysis. Any analysis presented herein is illustrative in nature, limited in scope, based on an incomplete set of information, and has limitations to its accuracy. The author recommends that retirees, potential and existing investors conduct thorough investment and benefit research of their own, including detailed review of OPM guidance for benefit issues and for investments the companies’ SEC filings, and consult a qualified investment adviser. The information upon which this material is based was obtained from sources believed to be reliable, but has not been independently verified. Therefore, the author cannot guarantee its accuracy. Any opinions or estimates constitute the author’s best judgment as of the date of publication, and are subject to change without notice. The author explicitly disclaims any liability that may arise from the use of this material.

Posted in LIFESTYLE / TRAVEL, Travel

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