Federal Health Benefits Open Season – Everything You Need to Know
In 2016, the Federal Employee Health Benefits (FEHB) Program will be undergoing changes to some of its options. We’re here to break down these changes and explain what they actually mean and how they may affect your life.
Open Season
Who it affects?
Federal Employees and Eligible Annuitants
What is it?
Open Season is the time period in which anyone can make a change to your FEHB plan, the Federal Employee Dental and Vision Insurance Program (FEDVIP), and the Flexible Spending Account Program (FSAFEDS). This is a very important time because you can normally only make a change after a Qualifying Life Event, such as having a child or getting married. Take advantage of this freedom and make sure you use this time to evaluate the best health care plan for you and your family.
When is it?
Open Season is from November 9th – December 14th, 2015. However, the changes you make will not be effective until January 1st, 2016.
Self Plus One Enrollment for FEHB
Who it affects?
Mainly those who only wish to cover themselves and one family member. Indirectly affects everyone, as plan premiums will mostly change across the board do to the new option.
What is it?
A new enrollment option that allows coverage for yourself plus one eligible family member. Starting in 2016, all FEHB plans will have enrollment options of Self Only, Self Plus One, or Self and Family.
How much will it cost?
Premiums have not been released yet; they should be released in the first few weeks of October. However, the Office of Personal Management (OPM) released an estimate that Self Plus One would cost an average of 6 percent less than Self and Family currently costs. In turn, Self and Family premiums are estimated to rise 7 percent. Keep in mind, these numbers are not official. Increasing premiums in combination with a pay increase of only about 1.3% for federal employees and the likelihood of no pay raise for federal retirees could put a financial strain on many individuals.
Why does this matter?
Before now, families with one covered family member paid the same premium as a family with 10 covered family members. This gives small families the option to just pay for the coverage that they need.
Who is an eligible family member?
An eligible family member is a spouse or a child up to age 26. A child who is age 26 or older may also be covered if they are incapable of self-support due to a mental or physical disability that existed before the child turned 26.
Open Season is an important time for everyone, whether or not you expect to make a change to your FEHB plan. At the very least, once the 2016 plan documents are available, everyone should review the 2016 rates, 2016 changes, and summary of benefits. Page numbers for these three items are listed on the first page of the brochure. Sometimes the best decision is to stay where you’re at, but make sure that is an informed decision. Open Season only happens once a year so it is imperative that you make the most of it.
If you would like to bring our one hour workshop: “FEHB, Choosing the Best Federal Health Plan for You and Your Family” to your agency, please contact us immediately. Open Season is rapidly approaching and so is our deadline for scheduling this informative workshop!
For more information call us at 855-531-7252 or email us: Karen@fedsavvy.com
