Federal Open Season and Year End Decisions

As the 2022 year ends, Federal Employees and Retirees need to consider many decisions about their benefits, taxes and their Thrift Savings Plan. Open Season is the time to review your health insurance pertaining to the benefits that may be needed in the coming year such a new baby or required surgery. It may be necessary to change your policy in order to save money especially if your premium is going up next year. Here are seven thoughts that should be considered during open season and before 2022 ends.

1. FEHB decisions include, health, dental and vision plans. Saving on premiums with a lesser expensive plan or reducing from a family plan to self plus one plan.

2. TSP contributions for the following year. The maximum allowed by the IRS has increased for 2023 to 22,500 and for those over 50 years of age to 30,000. Click HERE to read more.