When this year’s FEHB Open Season kicks off (November 13, 2023 through December 11, 2023), the vast majority of federal employees will not make any changes to their healthcare coverage. In fact, according to the Office of Personnel Management (OPM), only 5% of federal employees take advantage of the opportunity to switch plans during Open Season.
When you take the time to look at the latest FEHB and FEDVIP plans for 2024, you may find that switching plans can save you money. If you don’t make any changes, you’ll remain in the same plan until the next Open Season in late 2024.
For Couples: Self Plus One Or Self And Family
If you’re looking for a plan for a couple, Self Plus One is generally less expensive than Self and Family. However, if you take the time to compare plan brochures, you may find a number of FEHB Self and Family plans with lower premiums that make sense for a couple.
Look At All The FEHB Plans Available With Each Carrier
Remember that different insurance carriers have multiple FEHB plan options. If you’re highly satisfied with the service of particular carrier, look at all of the FEHB options they offer in your geographic area. You may find a more economical plan for your needs while still enjoying the same customer service.
“Depending on the carrier, typical wellness benefits include programs for smoking cessation, weight loss, stress management and more.”
If You Need A Tie-Breaker, Check Each Plan’s Wellness Benefits
If you get your short list of FEHB plans down to two choices and you’re finding it hard to decide, look at each plan’s wellness benefits. Depending on the carrier, typical wellness benefits include programs for smoking cessation, weight loss, stress management and more.
What Need To Know About High-Deductible Health Plans (HDHPs)
A High Deductible Health Plan (HDHP) is the least expensive healthcare coverage under FEHB because it combines a Health Savings Account (HSA) with traditional medical coverage. HDHPs have higher annual deductibles and out-of-pocket maximum limits than other types of FEHB plans. Depending on your medical needs, an HDHP may offer a better value for you.
Other Reasons To Change Plans During Open Season
Open Season is also the time to choose another plan if your current plan:
- Leaves the FEHB Program entirely.
- Reduces its service area and eliminates its enrollment code.
- Reduces its service area and keeps its enrollment code.
- Drops a coverage option.
If your enrollment is affected, you should receive a letter providing instructions on what you need to do. For complete information, click this opm.gov link.
