Today marks the first day of Open Season which runs through December 9, 2024. During this time you can evaluate your insurance coverage to ensure it’s the best option for your family. You can also compare plans to determine whether you could be saving money on premiums or out-of-pocket costs.
Why Open Season Is Important
According to the OPM, most FEHB plans will experience rate and benefits changes for the upcoming year. Some plans may also be leaving the program, changing their service area, or revising coverage options. Also, with the USPS transitioning to the new PSHB program, it is essential that postal employees and annuitants make elections during Open Season.
More Than Just Health Insurance
Open Season allows you to make changes to more than just your health coverage. You can choose to enroll in dental and/ or vision coverage to prevent having to pay out-of-pocket for these expenses. If you are already enrolled in FEDVIP and wish to discontinue your coverage, this is your opportunity. If you miss the window, you’ll have to wait until the next Open Season or experience a qualifying life event in order to make changes.
“You can also compare plans to determine whether you could be saving money on premiums or out-of-pocket costs.”
Consider An FSA
A flexible spending account is funded with pre-tax contributions from your salary. The money can be used to pay for expenses not covered by your health provider. Several items are eligible for payment using FSA funds – including over-the-counter medicines, eyeglasses, and feminine hygiene products.
Do Your Research
From plan brochures to comparison tools, the OPM offers several ways for you to do your research before you select your coverage. Take the time to evaluate your current plan, identify any life changes that may require an adjustment to your coverage, and weigh the benefits and costs. Keep in mind that some Self Plus One plans may have higher premiums than Self Plus Family plans.
Why You Should Participate
If you do nothing during Open Season, your current coverage will continue, unless your plan is no longer available, but you may be surprised by increased premiums or coverage changes. If you are already enrolled in an FSA, it will not automatically continue. You must reenroll or you will lose out until the next Open Season rolls around.
If you need additional information regarding benefits, use the contact information provided by your agency to connect with your human resources office or shared service center.
