Understanding and Exploring Your Open Season Options
Understanding and Exploring Your Open Season Options
Federal benefits open season is from November 14 – December 12, 2022.
“Tens of thousands of enrollees are potentially leaving valuable savings on the table by not taking advantage of Open Season to review their health care coverage and ensure they are receiving the most out of their benefits for themselves and their family,” OPM Director Kiran Ahuja stated in October ahead of the open season kickoff. “Ask yourself – how have my or my family needs changed this past year, and then utilize the Open Season enrollment period to conduct a wellness or financial check-up to make an informed decision that gets you the best care.”
This week on FEDtalk’s annual Open Season Special, host Jason Briefel is joined by insurance experts Tony Zerante, Chief Strategy Officer at WAEPA, and Jay Fritz, Chief of Program Analysis and Systems Support in OPM’s Federal Employees Insurance Operations Division to demystify the benefits plan selection process. We will cover what’s new this year, why employees should re-evaluate a range of coverage options, and what federal and private plans have to offer.
Both OPM’s Fritz and WAEPA’s Zerante reiterated the call from Director Ahuja for employees to closely consider their plans and coverage this season, given the volatile state of the economy and with rising inflation.
Fritz reminded listeners that while plan selections for the Federal Employees Health Benefits (FEHB) Program and the Federal Employees Dental and Vision Insurance Program (FEDVIP) roll over each year if no action is taken, but employees must make positive selections for their Federal Flexible Spending Account Program (FSAFEDS) benefits.
Over 475,000 feds currently participate in FSAFEDS. FSAFEDS now has a maximum health care contribution per participant of $3,050 with up to $610 in funds able to roll over from year to year; up to $5,000 can be put aside pre-tax for dependent care coverage.
Current employees searching for options for dental and vision coverage (FEDVIP) should visit the www.BENEFEDS.com website to search plans and options. CSRS and FERS Annuitants or their survivors should access Open Season Online, an interactive website, at https://retireefehb.opm.gov or call Open Season Express at 1-800-332-9798.
WAEPA’s Zerante offered broader financial guidance for employees considering their coverage options, noting that coverage areas such as life insurance can be viewed as part of a broader financial wellness plan and aid in guarding your family against an uncertain future.
In addition to WAEPA’s headline life insurance product, which is designed as a supplement to OPM’s FEGLI, Zerante mentioned other WAEPA benefits that can be explored during open season, which include short term disability policies and to financial planning services.
You can stream the show online anytime via the Federal News Network app and listen to the FEDtalk on all major podcasting platforms. FEDtalk is a live talk show produced by Shaw Bransford & Roth P.C., a federal employment law firm. Bringing you the insider’s perspective from leaders in the federal community since 1993.
FEDtalk is sponsored by Blue Cross Blue Shield FEP Dental. Members get fully-covered, in-network preventive care, including up to three covered cleanings a year, plus no deductibles for in-network services, like fillings and root canals. Visit bcbsfepdental.com to learn more.
