open season
FEDERAL EMPLOYEES – ARE YOU READY FOR OPEN SEASON
There are two Open Seasons going on almost simultaneously – Medicare and Federal Employees Health Benefits. Don’t get refused – Medicare Open Season runs from October 15 – December 7, 2015. Federal Health Benefits Open Season run from November 9 – December 14, 2015. Many Federal employees will participate in both Open Seasons. They will need to know what their plans offer and what they are looking for to satisfy their health care needs.
While a Federal employee is still working the FEHB plan will generally be their primary coverage until they retire. If there is spousal coverage on a job, then the spousal plan will generally be the primary until both spouses are retired. In essence, Medicare generally becomes the primary after retirement. If you miss applying for Medicare at the first opportunity for eligibility and you are not still employed you might suffer a 10 percent penalty when you do apply.
There are many types of Medicare plans available. However, many Federal employees will automatically be enrolled in Medicare if they were Federal employees in 1983. All other applicants will generally have to apply for Medicare. Medicare Part A is available at no cost if you or your spouse have worked under a Medicare covered employment. If you don’t qualify for what is termed ‘Free Medicare – Part A’ you can still contact Medicare to see what the cost might be to you and how to apply.
Medicare Part B carries a premium and the premium varies based on income with an adjustment being made to the premium annually. It is recommended to Federal employees when enrolling in Medicare to keep their Federal Employees Health Benefits (FEHB) plans because the coverage, including prescription drug coverage, is basically equal to or better than any other coverage available. If you suspend your FEHB to enroll in a Medicare Advantage Plan (Part C), you can always go back and pick up your FEHB. Whether you are participating in Medicare Open Season or Open Season for Federal health plans, be sure to review your plans and examine what your plan covers and what it does not. Chances are if you are covered under a FEHB plan you are satisfied with, there might be little reason for you to make any changes. Know what coverage your plan offers and know what your health priorities are and make a decision that best fits the needs of you and your family.
P. S. Always Remember to Share What You Know.
Dianna Tafazoli
TIS THE SEASON TO START MAKING WISE CHOICES
Calling all Federal workers – bells are ringing for Open Season.
Each year Federal workers have the opportunity to review their health care plan to determine if they are satisfied with the plan they have or if they need to make changes. There may be many reasons for making a change – marriage, the birth of a child, adoption, the death of a qualifying family member or because health care needs may change calling for a different health plan. Whatever the reason workers should be ready to carefully evaluate what plan will best answer their needs and those of their family members.
In the case where both spouses work for the Federal Government, it might be worth the effort to assess the cost of plans carried individually as opposed to Self and Family when there are only two people involved. Looking at Self Only and Self Plus One is worth a careful analysis. The same kind of evaluation is needed when there is an enrollee and a child. In these instances, the higher cost of Self and Family can be replaced with the Self Plus One option.
Whatever the choice, Open Season begins November 9, 2015 and runs through December 14, 2015, giving Federal workers all the time needed to review their current plan and the associated costs against competing plans that may or may not be suited for their health care needs.
P. S. Always Remember to Share What You Know.
Dianna Tafazoli
Why Wait For FEGLI Open Season?
First Published on CompareFEGLI.com
Why Wait For FEGLI Open Season?
Federal employees often realize after the fact that the 
Federal Employees Group Life Insurance (FEGLI) coverage they opted for as new federal employees was insufficient, and they now need to enhance coverage.
A popular misconception in this regard is that you either have to be a new federal employee or wait for the next FEGLI Open Season to make changes to the FEGLI options you signed up for.
In case you aren’t aware of what it is, the FEGLI Open Season is a rare bird that has only made itself available twice in recent years – in 1999 and 2004. All told, there have only been nine FEGLI Open Season events held since 1954.
During a FEGLI Open Season, federal and USPS employees are able to…. READ More….
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Converting FEGLI to Individual Life Insurance After Separation From Federal Service
Will Insurance Premiums Rise For Federal Employees?
Health Insurance Premiums and Federal Employees
There has been plenty of talk about health insurance premiums being on the rise with more of the financial responsibility being placed on the employee. The premiums on health insurance for Federal and Postal employees will slightly increase but with no real impact on the average employee because of the size of the Federal workforce. Some other employees outside of the Federal government might not fair as well. Much depends on the size of the organization and the strength of the company’s revenue stream.
Many Federal employees have spouses who work in jobs outside of the Federal service and have chosen to use the non-Federal benefits to cover health care costs for their families. As Open Season approaches, it is good time to evaluate the Federal health care benefits (FEHB) available to you and your family. If you are in the position of deciding between Federal benefits and non-Federal benefits just line up the offerings side-by-side and carefully assess what is offered for each and what your family is more likely to need.
Except for what is termed -Golden Handcuff- benefits, it will be hard to find benefits that out rival those offered by the Federal government because of shear numbers. Federal benefits cover over 10 million active and retired employees and their families. Therefore, before waiving your rights to Federal health benefits coverage make sure you are sitting down with your family and your benefits specialist to make certain you are not making a decision that will cause anxiety in the future.
Another thing to remember, don’t be embarrassed by asking a benefits specialist or some other professional with an in-depth knowledge of benefits to help you sort out your situation. I think it would be too presumptuous to say that no other benefits package can compare to what is offered to Federal employees. However, it is relatively safe to say that it will be hard to find a benefits package more comprehensive than what is offered to Federal employees at a highly affordable cost.
P. S. Always Remember to Share What You Know.
Open Season Articles
Time To Gear Up For Open Season
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Open Season and Other Benefits
Enrollment For Federal Employee Benefits
The Thrift Savings Plan (TSP) no longer has an Open Season. Employees may start, stop or change their TSP contributions or participation in the TSP at any time.
The Fe
deral Long Term Care Insurance Program (FLTCIP) also does not conduct an annual Open Season. Employees can apply anytime for FLTCIP. There is a full-underwriting whenever you make the decision to participate in FLTCIP. Remember, the cost of long-term care insurance rises with age. The best time to enroll in a plan is prior to turning 50.
The Federal Employees Group Life Insurance (FEGLI) also does not have an Open Season. I can only remember two Open Seasons conducted by FEGLI (MetLife). However, employees may make changes in FEGLI at any time. Coverage can be decreased or waived by completing SF-2817 and forwarding it to your agency Benefits Office.
P. S. Always Remember to Share What You Know.
Open Season Articles
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What Federal Employees Need Prior to Open Season
What Federal Employees Need Prior To Open Season
Open Season Requirements
Open Season can be a very tense time for federal employees because of the many decisions to be made. Circumstances and conditions in families change and employees need to be ready to address those changes. Having information available prior to the beginning of the Open Season assists employees with making critical decisions. Personnel charged with facilitating the Open Season and who work with Federal Benefits are responsible for providing the employees within their agency with certain materials both in hard copy and on the agency’s internal mechanism for agency-wide communication.
It is recommended that a Check List be provided so that employees will have the benefit of checking off what they need in order to get prepared for the changes that might take place for them individually in Open Season.
A list of resources is also recommended to be available for employees and the specific benefits they are interested in or are seeking relevant and additional information.
An easy to understand explanation of how the benefits offered to Federal employees work in tandem to cover the entire health care needs of employees and their families – FEHB, FEDVIP and FSAFEDS is also recommended.
It is very important that employees take advantage of this pre-preparation time and talk to the benefits office to make certain they have all the information needed to make critical and sound decisions about their health care needs. Making changes involving health care needs are simplest during Open Season. However, if an employee needs to make changes after the Open Season period ends, there are circumstances by which this can happen so classified as a Life Event.
Work with your Benefits Office so that you understand what your options are for you and your family. Write down a list of questions and check them against your Open Season Checklist to make certain you are ready to protect the most important asset you and your family will ever own – Your Good Health.
P. S. Always Remember to Share What You Know.
Open Season Articles
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Benefits Specialists / Programs
What Specialists Are Available To Help Federal Employees With Benefit Selections
Individuals charged with overseeing benefits and helping to organize benefits and health-care fairs receive information needed each year from OPM in order to make Open Season happen in their individual agencies. These personnel receive from the Office of Health Care and Insurance:
Guides on Rider Information
Information booklets and materials- how to order the materials and distribute them during Open Season.
Information and directions on how to conduct the Open Season both in general and agency specific.
Significant event information is also distributed to agency personnel tasked with conducting the Open Season and
Information impacting specific plans in FEDVIP and FEHB.
Often times employees not tasked with Open Season responsibilities do not appreciate the tremendous amount of time and preparation that goes into making the Open Season happen. The personnel under the guidance of the Office of Health Care and Insurance must be able to answer a series of questions and inquiries to include contact information about participating carriers.
The Office of Health Care and Insurance provides FastFacts on Federal Benefits and so many other factors relevant to helping Federal employees make wise and cost conscious decisions about what is best for them and their families.
P. S. Always Remember to Share What You Know.
Open Season Related Articles
What You Can Do In Open Season
Open Season is an annual event for Federal employees. During Open Season, employees may do the following:
Enroll in a flexible spending account program (FSAFEDS) which is a health care and/or dependent care account. Participation in the program requires enrollment each year. The program does not continue like FEHB and FEGLI without re-enrollment. The maximum annual election for the Health Care Flexible Spencing Account and the Limited Expense Health Care Flexible Spending Account is $2,500 for 2015.
The maximum annual election for 2015 is $5,000 for a Dependent Care Flexible Spending Account. Also the minimum election for the flexible spending account has changed from $250 to $100 for 2015.
Employees can also enroll, change, of cancel an existing enrollment in their dental and/or vision plans under FEDVIP. The same holds true for the health plans under FEHB. There is no Open Season for life insurance under FEGLI.
P. S. Always Remember to Share What You Know.
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2014 Open Season
2014 Open Season for Federal Employees
Active Federal & Postal employees, retirees and their families should be on the look-out for Open Season which starts Monday, November 10, 2014 and continues through Monday, December 8, 2014. Open Season allows Federal Employees to make changes and add a qualified family member to their plan among other things. It is also a time to speak with your carrier and the FEHB representatives in your agency to ask questions and seek counsel about your benefits plan.
The Open Season covers health benefits (FEHB), dental and vision (FEDVIP), the flexible spending account (FSAFEDS). In order to help the process of choosing a suitable plan for you and your family, OPM has compiled a Summary of Benefits and Coverage (SBC). The SBC allows employees to make comparisons in costs, coverage, deductibles, co-pays, and out of pocket limits. The SBC also outlines for employees what services are available and covered and what services are not available and therefore not covered under a particular plan.
OPM offers the SBC for ease of comparison and a short-hand version of the many plans offered to Federal employees. However, in order to get a more detailed understanding of the plans and what they offer, it is always recommended that employees review and evaluate the plan brochure of the provider they are interested in.
There will most likely be a number of health fairs employees can attend in order to gain additional information. Also don’t forget about the use of the website to see what your plan covers. All FEHB plans are on OPM’s website for the convenience of all Federal employees, active and retired.
P. S. Always Remember to Share What You Know.
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How Are My Benefits Handled If I Transfer Systems
TransFERS
Federal employees under the old civil service system – CSRS and the interim plan CSRS Offset had the option during two open seasons (1987 and 1998) to transfer to the new retirement system – FERS. Another condition was also possible to make the transfer – reemployment. If you were rehired under CSRS or CSRS Offset within 6 you could transfer to FERS; however, making the election would involve doing some administrative housekeeping where the following rules would apply:
Federal Employees: Rules for Transferring to FERS
-All survivor and disability benefits would be paid under the rules governing FERS.
-When you enroll in FERS you will have Social Security coverage.
-The combined service credits for both CSRS and FERS will count towards the years needed to qualify for retirement, disability, survivor benefits and the Thrift Savings Plan benefits under the Federal Employees Retirement System.
-The credit you earned in CSRS will be effectively frozen. Your combined CSRS and FERS annuity will still be based on the average of the highest three consecutive years of earnings.
-Now that you are covered under FERS you will receive Government contributions to your TSP account.
-A full Civil Service Retirement System (CSRS) COLA will be received on the CSRS’s portion of your annuity.
-Unused sick leave is credited under CSRS rules based on the accrued amount of sick leave at the date of transfer or at retirement. The lesser number will be used.
-Once you have transferred to FERS from CSRS or CSRS Offset your service will be treated under the FERS plan
In addition, when you transfer to FERS with 5 years or less of non-Offset CSRS service all of your service will be treated under the rules governing FERS.
When you convert from an appointment that is excluded from FERS coverage to an appointment that is covered under FERS you will automatically be covered by the Federal Employees Retirement System. If you are not automatically covered you will have a 6-month window to transfer to the retirement system.
P. S. Always Remember to Share What You Know.
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What Is A TransFERS
TransFERS
There was a FERS open season held back in 1987-88 and 1998, allowing employees with at least five years of Civil Service Retirement System (CSRS) service to voluntarily transfer to FERS during one of the two open seasons. When these individuals, called TransFERS retire, they receive both a CSRS annuity and a FERS annuity. These individuals also are guided by FERS retirement eligibility policies, although they receive a CSRS annuity.
According to a number of federal employees, they did not fully understand the move from CSRS to FERS. Is there an advantage to move from CSRS to FERS? That is a hard question and it is also a highly individual question. The best way to answer the question is to line up the two benefits side-by-side and list what each offers. For instance, is the annuity payment higher for CSRS than FERS? Can you participate in TSP for both systems? What about agency contributions to the TSP? These are just a few questions one could use to evaluate each system.
I have always found it more useful for the questioner to evaluate two things and determine which one is better, rather than me saying what you should and should not do. Often times when I am asked a question and I see that the the person asking the question is really missing the bull’s eye on something that is critically important to their well-being, then I will offer a series of questions and or scenarios to get them to review the situation again.
I find that people appreciate a resolution much better when they can see how they got to the resolution. It is just like solving a problem for a kid and he gets an A on the homework without ever knowing what steps were taken to solve the problem.
P. S. Always Remember to Share What You Know.
Recommended Articles
For Postal Employees – LiteBlue and the TSP
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A Little-Known Opportunity Can Increase Your Retirement Income. by Mark Sprague
FEDVIP: Federal Employee Dental and Vision Insurance Program Updates
FEDVIP Updates
Federal Employees Dental and Vision Insurance Program (FEDVIP) is a wonderful resource to make sure our eyes and teeth and our family’s stay in good health. Benefits that were previously unavailable to same-sex spouses have now been extended to cover them. If you are a legally married same-sex spouse, then your eligible family members are now covered under a Self and Family or a Self Plus One election under FEDVIP.
If you are not currently enrolled or wish to make changes to your enrollment to your FEDVIP, you can do so during Open Season but not prior to that time. Those employees who are currently enrolled in FEDVIP may also make changes during Open Season.
When in doubt about any policy changes regarding your FEDVIP benefits call the Benefits Division of your Human Resources Office. Postal Employees can call BENEFEDS directly at 877-888-3337; TTY 877-889-5680 to make enrollment changes.
It is your organization’s responsibility to apprise you of changes in your FEDVIP benefits that impact you and your family, but it is your responsibility to make sure you are visiting the appropriate information venues to stay abreast of what is happening with your benefits.
P.S. Always Remember to Share What You Know.
RELATED TOPICS – More Federal and Postal Insurance Information
Federal Employees Group Life Insurance (FEGLI)
Federal Employees Health Benefits (FEHB)
Federal Flexible Spending Account (FSAFEDS)
Federal Long Term Care Insurance Program (FLTCIP)
Federal Employees and Medicare
Federal Employee Dental and Vision Insurance Program (FEDVIP)
Special Provisions and Open Season
Special Provisions & Open Season for Federal and Postal Retirees
FERS and CSRS eligible employees have the opportunity to enroll or make special provisions to their FEHB, Dental and Vision coverage (FEDVIP) along with making the Flexible Spending Account elections (FSAFEDS) that best their families. However, during open season retirees may change their enrollment via phone or in writing.
Although changes to your health plan are made during Open Season, whether you are FERS or CSRS, certain qualifying events such as change in family status, change in employment or loss of your FEHB coverage, allow changes to be made at the time the event happens.
Open season runs from the Monday of the second full work week in November through the Monday of the second full work week in December. Employees have a menu of plans to choose from that are also available to retirees. Retirees should always take the opportunity to explore what benefit options are available to them in retirement.
If you’re interested in more information on your Federal and Postal Retirement please read this.
P.S. Always Remember to Share What You Know.
