Get Ready for Open Season

Federal Employee’s Health Benefits (FEHB) can change outside the open season due to qualifying life events.

The majority of Federal Employees Health Benefits (FEHB) enrollment changes during the open season, which occurs yearly. Even though most enrollment changes occur during the open season, some changes can also happen when you experience a “qualifying life event.”

Below are the qualifying life events that allow enrollment or its changes to the Federal Employees Health Benefits (FEHB).

If there is a change in your family status, you can enroll or change your enrollment from the benefits program. Examples of such family status include birth or child adoption, marriage, divorce, legal separation, and death of a spouse or relative.

Changing your current employment status is also a “qualifying life event” that can cause an enrollment change. If you are reemployed back into the workforce after a short break in service for more than 72 hours, your status will return to pay status when your coverage is terminated. Coverage termination occurs when you are on leave, have no pay status, or do not have a pay status for more than a year while you are on leave. 

Your premiums are withheld during your leave period because there is a sufficient increase in your pay. You will now be in a civilian position since you have served in the uniformed service. You can change from your temporary appointment to a new appointment that gives you access to a government contribution. You can move from or to part-time career employment.

You will terminate your membership in the employee organizationsâ€â€the Federal Employees Health Benefits (FEHB) sponsorsâ€â€when you change to self only in another health benefits program sponsored by the federal government. Changing to federally sponsored health benefits programs such as the state-sponsored program for the needy or Medicaid will terminate your membership in the Health Benefits program. 

If you cancel or terminate the covering enrollment, you or your close relative may lose the Federal Employees Health Benefits (FEHB) or coverage under the benefits enrollment. 

When any of these events happen, you can enroll, change your enrollment to or from self only, change to another employee health benefits plan, or even terminate your enrollment under the program. You must know that you can only change to Self Only in case of events that make you the last eligible close relative following the Federal Employees Health Benefits (FEHB) enrollment guide. You can only cancel your enrollment with a qualifying life event if you, the enrollee, show that you and your eligible close relatives now have another coverage for your health insurance.

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Bio:
Mark, a lifelong Tulsan graduated from Westminster College, Fulton, Missouri with a Bachelor of Arts in Accounting. Mark served in the United States Army as a Captain in the 486th Civil Affairs BN. Broken Arrow, Oklahoma and retired in 1996. Mark is married to his high school sweetheart Jenny and has four beautiful children. Mark’s passion for his work, which includes over 20 years in the Financial Industry started as an Oklahoma State Bank Examiner. Mark examined banks throughout Oklahoma gaining a vast knowledge and experience on bank investments, small business and family investments. Mark’s experiences include being formally trained by UBS Wealth Management, a global investment firm where he served as a Financial Consultant specializing in Wealth Management for individuals & families. Mark is a licensed Series 24 and 28 General Securities Principal and an Introducing Broker Dealer Financial Operations Principal. Additionally, Mark is a Series 7 and 66 stockbroker and Investment Advisor focusing on market driven investments for individuals, businesses and their families.

Mark specializes in providing financial knowledge, ideas, and solutions for federal employees, individuals, families and businesses. We serve as your advocate, and assist you in the design and implementation of financial strategies while providing the ideas to maximize your security and wealth. Our goal is to give you maximum control of your financial future. We provide the expertise to help you with personal issues such as: practical tax Ideas, risk management, investment solutions, and estate preservation.

Additionally, we’ve counseled hundreds of employees on their transitions from careers in federal government, and private industry to their next life stage, whether that is retirement or a second career. We specialize in devising strategies that roll your TSP, 401(k), pension plan, to a suitable IRA to meet your objectives.

Disclosure:
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