The annual Federal Benefits Open Season 2022 begins on November 14, 2022, and runs until December 12, 2022. During this period, employees and annuitants can evaluate their benefits to ensure they are cost-effective and provide the finest care and services for themselves and their families.
Kiran Ahuja, director of the United States Office of Personnel Management, stated that “tens of thousands of members might be missing out on substantial savings. This occurs because they fail to review their healthcare coverage during Open Season and ensure they maximize their benefits for themselves and their families.”
Consider how your requirements or family have changed to choose the best course of action. Furthermore, use the open enrollment period to get a financial or wellness checkup.
It is recommended that federal employees consider the Federal Flexible Spending Account Program (FSAFEDS) because of its tax benefits. Setting away an annual pre-tax amount for out-of-pocket health, dental, and vision expenses, as well as dependent care, saves Federal employees money. Unfortunately, fewer than 20% of agency staff across 2022 will use the FSAFEDS Program. Open Season allows federal employees to make pre-tax contributions to flexible spending accounts for healthcare and dependent care under the FSAFEDS.
The Federal Employees Health Insurance (FEHB) Program covers roughly 8.2 million people, making it the world’s largest employer-sponsored health benefits program. OPM recently revealed the FEHB Program’s 2023 plans and premiums. It is predicted that 2.5% of members will change their health coverage in 2021, with 0.6% switching health insurance carriers during the Open Season.
OPM has included some sample questions to assist you in determining how you can use Open Season to review your benefits and needs. The information below is to enable you to make an informed coverage decision:
What are my or my family’s anticipated healthcare requirements for 2023?
- Questions to consider while assessing your FEHB plan: Is a new baby on the way? Do I require surgery? Will my medication need to be changed? Is there a drugstore mail-order option for prescriptions in my plan?
- Concerns while analyzing FEDVIP: Do I want to be covered for routine dental care? Will I require a crown or a root canal? Is it necessary for my child to have braces? Do I require glasses or contact lenses? Is laser vision correction surgery on my radar?
- While reviewing FSAFEDS, consider the following questions: Do I have any out-of-pocket expenses, such as deductibles, copays, daycare, elder care, or over-the-counter prescriptions and medicines? Do I have any medical bills that my FEHB plan may not cover? Do I intend to enroll my children (under 13) in in-home care or summer camp?
Federal employees may use the open Season to make pre-tax contributions to FSAFEDS healthcare or dependent care flexible spending accounts. OPM provides the following frequently asked questions:
What FSAFEDS alternatives do I have during the open Season?
Enroll in or reenroll in the Health Care FSA (HCFSA), the Limited Expense Health Care FSA (LEX HCFSA), and the Dependent Care FSA (DCFSA).
What if I don’t accomplish anything?
Your vote will not be carried out automatically. You must reenroll to continue your account(s) for the next benefit year.
NOTE: Reenrolling in one of these plans in the next year is required to carry over unused funds from the current year’s HCFSA or LEX HCFSA. Carryover is not permitted for DCFSAs.
What else should I be aware of?
The current minimum annual election for FSAFEDS accounts is $100. Health Care FSAs and Limited-Expense Health Care FSAs have annual contribution limits of $2,750 per member. There is a $5,000 annual limit per family for the Dependent Care FSA.
Contact Information:
Email: [email protected]
Phone: 2129517376
Bio:
M. Dutton and Associates is a full-service financial firm. We have been in business for over 30 years serving our community. Through comprehensive objective driven planning, we provide you with the research, analysis, and available options needed to guide you in implementing a sound plan for your retirement. We are committed to helping you achieve your goals. Visit us at MarvinDutton.com . Tel. 212-951-7376: email: [email protected].
