By Jay Shareef and Chris Rhoads
It’s open season again, which means it’s that time of year when you start getting notices about all the changes coming to your employee benefits. Even though you’d much rather be doing just about anything else, it’s important not to just set and forget your benefits, as you could miss out on opportunities to improve your coverage.
The open enrollment period for your 2022 coverage began on November 8th and continues until December 13th. Now’s your chance to review your benefits, learn about any coverage or cost changes, and make some decisions.
Here’s what you need to know about the 2021 annual enrollment period for government employees.
Does Open Season Apply to Me?
If you are enrolled in the Federal Employees Health Benefits (FEHB) program, the Federal Employees Dental and Vision Insurance Program (FEDVIP), or you take advantage of the Federal Flexible Spending Account Program (FSAFEDS), you should pay attention to this annual enrollment period. The life insurance and long-term care insurance programs are not included during this time.
What Can I Do During Open Season?
For both the FEHB and FEDVIP programs, federal employees can enroll, change their plan, make adjustments to their plan options, update enrollment type if your family’s coverage needs have changed, or cancel your plan. If you choose to do nothing, your plans will automatically continue.
That is not the case with the various federal FSA programs. If you do not re-enroll during open season, your FSA will lapse. Even if you don’t want to contribute for 2022, keep in mind that any unused funds from 2021 will not carry over if you don’t re-enroll.
What’s Changing?
Every year there are typically some increases in premium costs and individual plans may change their options. The U.S. Office of Personnel Management (OPM) includes specific details and the new 2022 premium rates on their website. You will also find resources to compare plans and information applicable to your job or status (active employee or retired).
Start by thinking about the health needs you experienced this year and whether or not your health insurance met those needs. Then think ahead to next year. Are there any life changes coming your way? Will you be getting married? Adding to your family? Do you take new medications now? If so, consider increasing your coverage or adding coverage for your spouse.
The Takeaway
Although it can often feel like there’s not enough time to accomplish everything on our to-do lists, it’s important to prioritize employee benefits. The government provides these as a thank-you for your hard work, so make sure you maximize them and use your open enrollment period to make decisions that align with your life.
And if you haven’t heard anything about open enrollment, reach out to the human resources department at your work to find out if there is a scheduled meeting or webinar to highlight this year’s benefits. Remember, your HR department is there to walk you through these decisions and answer any questions.
At WealthFlow Financial, we specialize in helping government employees manage their finances and prepare for retirement. If you have questions about your government benefits, we’d love to help provide confidence and clarity while also helping to protect your future. If you don’t already have an advisor helping you do that, reach out to us at (301) 798-5250 or schedule a phone call now.