With Open Season in full swing, federal employees and retirees enrolled in the Federal Employees Health Benefits (FEHB) Program have likely noticed a sizable increase in premium costs. To be more specific, non-postal workers and retirees face an average premium hike of 13.5%.
Feeling The Burden
This increase, the largest in over a decade, comes after average rises of 7.7% and 8.7% in the previous two years. For most non-postal federal employees, this translates to an additional $26.10 on their biweekly premiums. Meanwhile, premiums for the Federal Employees Dental and Vision Insurance Program (FEDVIP) will see more modest increases, with dental plans going up by an average of 2.97% and vision plans by 0.87%.
Weigh Your Options
Given the premium changes, reviewing available options during this year’s Open Season could be more crucial than ever. The Open Season for 2025 will be held from November 11 through December 9, 2024. During this time, FEHB participants will have access to 64 different plans and a total of 130 plan options provided by 42 insurance carriers.
It’s important to note that some options are limited to specific regions or agencies, so not all plans are available to every participant. To help in selecting the most suitable plan, the Office of Personnel Management (OPM) offers a comparison tool on its website.
Evaluating your plan options carefully could result in savings, especially in light of the new premium increases. If no changes are made, employees will remain on their current FEHB plans for the coming year until the next Open Season.
New Postal Benefits
For Postal Service employees and retirees, the newly established Postal Service Health Benefits (PSHB) Program will begin on January 1, 2025, under the administration of OPM. These participants can still use their current FEHB coverage through December 31, 2024, but starting in 2025, they will be transitioned to PSHB. Before Open Season, they will receive a letter detailing the PSHB plan they’ll be automatically enrolled in, with the option to switch plans if desired during Open Season.
For more details on the changes and to view the updated premium rate charts for FEHB and PSHB plans, you can visit the OPM website.
