Buying a health plan simply because it has low premiums can be a big mistake unless: you have been dropped from your parents federal health plan; you are the ex...
Federal workers and retirees who pick a health plan based solely on its premiums can easily make a big mistake. In most cases premiums are only part of the equation: Things like benefits, the plan’s medical network, its catastrophic coverage and required co-payments are also very important.
As a general rule, going for the plans with the lowest premiums to the exclusion of anything else is not a smart move.
Unless…
For all of the above categories, low-premium plans make sense.
According to Checkbook’s Guide to Health Plans for Federal Employees for 2011, the least expensive self-only plan for individuals who must pay the full premium are Kaiser standard, where you will pay $3,970 and the Mail Handlers-Value plan, where your total premium will be $3,430. Kaiser is an HMO. Mail Handlers is a fee-for-service (national) plan. The most expensive is Aetna’s open access high option where premiums will total $8,880. Among the Consumer Driven plans, Checkbook says individuals who must pay the full premium should check out APWU CD plan ($4,040 next year) or the Aetna HealthFund HD plan ($4,100).
Your Personal Shopper: At 10 a.m. today on our Your Turn with Mike Causey radio show the guest is David Snell. He’s an insurance expert and retired fed now working for the National Active and Retired Federal Employees Association. If you’ve questions about the FEHBP program, he’ll have the answers. You can e-mail them to me (mcausey@federalnewsradio.com) or better yet, call him (during the show) at 202.465.3080. In the DC area you can listen at 1500AM or you can listen anywhere on the internet by clicking here.
Sticking With Your Doctor: If you want to stick with your favorite doctor during the 2011 health insurance year, click here.
Best Buys for Retirees: If you are a retired fed or survivor annuitant some of the health plans are better for you (at bargain rates) than others. To check them out, click here.
To reach me: mcausey@federalnewsradio.com
Nearly Useless Factoid
by Suzanne Kubota
According to the National Geographic News, among the “Ten NatGeo News Stories You Might Have Missed in 2010” is this gem: “Bigger Testes Can Offer a Competitive Edge.” Personally, I can say I didn’t miss it the first time. I saw the headline. I was just really afraid to click on it.
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