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This content was provided by FedChoice.
With Open Season enrollment underway from Nov. 11 through Dec. 9, federal employees face their largest health care benefits increase in years. This news isn’t a sudden shock. It’s a pattern.
From 2023 to 2025, federal employees will experience nearly a 30% increase in their Federal Employees Health Benefits (FEHB). When factoring in additional inflation during this period, these increased costs can force employees to cut back on savings or hinder their retirement plans. The right financial strategy can be the deciding factor in how federal employees thrive today, tomorrow and years down the line.
Making cents of personal health
Research shows a direct link between financial, physical and mental health. The connection is so strong that economic stability is listed as a core predictor of long-term health outcomes by the Department of Health and Human Services.
The benefits of a secure financial foundation extend far beyond the balance in one’s checking account:
The inability to afford health care can easily turn into a vicious cycle. Cutting back on preventive measures in the short term can lead to chronic conditions later in life. These issues are often more costly and come with greater health risks. The sooner federal employees can find financial relief, the better.
The FedChoice advantage
As a credit union founded by federal employees, FedChoice is uniquely committed to the long-term fiscal health of those working in public service. It is keenly aware that a strong financial foundation is key to accessing care without added stress.
FedChoice helps members take control of their financial futures:
Lending a helping hand
As the Federal Reserve lowers rates to combat inflation, Federal employees can strategically leverage these lower lending costs to manage rising healthcare expenses.
Using lower rates to build emergency funds, contribute to Health Savings Accounts (HSAs) and secure refinancing are all useful strategies. With these tactics, federal employees can manage the rising health care costs while building a stronger financial future.
Rising health care costs should not be a concern that public servants face without support. No matter the challenge, FedChoice is here to help federal employees and their families with the right products and services to achieve long-term financial stability.
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