For Your Benefit

Take Time to Consider Your Options During Open Season

November 15, 2021 on ForYourBenefit, our hosts Bob Leins, CPA®, and Tammy Flanagan, Senior Benefits Director NITP, will talk about Open Season.

Segment 1:  Things that everyone should do during Open Season:

  1. Review your current year’s out-of-pocket medical expenses
  2. Check the plan brochure for your current plan for 2022:  How your plan is changing, 2022 premiums, and summary of benefits (links to these three topics are on the cover of every plan brochure)
  3. Consider dental and vision plans to supplement FEHB choice
  4. Employees elect an allotment for HCFSA, LEXFSA, and DCFSA as needed for tax savings

Segment 2:  What to consider during Open Season if you are employed:

  1. Employees who are younger and in good health
  2. Employees who are higher salaried may want to consider a HDHP
  3. What is the difference in a consumer driven health plan vs. a traditional fee-for service plan with a PPO?
  4. Beware of PPO plans that don’t cover out-of-network benefits (BC/BS Basic, GEHA Elevate Plus) and have no deductible
  5. When does a high option plan make sense?

Segment 3:  Questions for retirees to consider:

  1. How do FEHB and Medicare work together?
    1. Do you need both?
    2. What is IRMAA?
    3. What if you have Tricare?
    4. What if one spouse is younger than 65 or there are children who are covered on your plan?
  2. What are good choices for retirees with Medicare A & B?
  3. What should Federal couples consider?
  4. What are good options for retirees who are over age 65 and chose not to enroll in Medicare Part B?

For questions or comments, email us in advance at ForYourBenefit@nitpinc.com

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