How to Navigate FEHBP’s Increases and Plan Eliminations for 2016

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Mike was joined by federal benefits expert Walton Francis and took your questions live in our online chat. Mike and Walton explored all the health insurance options and provided common sense tips for protecting your personal information during Open Season.

Federal health insurance premiums will rise for the first time in 5 years — more than 7 percent on average. Furthermore, there are increases for Medicare Part B beneficiaries and six health insurance plans leave FEHBP in 2016.  

Feds and retirees have 33 plans and options to choose from. While it is nice to have so many options, it can be bewildering too. Here are some things to consider:

• If you are a two-person family, are you going to buy a family plan, or go with the  new self-plus one option? The price difference may surprise you.

• If you are retired, you must shop around.  Retirees tend to stick with the same plan year after year and as a result, premiums in many retiree-heavy plans have skyrocketed. 

• Plans such as the American Postal Workers, National Association of Letter Carriers and the Mail Handlers plans are not limited to postal workers.  They are definitely worth a look.

• If you are getting close to retirement (10 years out) do you know what the 5-year rule is? Failure to heed and obey it could either delay your retirement or leave you in an inferior health plan when you do retire.

• Should a husband and wife get a family plan, self plus one, a family plan or two single plans?

Those participating in the online text-only chat were able to ask Mike and Walton their own questions in real-time.  

Walton Francis is an expert in health insurance who has advised dozens of Secretaries of Health and Human Services on policy choices. He’s written the best-seller “CHECKBOOK’s Guide to Health Plans for Federal Employees” and his most recent book: “Putting Medicare Consumers in Charge: Lessons from the FEHBP”

This chat is underwritten by Wright USA.

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