'Tis the (Open) Season!
Naughty or Nice? Check to make sure you aren't surprised by a rate increase!
The Federal Benefits Open Season – the one time a year most feds can change their health, dental or vision insurance – ends on December 9th. Unless you have had or are anticipating major life changes in the next year, you might think this deadline doesn’t matter to you. Would you care if you knew that, on average, rates for FEHB are increasing by 11.2%? We thought you might. It’s important to know not all plans are seeing the same increases in rates. A few are actually declining while others are going up by more than $100 per paycheck. Even if you’re happy with your coverage, it’s probably worth checking OPM’s rate comparison spreadsheets so you aren’t surprised come January.
Hopefully some, if not all of this, will be covered by the 2025 COLA. But if you’re looking for a few additional ways to save on healthcare this year, here are our tips:
Are you accidentally doubling up on benefits? Some healthcare plans may include vision coverage for your annual eye exam, which means you can drop the separate insurance. Just make sure to read the fine print so you know what you might be gaining or losing!
Check your significant other’s plan: Speaking from personal experience, FEHB is significantly better than what is offered through private employers. But, in some areas, like dental and vision, it’s not as competitive. If you have a spouse or partner, it might be worth seeing if they get a better rate through their company.
Don’t forget your health savings plan! It’s always a good idea to assess what you’re putting into your Health Savings Account to see if you should make adjustments based on what you spent last year. And if you’re not using an HSA, this is a great resource to use tax-free funds on qualified medical expenses, including things like medical bills, physical therapy, prescriptions, contact lenses, and glasses. Some will even reimburse you for an Uber or Lyft to a doctor’s appointment. That’s seriously deserving of a 5-star rating!
Upcoming Federal Holidays
Christmas Day: Wednesday, December 25
New Year’s Day: Wednesday, January 01
Upcoming Fiscal Deadlines
Back in September, Congress voted to pass a Continuing Resolution (CR) that funds the government through Friday, December 20th. Newsflash: that day is also “National Ugly Christmas Sweater Day”, so please wear something appropriate to celebrate the occasion of finding out the fate of the next tranche of federal funding!
This Week’s Three Things
Holidays are expensive (ugh). But let's focus on the bright side: 2025 brings more paychecks! Here's when you can plan to replenish your savings in 2025!
Luxophiles, unite! Crank up the carols and take your family to see these awesome holiday light displays!
For our Maryland friends: Winter City Lights
For our Virginian brethren: Bull Run Festival Of Lights
For those still shopping (most of us, I think?), check out the Downtown DC Holiday Market, which combines the idea of the retail market platform with values in social justice by promising a commitment to promoting equity and community investment through local markets.