By: Ryan Boggus
Choosing your health care plan can be a confusing, overwhelming decision. It can be tempting to entirely skip the process, especially if you automatically get rolled into the same plan you had before. But you can significantly simplify your options with just a few easy steps:
Who are you covering under the plan?
FEHB offers three types- SELF, Self + 1, or Family plan. Remember, dependents drop off of your plan when they reach 26 years of Age. Generally, the more people you have on your health plan, the more coverage you want to consider.
Think about your current Health Care needs
- What are the reasons you see the doctor?
(If mostly for minor care, you might choose the less expensive plan with higher maximums. If primarily for major or frequent care, you may need more coverage- higher premiums, but less deductibles and out-of-pocket expenses)
- Do you have a major procedure planned in 2021?
(Research the average cost and consider choosing a lower deductible/lower maximum)
- Do you take any medications?
(Generic or brand name? Check to make sure they are covered under your choice)
What Cost Savings are most important to you?
Choosing the right coverage is very important to help manage your health and the health of your family. In the long run, paying a little more out of your paycheck can help you save money overall for healthcare.
- If you don’t have any major care needs, you can save money by finding a lower premium plan. (Deductibles & out-of-pocket maximums will be higher.)
- If you tend to use your insurance more frequently, you will want to consider co-pays and deductibles, and out-of-pocket limits. (Premiums will be higher, but your overall costs may be lower.)
Use the FEHB Comparison Tool
You should now have enough information to significantly reduce the number of plans to compare. Enter your ZIP code and use the Filters to compare up to 3 plans at a time. You can view the comparison tool on OPM’s website or Consumer Checkbook.
Finally, confirm that your doctor(s) are part of the network in the plan you choose.
Open Season is a great time to review your health care coverage and your other benefits such as Life Insurance & Disability coverage. United Benefits offers supplemental benefits to help protect you and your family, and some (such as our Hospital Indemnity plan) could even lower your overall healthcare costs. Contact us today to schedule your Free benefits review.