Open Season is coming soon and is the time when eligible active and retired federal employees can make changes to their health care plan. For 2016 this will occur during November 14th – December 12th. You may have already been alerted of the dates for your Health Benefits Fair, but if you haven’t, be sure to check with your Health Benefits Officer (HBO) or agency’s HR / Payroll office to learn when it will take place.
The Office of Personnel Management (OPM) defines Open Season as, “the time of year to ensure that you have the right health, dental, or vision insurance coverage for you and your family. It is also time to consider the money you can save on your out-of-pocket medical and dependent care expenses.”
It’s important to give yourself plenty of time to review each plan. When it comes to comparing potential costs, be sure to not only look at premiums, but to consider co-pays, deductibles, catastrophic maximums, prescription drug costs and in- and out-of-network coverage—all of which factor in to your total cost. In addition, some plans offer “standard” and “basic” options, which provide different levels of coverage. Make sure you have the coverage you need.
Don’t always assume your current coverage is your only option – take the time to find out what options are available and compare coverages.
Of course there is no requirement that you do anything during Open Season since you will continue to be covered by your present health insurance plan, unless your plan is dropping out of the FEHB or reducing its service area. However, your benefits, premiums, or coverage options may change. The same is true with regard to your present dental and/or vision insurance plan with the same understanding that, your benefits and/or premiums may change.
One important note – If you already have an FSAFEDS account, it will not continue automatically; you must re-enroll.
For 2017 Compass Rose Health Plan information, such as rates, benefits and more, please visit www.compassrosebenefits.com/OpenSeason .
If you would like to speak with an Insurance Specialist directly, call (866) 368-7227 (option 3) or email askCRBG@compassrosebenefits.com.
