12 Things to Ask Before You Get a Federal Health Insurance Plans
The Federal Health Insurance Plans are given to all federal employees who are considered regular employees working full time civilians. During the annual open season, employees are given the option to enroll or withdraw and also to change their insurance plan to another of their choice.
Federal health insurance is a good approach adopted by the federal tax regulatory board for the benefit of employees, however what should be considered before enrolling in these plan?
1. Check out if the employee need to pay for the Federal Employees’ Group Life Insurance premium and if so, what’s the amount?
There is only very limited government employer paying 100% premium for their employee. In most cases, employees still need to pay 25% of the premium. In some cases, the employer will pay the full premium, but require the employees to pay the extra cost of covering their dependents.
2. If you are an active employee, you may want to check with your employing agency who is your designated beneficiary for this Life insurance.
3. Find out who are the medical providers, are they through the HMO (Health maintenance organization) or PPO (preferred provider organization) advised by the employer.
4. How will the reimbursement of the healthcare coverage take place? Is it through an indemnity or reimbursement plan that pays the doctor/hospitals directly or to be reimbursed through the employees for medical expenses already paid.
5. If one get married or acquire a child, will he be qualify to enroll in the Federal Life Insurance Program?
No, you must already be enrolled in the Program before you can increase coverage due to marriage or acquisition of children. If you marry, and acquire an eligible child, get divorced or your spouse dies, you can elect other Option or increase your current coverage, within 60 days after the life event.
6. Is there any high deductible health insurance plan offered by the employer, for the employees to enjoy the tax-exempted savings for health care cost, by encouraging participation in the employee’s health saving account (HSA)?
7. For chronically ill employees (such as diabetes) is “HRA plan” something which the employers has in mind for this group of employees?
8. What are the selections of health plans which the employees can choose from? Are Consumer-Driven and High Deductible plans that offer catastrophic risk protection with higher deductibles, health savings/reimbursable accounts and lower premiums, or Fee-for-Service (FFS) plans in the selections?
9. Find out the costs, benefits, and features of different plans as well as the total benefit package, in addition to service and cost, and provider availability when choosing a health plan.
10. What is the coverage of the employers in terms of the ‘dental and vision insurance program for its employee? Are these benefits eligible to the Federal and Postal employees, retirees, and their eligible family members on an enrollee-pay-all basis?
11. When is the open period for the Enrolment of federal health Plan? Are newly hired employees for less than 6 months eligible for this benefit? As being informed, Life insurance Open Seasons are held quite infrequently, and you should not count on one occurring any time soon. You will receive notices which serve as Reminders if and when there is an Open Season.
12. Do one need to wait for the open season to cancel their insurance? No, one can cancel the life insurance coverage at any time. However, please be aware that the open season and the opportunities for re-enroll are very limited.