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Walt Francis, consultant & health insurance expert, discusses the new plans opening to federal employees this Open Season, and why every federal employee should examine their insurance options.

Open season for federal employee insurance plans began on November 11, and there are many new options that workers can consider. Walt Francis, consultant & health insurance expert, says that federal employees could be leaving money on the table if they don’t shop around or take advantage of Flexible Spending Accounts.

 

“You can set aside that much money for expenses you know that you’re going to have, that includes the out of pocket share of drug costs and doctor costs,” Francis said. “Let’s say you want to go to an out of network doctor, you have to take it on the chin if you rely on the plan’s out of network benefits, which range from nonexistent to terrible. But that said, your Flexible Spending Account is tax deductible money, you save a third of what you put into that account. It’s a no brainer, almost every employee should have an FSA account.”

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November 2022
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