What is FEHB Insurance?

What is FEHB Insurance?

Oct 10 2021

FEHB insurance is a health benefits program offered to federal employees, retirees and their families by the Office of Personnel Management (OPM).

FEHB stands for Federal Employee Health Benefits and is used often to quickly describe this program. FEHB insurance is available nationwide, however many options are specific to the state you call home. Priority Health offers plan options for federal employees who live in Michigan and are hosting a virtual informational webinar on November 9.

When is Open Season for Federal Employees?

Open Season is the time when current FEHB enrollees can change their health coverage or carrier. This is hosted by OPM and occurs the second Monday of November through the second Monday of December. This provides a month to make your plan selection for the following year. This year, Open Season is November 8 – December 13, 2021 for health benefits that will take effect on January 1, 2022.

How Does (FEHB) Government Health Insurance Work?

FEHB government health insurance works just like many other employer-sponsored health plans. The Office of Personnel Management works with health insurance carriers to build plan options and then they share the cost of the health plan with the employee. What is unique to FEHB is that the employee has control over which carrier and plan they want. As a federal employee, you have many plan options to choose from. When you’re ready to select your plan, you’ll work directly with OPM to make a selection.

What are my FEHB Plan Options?

As a federal employee or dependent of a federal employee you have many options when it comes to health insurance benefits. Depending on where you live, you can choose between different health insurance carriers but also between different plans offered by each carrier. Examples of plans offered through FEHB are HMO, High Deductible Health Plans (HDHP), PPO, and Fee-For-Service. These plan types may be new or overwhelming when considering what option is best for you. OPM offers a plan options overview online, which help explain different health plans.

What are my FEHB Plan Rates?

Rates are also known as premiums, or how much you pay for your health insurance benefits out of your paycheck either biweekly or monthly. These are different between every plan and every carrier. Rates are also different based on your employment status and potential union participation. It’s important to research and know your status before evaluating plans to ensure you know which rating category applies to you. For more information on premiums and definitions of each enrollment/premium category, check out this OPM site.

How to Choose a Federal Health Plan

When evaluating your plan options, it’s important to consider what carrier and plan works best for your budget, lifestyle and health care needs. The Office of Personnel Management makes this easy by providing a plan comparison tool which allows you to select different plans from different carriers and compare the benefits side-by-side. This helps when considering your most important plan benefits. Are you most concerned about having a low deductible? Or low out-of-pocket costs when you visit the doctor or receive prescriptions? Use the OPM plan comparison tool to look at plans between different carriers.

When evaluating carriers, it’s also important to consider all the other benefits you can get outside of coverage for medical care. Many carriers offer member tools and benefits in addition to coverage that help you save money or live a healthy lifestyle.

For example, Priority Health offers a $50 reward for all federal employees who complete an online health assessment. This assessment helps you better understand and manage your health needs, is quick and easy to complete, plus you get a $50 gift card just for participating. We also offer online tools like our Cost Estimator which helps you research and understand the cost of care or your prescriptions before you receive it, all based on your unique plan. This helps members plan, budget and understand what they may have to pay. These benefits, and many others, are available through Priority Health and help to provide federal employees more value in their health care investment.

Priority Health FEHB plans

Priority Health is the second largest health insurance carrier in Michigan, and currently available to all federal employees who reside in the lower peninsula of Michigan. Priority Health offers three plans to eligible federal employees and their families. These three plans work to meet your unique lifestyle, budget and health needs:

  1. High Plan – Our highest premium plan for those looking for zero deductible and lower out-of-pocket costs. The High plan is for those who may require more care throughout the year, or those who find comfort in knowing their coverage will cost less out of pocket if and when it is needed.
  2. Standard Plan – Our most popular plan, offering quality coverage at a lower premium. The Standard plan is for people in good health who want a plan that offers all the necessary coverage at an affordable premium and deductible.
  3. Value Plan – Our lowest monthly premium plan that puts primary doctor visits and prescriptions ahead of a higher deductible. The Value plan is for members who may be in great health, with little need for consistent or continued care. They’ll pay more out of pocket when care is needed but save on their monthly premium.

Looking for more information and details on your Open Season options through Priority Health for 2022? Check out our free informational FEHB webinar—it’s free and available to watch whenever you are. Register here.

Tags: , ,