Greetings fellow readers,
Looking to find information regarding your 2016 federal health benefits? Don’t worry, you’ve come to the right place! This guide will cover everything related to your health coverage including but not limited to based enrollment plan options. To assist you in making informed decisions about your health coverage, this guide will be helpful whether you are a seasoned or new employee.
Enrollment Plan Deadlines
In order to yield a seamless health coverage, it is essential to keep in mind these listed enrollment deadlines:
- Open Season: November 9 – December 14, 2015
- Life Event Category: Any time within 60 days after a qualifying event, Job Change, Birth or Marriage
Health Plan Options
1. Fee-for-Service Plans
Considered the traditional models, these plans will let employees see any provider who is a part of the plan’s network. Although they normally have a smaller selection of providers, they do have more out of pocket costs.
2. Health Maintenance Organizations (HMOs)
Within an HMO, the care will be more managed as members have to get services from a provider or a facility within the plan’s network.
Some may have lower rates than the average, yet have limitations when it comes to specific facilitators or modalities.
3. Preferred Provider Organizations (PPOs)
PPOs are those healthcare organizations which had the basic structure of HMO, but unlike HMO, fee cahrge services are allowed. They charge clients additional payments with regards to using more services.
Health Savings Accounts (HSAs)
HSAs or high deductible health plans, are also known as deduction tax-advantaged accounts that can cover certain medical expenses. Mondaq states does noted that people tend to prefer using HSAs because they have lower overall out-of-pocket health expenses. In a HSAs, contribution made is tax-free, while money spent on health services does not incur taxation.
Advantages of HSAs
- No taxation on medical expenditures for saving accounts
- In long run, an HSA can appreciate based on the medical claims
- Retirement expenses that are not funded for by health insurance can be paid
Considerations for HSAs
- The person applying should be covered under PDFP IMS CONTENT medical scheme only
- People with chronic illnesses might face some challenges while coping with high medical expenses
Plan Comparison Table
Because each option has its advantages and disadvantages, the last table on the sheet summarises the most important features of the different plan options for you to assist in making your decision.
Apart from the above, below is also available for high out of pocket expenses. Moderate.
| Type of Plan | Community Attending Services | Covering Patients without Documentation on Basis Attending Services | Insurance Premiums |
|---|---|---|---|
| Free care services | Any facilitator within network | Restrained | High |
| HMO | Providers inside network workplace only | Don’t Offer | Cheaper |
| PPO | More nhs network facilitators than in HMO | ||
| Low. Narrow network | Available with high out-of-pocket costs | HDHP with HSA |
Conclusion
Informed choices regarding health care coverage can only be achieved by understanding your federal health benefits for the year 2016. With knowledge of the deadlines for enrollment, the plan too works, and the tax benefits from Health Savings Accounts, the proposed plan can easily be tailored to fit most individual needs and budget. Don’t forget to have a look at other related articles on federal health benefits for detailed information.
FAQ About 2016 Federal Health Benefits
What major changes are to be expected on the FHB?
For the 2016 FHB program, there are no expected significant changes, but here are some minor ones:
- Self Only coverage High Deductable Health Plan (HDHP) raised from $1,250 to $1,300, Family coverage from $2,500 to $2,600.
- Increase in Self Only coverage from $6,350 to $6,550 and Family coverage from $12,700 to $13,100 on the maximum out of pocket limit for HDHP
- Increased coverage for employees who are qualified for medicare with a new addition of catastrophic health plan.
What information is contained in the FHB program?
The FHB program offers four types of plans as follows :
- Fee-for-Service (FFS) Plans
- Health Maintenance Organizations (HMOs)
- Preferred Provider Organizations (PPOs)
- Point of Service (POS) Plans
What are the differences between the different types of plans?
Every type of plan differs in its coverage. FFS plans cover an entire medical procedure irrespective of the cost, whereas HMOs, PPOs, and POS plans require the payment of a particular rate for medical care. HMOs usually charge lower premiums but have the most limits on care. PPOs and POS plans are more expensive than HMOs, but they provide enhanced facilities without restriction.
How do I choose the right plan for me?
- Your healthcare requirements
- Your financial plan
- Your selected form of plans
What are the costs of the different plans?
The expenses of the various plans differ depending on the specific plan, the depth of covering, and the provider.
To calculate the costs incurred with different plans, kindly visit the Office of Personnel Management (OPM) website using the following link: https://www.opm.gov/healthcare-insurance/healthcare/plan-information-and-rates/.
What is the process of enrolling in a plan?
Customarily, Open Season takes place from November 9 through December 14, 2015. You can enroll in a plan by phoning, mailing, or even online directly.
What about if I miss an Open Season?
Everything is okay. With missing an Open Season, you can still enroll with plan options during a Special Enrollment Period (SEP). These periods are available only for qualifying life events such as marriage, parenthood (birth), or unemployment.
What are the benefits of being enrolled in an FHB plan?
To begin with, these plans enable wider coverage for pre-existing medical conditions. But there is more, for a few of the reasons are:
- Ease receiving affordable healthcare coverage
- Ensured protection against very high medical expenses
- Free mental stress resulting from ensuring some form of healthcare coverage
What are the drawbacks of being enrolled in an FHB plan?
Unfortunately, there are some disadvantages to the above stated FHB plans which include but are not limited to:
- Pricey premiums
- Inflexible options with regards to defined deductibles and copayments
- Limited and/or defined scope of tendering care
For more details on the FHB program, please refer to the OPM website: https://www.opm.gov/healthcare-insurance/index.aspx