Every seven years, OPM is required to open the Federal Employee Dental and Vision Insurance Program (FEDVIP) to new carriers although premium rates are negotiated on a yearly basis. For 2020 (enter your 20-20 vision joke here) and the six years prior, there were four companies offering insurance coverage for vision and six carriers that offered insurance for dentistry. When federal employees enroll (or re-enroll) during FEDVIP Open Season this autumn, they will have an extra carrier to choose from when it comes to healthcare for both their eyes and teeth. For vision, Met-Life will be adding their plan and United Healthcare will add a Dental PPO offering. Both companies have carried FEDVIP policies in previous years, but for the opposite type: Met-Life already participates in FEDVIP for Dental coverage and United Healthcare likewise already carries a vision plan.
FEDVIP, along with FEHB (Federal Employee Health Benefits), will have the annual Open Season for enrollment from November 9th to December 14th this year. (And if you’re interested in changing your FEGLI coverage, remember those open seasons are much rarer.) Premiums for Federal Employee health insurance are typically released towards the end of September or at the onset of October. In regards to the 3.3 million enrollees in FEDVIP, 1.7 million of which have both types, their satisfaction with the program is very high. A recent OPM survey showed 87% of vision insurance policyholders were, overall, satisfied with their FEDVIP plans, like 85% of those with dental coverage.
Until Next Time,
**Written by Benjamin Derge, Financial Planner. The information has been obtained from sources considered reliable but we do not guarantee that the foregoing material is accurate or complete. Any opinions are those of Benjamin Derge and not necessarily those of RJFS or Raymond James. Links are being provided for information purposes only. Expressions of opinion are as of this date and are subject to change without notice. Raymond James is not affiliated with and does not endorse, authorize, or sponsor any of the listed websites or their respective sponsors.
