Health Insurance premiums for employees covered under the Federal Employees Health Benefits (FEHB) Program will increase an overall average of 3.7 percent in 2014, the Office of Personnel Management (OPM) announced yesterday. The 2014 increase is slightly higher than the 3.4 percent average increase in 2013.
The FEHB program covers 8.2 million people who can choose from among more than 250 health plans. FEHB plans cover about 90 percent of all federal employees. According to OPM, FEHB is the largest employer-sponsored health benefits program in the U.S.
In releasing the new rates, OPM said that “for the third year in a row, OPM has kept the average premium increases for the FEHB Program under 4 percent.” OPM also advised there will be no significant benefit changes in 2014.
While premiums vary with each plan, enrollee’s average bi-weekly payments in 2013 will increase by $3.28 for self-only and by $7.90 for family plans. Premiums for specific plans will be available on the OPM website.
OPM also announced that the 2014 premiums for the Federal Employees Dental and Vision Insurance Program (FEDVIP) will increase less than one percent for dental coverage and will decrease by 1.3 percent for vision coverage.
The 2014 Open Season for health, dental and vision, and flexible spending accounts will start on November 11, 2013 and end on December 9, 2013. Open season allows federal employees and retirees to make changes to their plans for 2013 and eligible employees to enroll in the plan of their choice.