Reg Jones, a long-time federal employee who retired from the Department of the Interior six years ago, is considering switching his health insurance plan from BCBS Standard (106) to GEHA High (313) in an effort to save money. As a former assistant director of the U.S. Office of Personnel Management and an expert in retirement and government affairs at Federal Times, Jones has been following the Federal Employees Health Benefits program closely for many years.
One of the key advantages of the FEHB program is that retirees have the ability to switch their health benefits plans every year during the annual Open Enrollment season, without penalty or hassle. In fact, according to NARFE, only a small percentage of retirees choose to enroll in Medicare Part B because they already have adequate coverage through their FEHB plan.
If you’re like Reg Jones and considering making a change to your health insurance plan, it’s important to do your research carefully before making any decisions. You may want to compare premiums and benefits offered by different plans and consult with your healthcare provider or financial advisor before making a final choice. And if you decide to switch back to your current plan later on, you can always do so during the next Open Enrollment season without any issues.