Decoding your Federal Benefits

Decoding Your Federal Benefits

Breakout Session #2 Decoding Your Federal Benefits was a highlight of NEXTGEN 2014. The session turned the process of thumbing through that benefits packet on your first week of Federal service and changing benefits each ‘Open Season’ on its head.

The session focused on the fundamentals, and need to know information, such as benefit terms, the differences between HMOs and PPOs, and what insurance plans can be optimally leveraged by young government workers.

The Federal Government is not only recruiting young talent with one of the most comprehensive benefits packages (visit www.Opm.gov/insure) in the marketplace (paying 70% of employee premiums); now the Federal government wants to change the way you use your health benefits.

The phases ‘preventive healthcare’ and ‘wellness programs’ have reshaped how the Federal community is approaching healthcare. Health and wellness programs now pay you to stay healthy. Insurance companies have incentive programs designed around nutrition counseling, tobacco cessation, health assessments, biometric screenings, and health incentive credits which allow the insured workers to obtain health swag (i.e. water bottles, heart rate monitors, etc.)!

It does not end there…. Federal insurance plans now offer DISCOUNTS on gym memberships. The Federal government wants to ensure that its workforce have the tools to maintain and improve their health, and the health of their families to become Healthier Americans (OPM’s Strategy for Healthier Americans).

Session attendees also explored the impacts of the Affordable Care Act (ACA), FEDVIP, FSAFEDS, and Long Term Care. Most importantly session attendees left prepared for Open Season 2014, and how to make the most of their Federal benefits through retirement. Decoding the myths and exposing the truth about what you are benefiting from as a Federal Employee!