September 14

All About FERS- What is FEHB?

FEHB

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Hi, my name is Mike Lanway, I'm a financial planner. I'm an expert in federal employee benefits, and I'm here to help you decide what you need to do to make best use of those benefits to your advantage. 

FEHB- Federal Employees Health Benefits. Some people could have "P" on the end of it, you might see it on your pay statement. It might say "FEHBP," Federal Employee Health Benefit Plan. I don't know how it looks like on your statement, some people have the P and some people don't, but I just want you to realize that's your health insurance. 

Your health insurance is in a program of health insurance plans, it's a program. FEHB is not your health insurance, it's the program that offers you a choice of health insurance plans. I want you to realize that and be able to anticipate what's called FEBH Open Season, at the middle of November through the middle of December. This is your opportunity to decide, 

'What kind of healthcare does my family need or what kind of healthcare do I need for the next calendar year? Do I need a health plan that gets me to see the doctor a lot with low co-payments, or do I need to have some things done where I want to make sure I control my out of pocket costs?'

So whatever you would need for your health insurance during the next calendar year, you've got a lot of choices to choose from during open season, and all those choices are contained in the program called FEHB, your Federal Employee Health Benefit Plan. The plan you choose is up to you. The program is FEHB. 

"FEHB is not your health insurance, it's the program that offers you a choice of health insurance plans."

We hope you enjoyed our video series on the different components of your retirement and your benefits. If you want to see more, learn more at your own pace, use our annual benefit statement. You'll see the link at the bottom and within the description. Go there, take a look at it, we think you'll be happy with what you see and and that it's going to help you.

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