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This year’s Federal Benefits Open Season is Nov. 14 through Dec. 12, and federal employees could leave valuable savings on the table by not enrolling in a benefit available to them.
Fewer than 20 percent of employees across agencies utilize the Federal Flexible Spending Account Program (FSAFEDS), according to the Office of Personnel Management (OPM). This program allows federal employees to set aside an annual pre-tax amount they anticipate spending for out-of-pocket health, dental and vision expenses, and dependent care. Open Season is the one time of year employees may elect to make pre-tax contributions to health care and/or dependent care flexible spending accounts under the FSAFEDS.
FSAs can be used to purchase a wide range of items—including masks, hand sanitizing wipes and cold season essentials like pain relievers, allergy medicine and cough drops.
Watch for more information on open season as we get closer to Nov. 14. NTEU members will again have free access to the Consumers’ Checkbook Online Guide to Health Plans for Federal Employees and Annuitants. This online tool helps you choose the right health care plan by comparing costs, looking at quality ratings, and examining flexibility on issues like choice of doctors.
Read more from OPM here.