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- Accelerate and Streamline for Better Customer Service
- Ask the CIO
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- One Step to the Cloud, Two Steps Toward Innovation
- Path to FDCCI Compliance
- Take Command of Your Mobility Initiative
Shows & Panels
Health, life insurance & a shrinking tax break
Wednesday - 10/24/2012, 2:00am EDT
Although the health insurance portion generates the most interest and action, there are other choices to make during the open-enrollment period. And some that you should review. One of the changes involves a reduced tax break in the Flexible Spending Account program.
So here's what's at issue:
- FEHBP Open Season. During the upcoming open-enrollment period, active
and retired feds, their survivors and, in some cases, adult children and ex-
spouses, can pick their 2013 health plans. Most people have dozens of choices
through national fee-for-service plans and managed-care health maintenance
The FEHBP covers nearly 9 million people from newborns to centenerians. Nobody can be rejected by a plan because of age, status, lifestyle or pre-existing conditions. Workers and retirees who are close to exhausting the catastrophic limits on one plan can, during the open season, switch to a new plan and start all over. During the open season, we will have a series of "best buy" columns for different groups of workers and retirees and a series of Your Turn radio shows (Wednesdays at 10 a.m.) featuring Consumer Checkbook's health expert Walton Francis and David Snell director of benefits for the National Active and Retired Federal Employees Association (NARFE).
- Flexible spending accounts. This year and in previous years, people
could enroll in Flexible Spending Accounts, having up to $5,000 (in pre-tax
dollars) taken out of their paychecks over the year. Since the FSAs are pre-tax,
that reduced your taxable income while letting you pay for uncovered medical fees,
services and prescriptions via the FSA account. Individuals could also set aside
$5,000 for child care in an FSA. Because of the Affordable Care Act, the $5,000
medical FSA limit will be reduced to $2,500 in January. The child-care FSA will
remain at $5,000.
- Dental and Vision Insurance. Feds who wish to sign up for or continue
with dental and vision insurance can do so during the open season.
- Long Term Care. The Federal Long Term Care Insurance program does not
have regular open seasons. But you can still sign up for the program anytime.
- Life Insurance. The popular Federal Employees Group Life Insurance Program does not have open seasons, unless premiums or benefits change. But workers can sign up for FEGLI anytime. For many, FEGLI is the best deal around. For some, it is the only way they can get affordable coverage. For others — especially young, healthy workers — there are other options like WAEPA. In some cases, WAEPA premiums can be much lower and policy-holders are eligible for rebates.
NEARLY USELESS FACTOID
By Jack Moore
The terms and conditions for online payment site PayPal runs 36,275 words — longer than Shakespeare's Hamlet. To read or not to read...
(Source: Daily Mail)
TSP mulls mutual-fund option
Just five months after the Thrift Savings Plan's new Roth option launched, the Federal Retirement Thrift Investment Board, which manages the TSP, is mulling whether to add a new offering to federal employees' (401)k-style retirement plan: a mutual fund window.
TSP contribution limit increases in 2013
Federal employees can contribute a maximum of $17,500 annually to their Thrift Savings Plan next year — up from the $17,000 limit this year, according to the IRS.
not happen, Obama says in final presidential debate
During Monday night's debate, President Barack Obama and Republican challenger Mitt Romney discussed their different approaches to cutting the budget, particularly in the area of military spending. Romney criticized the Obama administration for proposing cuts to the Pentagon's budget, particularly through sequestration. Obama said sequestration would not happen, and he would maintain military spending based on the needs of the Defense Department.
Customer satisfaction with e-government
Satisfaction with federal e-government sites remained high throughout most of 2012, according to a quarterly report from ForeSee and the American Customer Satisfaction Index. On a 100-point scale, customer satisfaction with federal websites now sits at 75.3.