The Premium Rate Charts for the FEHB in 2023 Are Now Available

According to projections by the Office of Personnel Management (OPM), federal employees and retirees will have to contribute an additional 8.7 percent of their income toward their FEHB premiums by 2023.

This is much greater than in previous years, when FEHB healthcare plan premiums climbed by 3.8% in 2022, 4.9% in 2021, and 5.6% in 2020.

The average increase in the government’s portion of FEHB premiums for 2023 is 6.6%. The government covers 70% of employees’ total health insurance premiums. In 2023, the overall FEHB premiums for annuitants and non-postal workers will rise by 7.2%.

Enrollees in the FEHB should know that the average premium increase is 8.7%. Individual federal employees and retirees may pay more or less depending on the health plan selected.

Federal Benefits Open Season will start on November 14 and last until December 12, 2022. Federal employees and other qualified individuals have the chance to review their FEHB and vision/dental (FEDVIP) plan options and make changes. They can enroll for the upcoming benefit year that starts on January 1, 2023, during the annual open season.

OPM’s 2023 FEHB Premium Rate Charts

The OPM charts provide biweekly and monthly premiums, including total premiums, government payments, and changes in the enrollee’s share of the premium from the previous year. All FEHB plans allow enrollees to choose between the “Self Only,” “Self Plus One,” and “Self and Family” categories.

Note (USPS employees): Except for non-career USPS employees and as specified in a collective bargaining agreement, all Postal labor unions and management associations will share the same FEHB employer contribution rate in 2023. Career USPS employees who qualify for FEHB fall into the same rate category known as the “Premium Rate.” These premiums do not apply to USPS annuitants, non-career employees, or in cases where a collective bargaining agreement provides otherwise. Contact the USPS Human Resources Shared Service Center at 877-477-3273, option 5, or the Federal Relay Service at 800-877-8339 if you are a Postal Service employee and need help or have questions.

In some cases, the enrollee’s premium contribution for the Self Plus One enrollment type may be greater than that for the Self and Family enrollment type. Two enrollment options are available to participants who want to cover one eligible family member: Self and Family and Self Plus One.

The maximum biweekly government contribution for most employees and annuitants in 2023 is $259.72 for Self Only, $560.52 for Self Plus One, and $611.42 for Self and Family (72% of the weighted average). For Self Only, Self Plus One, and Self and Family, the maximum monthly government contribution (72% of the weighted average) is $562.73, $1,214.46, and $1,324.74, respectively.

For enrollments in Self Only, Self Plus One, and Self and Family with a government contribution in 2023, the biweekly program-wide weighted average premiums are $360.72, $778.50, and $849.19, respectively. For enrollments in Self Only, Self Plus One, and Self and Family with a government contribution, the monthly program-wide weighted average premiums are $781.56, $1,686.75, and $1,839.91, respectively.

2023 FEDVIP Premiums 

According to the OPM, the average dental plan premium will rise by 0.21% next year. In comparison, the average vision plan premium will fall by 0.41%.

Coming Soon: 2023 FEHB Plan Comparison Tools

OPM announced that its online 2023 FEHB plan comparison tool will be made accessible to enrollees in early November. It will include more detailed plan details.

Contact Information:
Email: mark.heinrich@grfci.com
Phone: 9187441333

Bio:
Mark, a lifelong Tulsan graduated from Westminster College, Fulton, Missouri with a Bachelor of Arts in Accounting. Mark served in the United States Army as a Captain in the 486th Civil Affairs BN. Broken Arrow, Oklahoma and retired in 1996. Mark is married to his high school sweetheart Jenny and has four beautiful children. Mark’s passion for his work, which includes over 20 years in the Financial Industry started as an Oklahoma State Bank Examiner. Mark examined banks throughout Oklahoma gaining a vast knowledge and experience on bank investments, small business and family investments. Mark’s experiences include being formally trained by UBS Wealth Management, a global investment firm where he served as a Financial Consultant specializing in Wealth Management for individuals & families. Mark is a licensed Series 24 and 28 General Securities Principal and an Introducing Broker Dealer Financial Operations Principal. Additionally, Mark is a Series 7 and 66 stockbroker and Investment Advisor focusing on market driven investments for individuals, businesses and their families.

Mark specializes in providing financial knowledge, ideas, and solutions for federal employees, individuals, families and businesses. We serve as your advocate, and assist you in the design and implementation of financial strategies while providing the ideas to maximize your security and wealth. Our goal is to give you maximum control of your financial future. We provide the expertise to help you with personal issues such as: practical tax Ideas, risk management, investment solutions, and estate preservation.

Additionally, we’ve counseled hundreds of employees on their transitions from careers in federal government, and private industry to their next life stage, whether that is retirement or a second career. We specialize in devising strategies that roll your TSP, 401(k), pension plan, to a suitable IRA to meet your objectives.

Disclosure:
Securities offered through GRF Capital Investors, Inc., 6506 South Lewis Avenue, Suite 160 Tulsa, OK 74136 Phone: 918-744-1333 Fax: 918-744-1564

Securities cleared through RBC Capital Markets, LLC. 60 South 6th St., Minneapolis, MN 55402

Member FINRA www.finra.org / SIPC www.sipc.org

Broker Check http://brokercheck.finra.org/

Free Retirement Benefits Analysis

Federal Retirement benefits are complex. Not having all of the right answers can cost you thousands of dollars a year in lost retirement income. Don’t risk going it alone. Request your complimentary benefit analysis today. Get more from your benefits.

I want more

Mark, a lifelong Tulsan graduated from Westminster College, Fulton, Missouri with a Bachelor of Arts in Accounting. Mark served in the United States Army as a Captain in the 486th Civil Affairs BN. Broken Arrow, Oklahoma and retired in 1996. Mark is married to his high school sweetheart Jenny and has four beautiful children. Mark's passion for his work, which includes over 20 years in the Financial Industry started as an Oklahoma State Bank Examiner. Mark examined banks throughout Oklahoma gaining a vast knowledge and experience on bank investments, small business and family investments. Mark’s experiences include being formally trained by UBS Wealth Management, a global investment firm where he served as a Financial Consultant specializing in Wealth Management for individuals & families. Mark is a licensed Series 24 and 28 General Securities Principal and an Introducing Broker Dealer Financial Operations Principal. Additionally, Mark is a Series 7 and 66 stockbroker and Investment Advisor focusing on market driven investments for individuals, businesses and their families. Mark specializes in providing financial knowledge, ideas, and solutions for federal employees, individuals, families and businesses. We serve as your advocate, and assist you in the design and implementation of financial strategies while providing the ideas to maximize your security and wealth. Our goal is to give you maximum control of your financial future. We provide the expertise to help you with personal issues such as: practical tax Ideas, risk management, investment solutions, and estate preservation. Additionally, we've counseled hundreds of employees on their transitions from careers in federal government, and private industry to their next life stage, whether that is retirement or a second career. We specialize in devising strategies that roll your TSP, 401(k), pension plan, to a suitable IRA to meet your objectives.

Federal Employee, Federal Employee Benefits, Federal Employee Retirement, Mark Heinrich, Retirement 0

FERs OPM Medical Retirement Short Memories

Are you a government employee with a disability? As federal and USPS workers, you need to preserve your financial future....

READ MORE
Federal Employee, Federal Employee Benefits, Federal Employee Retirement, Mark Heinrich, Retirement 0

FERS OPM Medical Retirement – The Zigzagging Life

Certain medical conditions and health issues develop with age and limit the efficiency of a person's working ability. Such medical...

READ MORE
Federal Employee, Federal Employee Benefits, Federal Employee Retirement, Mark Heinrich, Retirement 0

How To Use Your TSP When You Retire and The Options You Have

In the event of my retirement, what should I do with my Thrift Savings Plan (TSP)? The majority of inquiries...

READ MORE
Federal Employee, Federal Employee Benefits, Federal Employee Retirement, Mark Heinrich, Retirement 0

The Premium Rate Charts for the FEHB in 2023 Are Now Available

According to projections by the Office of Personnel Management (OPM), federal employees and retirees will have to contribute an additional...

READ MORE