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When was the last time you really shopped for your health, dental, or vision plan?
When was the last time you really shopped for your health, dental or vision plan?
If you’re like the overwhelming majority of feds, the answer is probably, “When I first got hired.”
On this episode of Fed Thread, Kevin Moss, director of decision support and consumer outreach at Consumers’ Checkbook, explains why he’s concerned that only 5% of federal employees switch health plans during Open Season.
Many feds unintentionally spend hundreds or even thousands of dollars more than necessary each year, he told me, simply because they renew the same coverage over and over without reevaluating their needs and the plans that may be better for them.
Start with total cost—not just premiums.
One of the biggest misconceptions Moss highlights is the belief that paying a higher premium automatically means you’re getting better insurance.
To challenge that myth, he offers a practical checklist every fed could use today: first evaluate your total estimated yearly cost, then narrow your plan options based on whether they cover your doctors, your prescriptions, and any specialized benefits you care about (like IVF or a GLP-1 coverage, etc.), and finally the “nice-to-have” extras like gym memberships and wellness incentives.
That order matters more than most people realize, and it provides an easy-to-follow framework for the fed who’s tempted to auto-renew last year’s elections.
The five-year rule could change your retirement plans.
Another red flag Moss waved is one you may not realize until it’s too late: if you’ve been relying on a spouse’s employer-sponsored health insurance, you could jeopardize one of the government’s most valuable benefits—retiree health coverage.
To carry FEHB into retirement, even if you’ve had a long federal career, you generally must be enrolled in an FEHB plan for the five consecutive years right before retiring. Miss that window, and your retirement timeline (or your healthcare strategy) may need to change.
The benefit too many feds ignore.
Another mission of Moss’s is to convince every eligible federal employee to take another look at Flexible Spending Accounts (FSA) and Health Savings Accounts (HSA).
Whether it’s potentially saving around 30 percent through pre-tax healthcare dollars or building long-term savings inside an HSA that can continue growing year after year, he believes these accounts remain some of the most underutilized financial tools available to federal employees.
Don’t just put it on autopilot.
The biggest message I took away wasn’t that everyone should switch health plans; it was that everyone should give their current coverage a fresh look every Open Season. Because while Open Season can feel like tedious paperwork and confusing plan comparisons, it’s also one of the few opportunities each year to make sure your coverage still matches your life, your health, and your budget.
Moss offers practical strategies, little-known rules, and money-saving opportunities you won’t want to miss. And if you’ve never considered whether you’re overinsured, or if you’ve dismissed high-deductible health plans without taking a closer look, you should catch the full conversation.
Catch more conversations on podcast platforms, YouTube or on the Fed Thread hub page.
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