The Office of Personnel Management (OPM) has released the 2024 FEHB premiums for the Federal Employee Health Benefits Program (FEHB) and the Federal Employees Dental and Vision Insurance Program (FEDVIP).
The total average increase for the enrollees’ share of the 2024 FEHB premiums for current non-postal federal employees and federal retirees will be 7.7% next year. In 2023, the overall average premium increase was 8.7%.
The total average increase for the 2024 FEHB premiums will be 5.8%. In 2023, it was 7.2%.
The percentage increases for the federal employees’ share of 2024 FEHB premiums are as follows:
| Enrollment Type | Local Plans | National Plans | Total |
| Self | 11.5% | 6.6% | 7.3% |
| Self+1 | 10.7% | 6.6% | 7.0% |
| Family | 12.9% | 7.5% | 8.3% |
| Total | 12.1% | 7.0% | 7.7% |
Dollar amounts of the average bi-weekly premiums for enrollees’ share of the 2024 FEHB premiums are as follows:
| Enrollment Type | Local Plans | National Plans | Total |
| Self | $13.67 | $7.15 | $8.05 |
| Self+1 | $23.61 | $16.03 | $16.73 |
| Family | $31.33 | $19.34 | $21.16 |
| Total | $21.23 | $12.78 | $13.92 |
“National Plans” include nationwide open-to-all plans as well as association benefit plans.
These charts show the 2024 premiums weighted by the 2023 Enrollment. The percentage increase is computed by comparing the 2024 premiums to the 2023 premiums, weighted by the 2023 Enrollment.
The full listing of FEHB premiums is available on OPM’s website.
For 2024, the FEHB Program has 68 participating carriers offering a total of 158 plan choices (in 2023, there were 271). The reduction in health plan choices is attributed mainly to the exit of one carrier, Humana, from the FEHB Program. Humana is exiting the Employer Group Commercial Medical Products business, which includes all fully insured, self-funded and Federal Employee Health Benefits medical plans, over the next 18 to 24 months.
According to OPM, FEHB carriers will be offering the following enhanced benefits in 2024 health plans in these areas:
- Comprehensive coverage of FDA-approved anti-obesity medication
- Improving access to mental health and substance use disorder services, including telehealth and tele mental health at low or no cost sharing
- Addressing inequalities in maternal health, including adopting the Hear Her Campaign, expanding coverage and services in support of prenatal and postpartum care by including childbirth education classes, group prenatal care, home visiting programs or home health care during pregnancy and postpartum, and care management for high-risk pregnancies
- Providing options for assisted reproductive technology (ART). All Carriers will cover artificial insemination (AI) procedures (intrauterine insemination (IUI), intracervical insemination (ICI), and intravaginal insemination (IVI)) and specific AI drugs listed on the plan’s formulary, and all Carriers will cover specific IVF drugs listed on the plan’s formulary for three cycles annually
- Expanding access to gender affirming care for transgender and gender diverse individuals
2024 Federal Employees Dental and Vision Insurance Program (FEDVIP) Premiums
For the Federal Employees Dental and Vision Insurance Program (FEDVIP), the overall average premium for dental plans will increase by 1.4% in 2024, and the overall average premium for vision plans will increase by 1.1%.
The full listing of 2024 FEDVIP premiums is available on OPM’s website.
For 2024, FEDVIP has twelve dental carriers to provide 23 dental plan options across the Program. Seven dental carriers offer 14 nationwide dental plan options available to all potential enrollees. Five vision carriers provide 10 nationwide vision plan options available to all potential enrollees.
What About the 2024 COLA and 2024 Federal Pay Raise?
FedSmith readers often want to know how FEHB premium increases for their health benefits will compare to their COLA (for federal retirees) or pay raise (for current federal employees).
Current federal employees are likely to get a 5.2% average pay raise in 2024. This became the likely final raise amount when President Biden issued his alternative pay plan letter for a 2024 federal pay raise. However, this will not be 100% finalized until he issues an executive order finalizing the 2024 federal pay raise. This usually occurs sometime in December. FedSmith will provide all of the details as soon as the 2024 pay raise is finalized.
The 2024 COLA for federal retirees has not yet been announced, but it will be released in mid October when the latest inflation data become available. FedSmith will be publishing an article with the 2024 COLA amount as soon as it is available. As of the August 2023 inflation report, one estimate predicted next year’s COLA to be around 3%.
It is important to remember that the annual federal pay raise and the COLA are not the same thing. The cost of living adjustment (COLA) only applies to federal retirees, whereas the pay raise applies to current federal employees. Both are calculated differently as well. Many people often get the two confused based on comments and questions we receive which is understandable given their complexity .
When is the Federal Benefits Open Season?
The 2023 Federal Benefits Open Season will be held from November 13 through December 11, 2023. During this time, federal employees, annuitants, and other eligible individuals have the opportunity to review their FEHB and FEDVIP plan options, make changes, and enroll for the upcoming benefit year that begins January 1, 2024.
