Open enrollment for new health insurance policy this week

The government announced yesterday that active employees and retired members of the pension agency have until Friday this week to decide whether or not they want to avail of the new insurance policy offered by Aetna Global.
The 2014 plan offers two health policies: the low option plan and high option plan. The main difference between the two is the amount of premium charged and whether provider coverage in U.S. is included in the plan. The low option does not include U.S. providers in its network and premiums are about 20 percent to 21 percent lesser than the high option.

An active employee’s premium under the low option plan is $97.70 for single; $201.71 for couple; and $314.70 for family category. For those who select the high option plan, the premium is $123.65 for single; $253.48 for couple; and $395.67 for family. Aetna sets a deductible of $500 for single, $1,000 for couple, and $1,500 for family.

Retirees who select the low-option plan will pay a premium of $105.84 for single; $218.53 for couple; and $341.11 for family. The government’s share under the high-option plan is $133.95 for single retiree; $274.60 for couple; and $428.64 for family category. Deductibles are also similar to active employees, which is $500 for single, $1,000 for couple, and $1,500 for family.

According to the government, retirees’ premium appear higher than active employees’ premium due to lesser pay periods—24 pay periods for retirees against 26 pay periods for active employees.

Members were reminded yesterday that if they are already enrolled in the group health program, they are automatically defaulted to the low-option plan.

However, if members wish to change coverage from low option to high option, they need to fill out an enrollment form indicating the change.

During open enrolment, “active government employees and retirees currently enrolled” in the plan will have the following opportunities:

– First, an employee not currently covered by Aetna may apply for coverage for him/herself and dependent(s).

– Secondly, if they are currently enrolled, are covered, and desire to make changes, members may change “plan coverage” to add or remove dependent(s).

– Third, retirees currently enrolled in the plan may make changes.

For members who are currently covered by Aetna policy and who do not wish to make any changes in the coverage, they are not required to re-enroll because coverage will automatically continue.

However, if members are currently covered by Aetna and want to terminate coverage, they must complete an enrollment/waiver/change request form or else coverage will automatically continue for them.

The government indicated that the new premiums should be reflected on employees’ paycheck for the pay period ending March 8, 2014, while the same will be reflected on retirees’ pension checks starting on the pay period ending March 15, 2014.

Approved enrollments and changes selected during the open enrollment will take effect on March 1, 2014.