The Biden administration will soon begin accepting applications from health insurance companies to be a part of the new exchange exclusively for U.S. Postal Service employees and retirees, according to an interim rule published Thursday, which will cost $100 million to stand up.
The Office of Personnel Management’s rule follows a requirement in the 2022 Postal Service Reform Act that USPS workers enroll in postal-specific plans as part of a health benefit network designed specifically for the mailing agency. OPM will run the exchange as part of the larger Federal Employees Health Benefit Program, but starting in 2025 postal employees and retirees will no longer be eligible for those government-wide plans.
Non-postal federal employees will see slightly lower premiums as a result of the change, OPM predicted, as older postal employees are shifted out of the risk pool. Postal workers’ premiums will also likely tick down, as newly eligible retirees will face a requirement to make Medicare Part B their primary coverage. Plans for current employees will become younger and cheaper to cover.
Over the next 10 years, Medicare premiums are expected to absorb about $9 billion in costs as a result of more postal retirees joining the program. About 75% of current Medicare-eligible postal retirees are enrolled in it, but starting in 2025 those who newly become eligible will face a requirement to sign up. Retirees who remain enrolled in their USPS-sponsored care in addition to Medicare...
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