Federal employees and retirees will pay an average of 7.7% more on their health care premiums in 2024, a slight decrease from last year’s biggest price hike in a decade.
The government’s share of Federal Employees Health Benefits Program premiums will increase by an average of 5%, bringing the overall increase to 5.8%, according to the Office of Personnel Management. In 2023, feds were estimated to pay an average of 8.7% more on premiums than the previous year, and the overall average premium increase of 7.2% was the highest for the nation’s largest health insurance program since 2011.
On average, federal workers enrolled in “self-only” plans will pay an additional $8.05 per biweekly pay period, while feds in “self plus one” insurance plans will pay $16.73 more next year. Federal employees enrolled in family coverage will pay an average of $21.16 per pay period in 2024.