The Formynder Field Manual

From the Field

It’s Fall! You know what that means? Well, yes…football too. But this is a financial newsletter. It means end of the year financial planning begins! What is end of the year financial planning? It involves preparation for many of the giving, tax, and healthcare decisions that often have deadlines landing anywhere between November 1st and December 31st.

In this edition of the Formynder Field Notes, we’ll work our way through open enrollment season for healthcare plans. Whether you are on TRICARE or another workplace plan, you may need nothing more than a review of your current options, but you could also have some major changes to consider. We’ll go through a few important ones.

Feel Good Moment

Before we get into healthcare, if you’ve been reading this newsletter for any length of time, you know that I like to keep the important things up front and personal. I do this by sharing events in my life with you, ones that bring me joy and contentment and demonstrate the very life planning I do with my clients. This month, I had a chance to reunite with 3 friends and fellow Marines at an Auburn homecoming football game! The four of us all attended Auburn University, spanning 2005-2009, all participating in the Marine Enlisted Commissioning Education Program. We’ve been in a text group since 2009 and have run across each other in the Marine Corps from time-to-time, but have never stepped on campus together since we graduated. 16 years later, we all spent the day together watching Auburn fly to victory over South Alabama, 31-15! Yes, I am holding a roll of toilet paper... Read why, here.

What's the fee deal?

I promise that I will not use this newsletter to sell you on becoming a client. I do have some big news in the world of how I charge for services, however, that I am really excited to share, if you or someone you know was ever curious about how much it might cost to work with a financial planner. If you are a client, you've already heard about this, but I have officially changed the way I charge for financial planning. I am now not just fee-only, but I am also flat-fee!

What does this mean, fee-only and flat-fee? It means that not only do I not earn any commission or referral fees, I also do not charge for investment management! It is one, flat fee that the client pays directly which is based on the complexity of their unique situation.

If you’ve been curious about how much financial planning might cost or if you know someone who may be interested in this straightforward fee model, I have a fee estimator on the Formynder Wealth Management, Services & Prices page.

Monthly Focus

Alright, let's dig into healthcare open enrollment season! Every Fall, the calendar fills up with school schedules, settling PCS transitions, and maybe the first hints of cooler weather. But tucked between Halloween candy runs and football games is something that can have a big impact on your finances and your healthcare: open enrollment.

For military families, retirees, and federal employees, this short season is the primary window to review or change your health coverage, dental and vision plans, and flexible spending accounts. Yes, there are other opportunities throughout the year if you experience a qualifying life event (QLE) such as PCS orders, marriage, divorce, the birth of a child, or retirement. But outside of a QLE, this is the one time of year to make your adjustments. Even if nothing has changed in your life, this is the one time of year to ask: Do I still have the right healthcare plan and benefits for me and my family?

Open Enrollment at a Glance

Here’s a quick cheat sheet on various open enrollments:

TRICARE: November 10 – December 9
FEDVIP: November 10 - December 8
FEHB: Mid-November – Mid-December (dates not released yet)
Medicare: October 15 – December 7
Employer Plans: Vary, but usually sometime in the Fall

Any changes you make or don't make, usually take effect January 1st of the following year.

Military Family Considerations

TRICARE is the cornerstone for most military families and retirees, but it isn’t one-size-fits-all. A few things worth (re)visiting this year:

TRICARE Prime vs. Select: This is a balance of cost and flexibility. Prime often means lower out-of-pocket costs, but less provider flexibility. Select allows more choice, but cost-shares and deductibles can add up. While Prime is required for the active duty member, it is not required for their family.
TRICARE Dental & Vision: For active duty families, this is worth checking, especially if you’ve been paying out-of-pocket for routine dental cleanings or new glasses.
TRICARE Young Adult (TYA): If you have an adult child, they can have their own coverage, either Prime or Select, from age 21 until age 26. They are allowed to remain on your coverage until age 23 if they are enrolled in college. TYA can be a cost effective option for a young adult with no other workplace benefit options. Remember that if they do have a workplace option, they are not eligible for TYA.

Retired-ish

For those who've retired from the military, but haven't turned 65 yet, your coverage choice changes slightly.

TRICARE Prime vs. Select: Coverage comes down to the same balance of cost and flexibility, but now everyone can choose, including the military retiree.
FEDVIP: You are able to elect into and adjust both Dental and Vision coverage for the retiree and their family through BENEFEDS.

Retired Retired

When you turn 65, you must enroll in Medicare Parts A & B and pay Medicare premiums to be eligible for TRICARE for Life.

TRICARE for Life – Between TFL and Medicare, you'll have have decent coverage all around. Be sure to note that you are paying Medicare premiums and subject to the Income Related Monthly Adjustment Amount (IRMAA) surcharges that come with higher MAGI, just like everyone else. You likely won't, however, have to sign up for Medicare Part D - prescriptions, given that you have access to coverage through TFL that is usually better than Medicare.

So. Much. TRICARE.

Unfortunately, this would be a book and not a newsletter if I tried to summarize all of TRICARE. So for that, I would redirect your attention to the primary source, to explore the plans and benefits that are appropriate for you at whatever stage of life you are currently in. You can check out TRICARE benefits, here.

Having Other Insurance

It's important to note some of the nuances with having secondary coverage. This is most common among dual-working spouses, where one spouse has a plan other than TRICARE. While active duty, the member must be on TRICARE while the spouse has a choice. When retired, the retiree and spouse can participate in TRICARE and any secondary insurance plan. It is possible to be over insured whereas you may have significantly overlapping coverage. But if you find that where a civilian plan doesn't cover, TRICARE will, this could also be a significant cost savings.

Unfortunately, while most healthcare websites have comparison tools focused on their own plan options, few tools exists to help you compare and create the most ideal healthcare coverage among multiple health plans. In these case, I recommend a trusty Excel/Sheets page!

Last note on this, and many people who have TRICARE miss this. If you are eligible for TRICARE, you cannot have a health savings account (HSA). TRICARE is not a high-deductible health plan and therefore does not qualify. If you've been saving away in an HSA because you heard about the triple tax benefits, you can undo this, but you may want to reach out to a finance or tax professional for help.

Federal Employee?

The Federal Employees Health Benefits (FEHB) Program is the health insurance program available to federal civilian employees and retirees. It offers dozens of plan options across the country, including:

Fee-for-Service (FFS) Plans: e.g. Blue Cross Blue Shield, GEHA. Broad nationwide coverage, no need for a primary care manager.
Health Maintenance Organizations (HMOs): e.g. Kaiser Permanente. Usually lower cost if you stay in-network, but very limited outside the service area.
High Deductible Health Plans (HDHPs): Pair with a Health Savings Account (HSA). Lower premiums, higher deductibles, good for people who don’t need frequent care and want to save tax-free. Just remember, if you are eligible for TRICARE, you cannot have an HSA.
Consumer-Driven Health Plans (CDHPs): Similar to HDHPs, but structured with a health reimbursement account (HRA). As someone eligible for TRICARE, you can participate in an HRA.

Every FEHB plan has different premiums, provider networks, and prescription coverage. The OPM plan comparison tool is the best way to shop them side-by-side.

Three plans???

Here’s where it gets interesting for military retirees who join the federal workforce and then turn 65. You can carry both FEHB and TRICARE into retirement with Medicare. You must have been enrolled in FEHB for the five years leading up to retirement (or since your first eligible opportunity). Once retired, you’ll pay premiums for FEHB (just like a federal retiree without military service) and have lifetime TRICARE eligibility with Medicare.

When you turn 65 and must enroll in Medicare Parts A & B/TFL, you have the option to choose to either continue with your FEHB coverage and TFL or suspend your FEHB - not cancel it. Suspending FEHB keeps the option to return later if needed. For example, you may find that Medicare/TFL suddenly doesn't cover a needed area of care. If your plan through FEHB fills the gap, you can turn it back on and now you're covered. This is a pretty unique and cool opportunity.

Again, this all could lead to over-coverage so be sure to do the comparisons so that you are balancing premiums, out-of-pocket costs, and coordination headaches with the appropriate coverage for you.

A Quick Word on FSAs

While most of us think about open enrollment as “pick a health plan and move on,” there are two other elections worth your attention: the Health Care Flexible Spending Account (HCFSA) and the Dependent Care Flexible Spending Account (DCFSA).

Think of these as little tax shelters for everyday expenses. You put money in before taxes, then spend it on things you’d already be paying for anyway.

HCFSA: Covers medical gaps like copays, orthodontics, prescriptions, and glasses. The estimated contribution limit in 2026 is $3,400, with a rollover option of up to $680 if you re-enroll.
DCFSA: Helps with daycare, preschool, summer camps, or elder care. The big change in 2026 is the increased limit to $7,500 per household, but no rollover.
Eligibility: Active duty and federal civilians can enroll. Retirees only if re-employed in a federal role that offers FSAs.

If you have braces, glasses, or consistent child care costs, these can stretch your paycheck further. Just be conservative in your allocation given that there is little or no rollovers for these FSAs. It's better to slightly underfund than lose money at year’s end.

Field Tips

Like wearing compression pants under those cammies (yup, that's a thing), here are some helpful questions to help guide you this enrollment season:

✅ Did your health needs (or your family’s) change this year?

✅ Are your doctors still in-network under TRICARE, FEHB, or your employer plan?

✅ Are you paying premiums for coverage you don’t use?

✅ Are you paying more out-of-pocket costs than you want?

✅ Could an FSA help with predictable expenses?

✅ What would multiple plan coverage look like and is it best for me and my family?

Where Else Am I?

Check out my latest article: "Rolling Out of the Military: Do I Have to Roll Out of the TSP?"

I post educational content to the socials below regularly. I'd love for you to follow and share!

Last words - I can't say anything about what's coming, but I can tell you that there is some big news in next month's newsletter. I know, I know. New fees wasn't enough?! Nope. There's more.

Have any specific topics you'd like me to write about?

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