26, 2024 on ForYourBenefit, our host Bob Leins, CPA® welcomes back our original program guests Tammy Flanagan, NITP Senior Benefits Director, Karen Schaeffer, CFP®, Marc Levine, Esquire, and Tom O’Rourke, Counsel.

This is our final episode.  We have enjoyed our weekly conversations for the past 18 years.  Thank you to our loyal listeners for tuning in as we discussed topics ranging from benefits to finance to estate planning and everything in between.

Our guests gather today to share their memories, stories, and closing thoughts.  Join us as we reminisce about the years of hosting this radio program.  We hope you have learned a great deal over the years and encourage you to visit our website to stay in touch with NITP.

For questions or comments, email us in advance at ForYourBenefit@nitpinc.com

The post ForYourBenefit Farewell first appeared on Federal News Network.

February 5, 2024 on ForYourBenefit, our host Bob Leins, CPA® welcomes Brian Kurrus, CFP®.  The new year is a great time to review:

• Investment allocations and rebalancing needs
• Cash flow and budgeting for the new year
• Retirement contributions, plans and projections
• Insurance coverage, needs and premium changes

For questions or comments, email us in advance at ForYourBenefit@nitpinc.com

The post Finance Review for the New Year first appeared on Federal News Network.

January 29, 2024 on ForYourBenefit, our host Bob Leins, CPA®, welcomes Bob Braunstein, Federal Benefits Specialist.  Have you ever considered how much additional income your loved ones might need if you were suddenly gone?  Have you planned their survivor benefits?  Today’s program will focus on answering these questions:

• What types of Federal survivor benefits would go to your loved ones if you pass away?
• How can you be sure the benefits you have planned/elected for your survivors will be enough?
• If you have not elected benefits or designated specific beneficiaries, will your survivors be eligible for them anyway?
  • What survivor benefits must be elected?
  • Can you make these elections later or must they be in place before you pass away?
• Who ensures your survivors receive benefits?
  • What is your Federal agency’s responsibility?
  • OPM’s responsibility?
• Should survivor benefits be part of your financial plan?
• Are these benefits taxable?  Which are and which are not?

For questions or comments, email us in advance at ForYourBenefit@nitpinc.com

The post Survivor benefits: Their importance and how to ensure they are in place for your loved ones first appeared on Federal News Network.

What that means, he explained, is being ready and willing to adapt and grow into the opportunities that come a business’s way.

Circumstances will direct the path a business takes if the team is willing to capitalize on them, said Lynch, founder and managing partner of Lynch Consultants. “We evolved in a direction that we never really anticipated, but it’s ended up being a great path.”

For instance, not long after Lynch launched his management consultancy in 2011 and had a few partners, he expected the team would begin to acquire clients inside the Marine Corps and focus on providing financial management help given their backgrounds.

“We thought we would be much more heavily on the financial side,” he said. “We also thought that we were going to be much more heavily in the Navy and the Marine Corps — based on two of our partners who were retired lieutenant generals out of the Marine Corps. And I had just spent nine years at headquarters in the Marine Corps.”

Today, Lynch Consultants focuses on four service areas:

• Chief information officer advisory and IT strategy
• Finance and risk advisory
• Data analytics and strategy
• Program and project management

It has partners, mainly with experience working for or supporting the federal government, who drive the services of each focus area. “Each individual partnership has a different client base, has a different technical focus,” Lynch said.

During an interview for the American Society of Military Comptrollers’ The Business of Defense podcast on Federal News Network, we asked Lynch how he reset and Lynch Consultants took advantage — as he said — of the opportunities that came to it.

Know your value proposition

There are a couple of critical factors in having early success, Lynch said.

For starters, “you have to have a vision, you have to have a value proposition — go down kind of a geeky rabbit hole,” he said.

Second, be sure an agency or organization the business targets has the budget to hire the company: “The reality is the office has to have funds. They’ve got to have money. Now, you’ve narrowed the funnel.”

Finally, there needs to be a viable contract vehicle.

“And of the three, without question, the contract vehicle is the hardest piece, period,” Lynch said.

That means really knowing the ins and outs of federal procurement processes and regulations.

“You have to have a master’s in contracting,” he said with a little laugh. “There is no such thing as a master’s in contracting. But if you’re in the small business world, you need a Ph.D. in contracting, and you have to understand the contracting rules and processes better than anyone else — because you have to be able to navigate with ‘the bigs.’ ”

Just as Lynch Consultants was beginning its journey, the Marine Corps opted to begin doing most of its contracting through the Navy instead of through its Regional Contracting Office at Marine Corps Base Quantico.

That changed Lynch Consultants’ trajectory. It simply couldn’t compete against the much larger consulting companies that already had a foothold in the Navy, Lynch said.

Ultimately, the Navy did become one of its main customers, alongside the Defense Logistics Agency and the Health and Human Services Department. But it’s because the team began doing work in civilian agencies and adding partners with areas of expertise beyond finance, he said.

Lynch likes to joke that early on, he “couldn’t even spell FDA — no idea what it was.” But he then spent seven years working onsite at HHS’ Food and Drug Administration and gained insights that made him “a better consultant and makes the firm a better firm in terms of being able to promulgate good ideas,” he said.

Lean into your value proposition

Lynch also recommends that small businesses focus on one of two specific value propositions.

One approach? Become the “luminary thought leader” that provides government with specific technical guidance and perspective. That way, the government doesn’t necessarily need to hire a large company “to get access to really smart, informed people that can provide different perspectives,” he said.

There’s also a second value proposition “where small businesses really shine: the ol’, get ’er done,” Lynch said.

Unlike large companies, he explained, small businesses are driven to deliver on each specific objective for the assignments that they win. Big consulting companies often have other broad business objectives and might also not be local companies working in the same communities as nearby federal locations.

The result? “We are emotionally tied to our clients,” Lynch said, adding, “Our only leverage is our people and our performance — whether they’re the thought leaders in the industry or whether we can prove that we can turn a lot of wrenches better than anybody else.”

To listen to the full discussion between Patrick Lynch, Managing Partner of Lynch Consultants, and Rich Brady, CEO of ASMC, click the podcast play button below:

Discover other The Business of Defense podcasts here.

The post Want to make it as a federal consultant? Think about it like baseball first appeared on Federal News Network.

January 8, 2024 on ForYourBenefit, our host Bob Leins, CPA® welcomes Herb Casey, Federal Benefits Specialist.

Topics include:

Income

• COLA for FERS and CSRS retirees
• Salary pay raises & new locality rates

Social Security

• Maximum amount of earnings subject to Social Security tax
• COLA
• Earning limitations

FEHB Insurances

• Increased premiums
• 12 fewer plans

Medicare

• Rising premiums for Medicare
• Expansion of mental health coverage

Federal Long-Term Care Insurance Program

• Increasing premiums

Thrift Savings Plan (TSP)

• Contribution limits
• Secure 2.0 changes

For questions or comments, email us in advance at ForYourBenefit@nitpinc.com

The post Federal Benefits Updates for 2024 first appeared on Federal News Network.

January 1st, 2024 on ForYourBenefit, host Bob Leins, CPA® welcomes Marc Levine, Esquire, to talk about Health Care Directives.

• What is a Health Care Directive (and is it different from a Health Care Power of Attorney)?
• What should l look for in my Health Care Agent?  Why an advocate matters.
• What is the difference between my Health Care Directive and a Do Not Resuscitate?
• What is MOLST?
• Resources for health care decisions.
• What else does my health care directive do?
• How does my Health Care Directive interact with my Power of Attorney?

For questions or comments, email us in advance at ForYourBenefit@nitpinc.com

The post Health Care Directives first appeared on Federal News Network.

December 25th, 2023 on ForYourBenefit, host Bob Leins, CPA® welcomes Brian Kurrus, CFP®.   Our guest today will talk about cash flow planning and debt payoff strategies for Federal employees and retirees.

• How much of an emergency fund do you need?  How should you invest these assets?
• Which debt should you pay off first?
• What is the impact of higher interest rates on debt in general?
• Should you pay down your mortgage before retirement?
• What other cash flow changes might you have in retirement?

For questions or comments, email us in advance at ForYourBenefit@nitpinc.com

The post Cash Flow Planning and Debt Payoff Strategies first appeared on Federal News Network.

December 18, 2023 on ForYourBenefit, our host Bob Leins, CPA® welcomes Bob Braunstein, Federal Benefits Specialist.  Bob will talk about:

• The annuity calculation
• FEGLI 5-year rule
• Medicare’s different enrollment periods
• Long term care – What to consider while the Federal plan is suspended

For questions or comments, email us in advance at ForYourBenefit@nitpinc.com

The post Hot Topics in Federal Benefits first appeared on Federal News Network.

December 11, 2023 on ForYourBenefit, our host Bob Leins, CPA® welcomes Laurie Lee, Chief Financial Officer, WAEPA, and Daniel Eck, CFP®, Ernst & Young Personal Finance.

Today’s guests will discuss the importance of wellness at the intersection of finance and mental health.  They will also talk about the benefits of WAEPA’s partnership with EY and their Navigate program, making immediate progress on financial goals and positively impacting your future.

For questions or comments, email us in advance at ForYourBenefit@nitpinc.com

The post Wellness, Finance, and Mental Health with WAEPA first appeared on Federal News Network.

December 4, 2023 on ForYourBenefit, our host Bob Leins, CPA® welcomes Tammy Flanagan, Senior Benefits Director, NITP.

Have you procrastinated on your Open Season homework?  Don’t worry, there is still time.

Are you in the plan that matches your needs?  Price is not the only factor which is why this decision can be confusing.  During this program, Tammy will break this process down into simple steps everyone can take to review and select the best coverage for 2024.

Step 1: Review your current coverage and changes in your current plan for 2024.

Step 2: Did you have any significant healthcare events or issues in 2023?  Do you anticipate any changes in your healthcare needs in 2024?  Are you planning a move, a marriage, a milestone birthday?  Do you now qualify for Medicare?

Step 3: Use the www.opm.gov healthcare information and plan comparison tool and the Consumers’ CHECKBOOK Guide to Health Plans for Federal Employees to narrow down your options.  What are your Top 3?

Step 4:  Consider your need to continue or enroll in a FEDVIP dental and/or vision plan.  Evaluate cost along with value.

Step 5: Current Federal employees – it’s time to make your Flexible Spending Account election for 2024.

For questions or comments, email us in advance at ForYourBenefit@nitpinc.com

The post It’s the Last Week of Open Season – Steps to Take Now first appeared on Federal News Network.

November 27, 2023 on ForYourBenefit, host Bob Leins, CPA® welcomes Karen Schaeffer, CFP®, and Kaitlin Schaeffer Yardley, CFP®.

Karen and Kaitlin will talk about:

• The new and improved 529 plans
• Other strategies for meeting education costs
• Educating children about money

For questions or comments, email us in advance at ForYourBenefit@nitpinc.com

The post 529 Plans and Other Strategies for Paying for Education first appeared on Federal News Network.

November 20, 2023 on ForYourBenefit, our hosts Bob Leins, CPA®, and Tammy Flanagan, Senior Benefits Director NITP, welcome insurance expert and author Walton Francis and his colleague Kevin Moss to talk about FEHBP Open Season.  The Consumers’ CHECKBOOK Guide shows that most families can save $2,000 or more by selecting better plan choices.

Francis and Moss are the principal authors of both online and print versions of Consumers’ CHECKBOOK Guide to Health Plans for Federal Employees.  The Guide gives you vital insurance information that you cannot get from any other source.  It tells you how much money you can save by changing – or by staying in – your health insurance plan and summarizes thousands of facts about the plans to simplify your choice.

At the Guide’s website, www.guidetohealthplans.org, you can check to see if your agency has purchased access to the Guide for you.

It rates about 160 health insurance plans available to Federal employees and retirees, including about 20 national plans, and about 140 health maintenance organizations (HMOs) and other local plan options, including two dozen Consumer-Driven and High Deductible plan options. The Guide rates not only regular insurance plans open to both employees and annuitants, but also about 40 plans open only to annuitants on Medicare that provide special Medicare benefits, pay most or all of the Part B premium, or both.  Its ratings of plan costs take into account premiums, catastrophic limits, and estimates of likely out-of-pocket costs for medical expenses of every kind.

The Guide compares plans for insurance value in dealing with unforeseen medical expenses, not just for the routine costs you can predict.

It rates dental and vision plans as well. It provides dollar estimates of likely dental costs, taking into account both premiums and out-of-pocket expenses.  It compares dental coverage in all plans, not just stand-alone plans.

For questions or comments, email us in advance at ForYourBenefit@nitpinc.com

The post The Consumers’ CHECKBOOK Guide and FEHBP Open Season first appeared on Federal News Network.

November 13, 2023 on ForYourBenefit, host Bob Leins, CPA® and co-host Ray Kirk, Ph.D., Federal Benefits Specialist, NITP, welcome Jay Fritz, Program Manager, Outreach & Program Services, Healthcare and Insurance, U.S. Office of Personnel Management.

It is that time of year again for employees and annuitants to review their Open Season options, which include health plans, dental and vision plans, FSAs, etc.

Today’s discussion will include:

• Federal Open Season:  November 13 – December 11, 2023
• What programs participate in Open Season?
• How can I prioritize my Open Season shopping list?
• What options do I have?
• What if I do nothing?

Resources for further information:

• Visit: opm.gov/openseason
• Follow OPM on LinkedIn:  https://www.linkedin.com/company/opm/
• For Twitter News and Updates: https://twitter.com/usopm
• See your Human Resources Office

How do I make an Open Season election or change?

• Flexible Spending Accounts under FSAFEDS (employees only): FSAFEDS.com or call 1-877-FSAFEDS (372-3337) or TTY 1-866-353-8058.
• Dental or vision under FEDVIP:  Everyone – go to BENEFEDS.com or call 1-877-888-3337, TTY 1-877-889-5680.
• FEHB: Employees – use the Health Benefits Election Form (SF 2809) or use an online self-service system; your agency’s human resources office can help you.  Retirees – go to Open Season Online at https://retireefehb.opm.gov or call Open Season Express at 1-800-332-9798, TTY 1-855-887-4957.

For questions or comments, email us in advance at ForYourBenefit@nitpinc.com

The post Open Season Resources first appeared on Federal News Network.

November 6, 2023 on ForYourBenefit, host Bob Leins, CPA® and co-host Tammy Flanagan, Senior Benefits Director at NITP, Inc. welcome back Paula S. Jakub, RHU, CEO at The American Foreign Service Protective Association, sponsor of the Foreign Service Benefit Plan.

Today’s topic will focus on things to consider during Federal Open Season and how to get the most out of the health plan you choose.  Paula is a Subject Matter Expert in Federal Health Insurance and serves on the adjunct faculty of the Foreign Service Institute.  Paula will discuss:

FEHB PROGRAM

• OPM Initiatives and 2024 Benefits
  1. Obesity Treatment
  2. Infertility Treatment and Women’s Health
  3. Mental Health/Substance Use Disorder Support
  4. Gender Affirming Care
• Lifelong Health/Wellness and Support for Chronic Conditions
• Consider how you use health care
• Latest on Medicare, including the Federal Medicare Advantage Plans and NEW: Plans offering Medicare Prescription Drug Plan

FEDVIP

• Make sure you understand these supplemental plans

FSAFEDS

• Pre-tax reimbursement for eligible costs
• What is an eligible cost?
• Rules on carryover amounts

For questions or comments, email us in advance at ForYourBenefit@nitpinc.com

The post Choosing the Best Plan During Open Season first appeared on Federal News Network.

October 23, 2023 on ForYourBenefit, host Bob Leins, CPA® welcomes Herb Casey, Federal Retirement Specialist.

In retirement, some will decide to relocate to a different location or residence.  Maybe you want to live in a warmer climate or move closer to family.  Herb will discuss the main considerations and resources available in making this decision.

And if you plan to relocate, it’s important to manage the possessions you have collected over the years.  How do you determine what to keep?   Understanding the reasons why it may be necessary to downsize possessions and the steps necessary in the process will be discussed.

For questions or comments, email us in advance at ForYourBenefit@nitpinc.com

The post Relocating and Downsizing in Retirement first appeared on Federal News Network.