As federal employees and annuitants consider making changes to their health insurance options during this fall’s Open Season, it’s also a prudent time to consider the bigger picture too — by looking at options across the entire insurance landscape.

Although Open Season is an important opportunity for feds in any year, M. Shane Canfield, CEO of WAEPA, said the unpredictability of this year for many federal employees makes it all that much more critical for plan year 2026.

“With the uncertainty with federal jobs — the layoffs, the forks in the road — we highly encourage you now, as you’re looking at your whole budget and considering whether your health plan is appropriate for you, to loop in other insurance — and that would include life insurance,” Canfield said during Federal News Network’s 2026 Open Season Exchange.

Take stock across your financial landscape during Open Season

Since many federal insurance enrollees do use Open Season as an opportunity to take a broader look at their overall financial health options, it becomes a busy time of year for WAEPA, Canfield said. But unlike the sharply rising premium rates enrollees will face in 2026 for their health insurance costs, the price tag for life insurance is much smaller in comparison.

And beyond that, WAEPA also provides a return of 10% of insurance premiums back to the individuals who are enrolled in the program.

“We take that very seriously,” Canfield said. “The implications flow all through our business. We take a long-term view. We invest in the organization. We do earn revenue to run the program, but all of it inures back to the members.”

And looking beyond a federal career, Canfield emphasized that participants can take their insurance coverage with them, even if they ultimately exit the government’s rolls due to all the workforce changes from the last several months. Canfield said that’s relatively uncommon in the life insurance marketplace — and that it may be more important of a factor this year than ever before.

“If you leave federal service for any reason — retirement, RIFs, layoffs, or it’s just time for you to leave because you’ve had 30-plus years of service and you’re ready to do something new — you can take WAEPA with you,” Canfield said.

Added opportunities through WAEPA

Federal insurance participants also have the alternative option of enrolling in the federal government’s life insurance program, called the Federal Employees’ Group Life Insurance. But Canfield noted that there are some key differences between WAEPA and FEGLI to keep in mind this Open Season.

Through WAEPA, for instance, Canfield said that on top of the costs being generally lower, there are also some riders added onto the benefits. That includes an automatic benefit increase rider, as well as a chronic illness rider. The rider gives an early death benefit payout — of up to $125,000 per year — to people whose medical conditions would also trigger long-term care insurance benefits.

“This is what prudent financial management is all about with an insurance plan,” Canfield said. “We exist for one reason, and that is to provide life insurance for civilian federal employees.”

Additionally, federal enrollees can get access to a scholarship program through WAEPA, as well as a financial wellness program. The financial wellness program lets individuals establish a confidential relationship with a certified financial planner, at no additional cost.

“We encourage people, even if you don’t want to buy the life insurance, join WAEPA,” Canfield said. “You don’t have to buy the life insurance to join and take advantage of this. And now is a great time, with all the uncertainty in the markets and the work environment.”

Discover more articles and videos now on our 2026 Open Season Exchange event page.

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