Staying the course

USPS reported mixed results for fiscal year 2021, but fully enacting the Delivering for America plan will help put the organization back in the black, Chief Financial Officer Joe Corbett says in his latest “Dollars and Change” video.

For fiscal year 2021 (Oct. 1, 2020-Sept. 30, 2021), total revenue was $77.1 billion, with total expenses of $82 billion. This resulted in an adjusted net loss of $6.9 billion (excluding a $2 billion noncash adjustment to the workers’ compensation liability), a slight improvement over 2020.

Marketing mail volume increased 3.4 percent, with a 4.9 percent increase in revenue, largely fueled by election and political mail.

Shipping and package revenue grew 12.2 percent and volume grew 3.5 percent, the result of price increases, a change in the mix of products and the continuing popularity of e-commerce.

However, the Postal Service’s most profitable product, First-Class Mail, continued its downward trajectory, with volume falling 3.7 percent and revenue declining 2.1 percent.

Income was also affected by compensation and benefits expenses, which rose 2.8 percent, and the cost of transportation, which increased 9.5 percent.

Still, Corbett says he’s confident about the future and stressed the importance of staying the course with the Delivering for America plan.

“By implementing this 10-year plan in full, we expect to operate in a financially self-sustaining manner within the next several years, while continuing to fulfill our universal service mission,” he says.

Health care ABCs

Do you know the difference between a deductible and a copayment?

If you don’t, you’re not alone. Many people are confused by health insurance terminology.

To help you navigate your way through this year’s open season benefits enrollment period, here are some important definitions:

Deductible: The amount you pay for covered health care services before your health plan starts to pay. You can find the amount, and how much you’ve paid toward it, through your health insurance plan’s web portal.

High-deductible health plan: A plan with a higher deductible than a traditional insurance plan, but usually with lower monthly premiums and a health savings account.

Copayment: A fixed amount paid for certain covered health care services.

Coinsurance: Similar to a copayment but refers to a percentage paid for some covered health care services rather than a fixed amount paid.

Flexible spending account: An account set up to pay for out-of-pocket medical or dependent care expenses on a pretax basis.

Preventive services: Routine health care that includes screenings, patient counseling and vaccinations, such as flu shots. Preventive services are covered at 100 percent under your health plan if you go to an in-network provider.

The Open Season LiteBlue page has additional information to help you better understand your plan options, including a link to a comparison tool from checkbook’s Guide to Health Plans for Federal Employees.

Open season concludes Monday, Dec. 13.

Delivery data

“News Quiz” is a weekly feature that lets you test your knowledge of recent Link stories. The correct answers appear at the end.

1. How many packages does the Postal Service expect to deliver this holiday season?

a) 800-900 million
b) 825-925 million
c) 850-950 million
d) 875-975 million

2. President Joe Biden recently announced his intention to nominate which two individuals to the USPS Board of Governors?

a) Ron A. Bloom, John M. Barger
b) John M. Barger, Derek T. Kan
c) Derek T. Kan, Daniel M. Tangherlini
d) Daniel M. Tangherlini, William D. Zollars

3. Fill in the blank: Through the (blank) program, the Postal Service’s Executive and Administrative Schedule employees can help promote the organization on social media.

a) USPS Ambassadors
b) USPS Angels
c) USPS Social Stars
d) USPS Zone

4. Where does Angela Hampton, the letter carrier who recently appeared on “Sesame Street,” work?

a) Cattaraugus, NY
b) Jackson Heights, NY
c) Manhattanville, NY
d) Rochester, NY

5. True or false: The maximum size for a First-Class Package Service-Retail parcel is 108 inches in length and thickness.

a) True
b) False

Answers: 1) c. 2) c. 3) d. 4) c. 5) a.

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