Welcome to this presentation about your federal benefits. Today, we are going to review two aspects of the federal benefits: the FEGLI life insurance and your spouse survivor benefits. While overall the federal benefits package is an excellent program, it does have some cost considerations, especially as you get older and into retirement. Today, we will take a closer look at those considerations. Let's take a closer look at your FEGLI life insurance program and the five options available to you. The basic coverage is required to be able to participate in the FEGLI optional benefits. Throughout this presentation, we will use an example of a federal employee with an annual wage of $76,500. Under the basic coverage, this worker would have a total of $79,000 in coverage. His wage of $76,500 rounded up to the nearest $1000, plus $2000, equals $79,000. The cost for this benefit would be $11.85 biweekly. You pay two-thirds of the premium, and the federal government pays one-third, unless you are a postal employee, in which case all the premium is paid by the postal service. Your basic coverage amount increases until age 65, and at that time, the coverage amount reduces by 75%, unless you choose the option to pay the increasing premium. The premium increase to maintain the full coverage amount is approximately 400% at your retirement. This is the first major coverage consideration. Your coverage will either have to decrease by 75% or your premiums will increase over 400% to keep the full coverage level. Being aware of these future changes early in your career and exploring your options could save you thousands of dollars in future premiums into your retirement. The next benefit option is the extra benefit, and it is automatically included if you are enrolled in the basic insurance plan. The coverage amount is...
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Fehb survivor benefits Form: What You Should Know
If you have online access to information (i.e., a Web browser), you can click here. You can type in the OPM name and the site will ask you to log in. Then you will be brought to the application for a survivor annuity. Click on that link and read about how to fill out this application. The death benefit is not payable to one who is not entitled to the death benefit. This information was published in Vol. 3, No. 5 of the Vol. 34, No. 11 [PDF], July 8, 2011. I am interested in receiving emails regarding this topic, so please subscribe to This e-mail address is being protected from spam bots.
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