PERMISS

Federal Employees' Group Life Insurance (FEGLI) Program; Premium Changes and Open Season

The Office of Personnel Management (OPM) is announcing an upcoming FEGLI Open Season and changes in premium rates for certain Federal Employees' Group Insurance (FEGLI) categories.

The FEGLI Open Season will be held from 1 September 2016 through 30 September 2016. The effective date for employees in an active pay status who make the FEGLI Open Season election will be delayed one full year to 1 October 2017, subject to FEGLI law and regulation, including applicable pay and duty status requirements.

As a reminder, annuitants can never increase their FEGLI coverage, even during a FEGLI Open Season; employees and annuitants can reduce or cancel FEGLI at any time; and enrollees who are satisfied with their current FEGLI coverage do not need to make any elections during the FEGLI Open Season.

Premium rates for Basic Employee insurance will not change at this time. The changes to premium rates for Option A (most age bands), Option B (most age bands), and Option C (most age bands) will decrease. Premium rates for Post-Retirement Basic Insurance with 50% Reduction and No Reduction will increase. These changes will be effective the first pay period beginning on or after 1 January 2016.

During Open Season, eligible employees can elect or increase their FEGLI life insurance by submitting an election to their human resources office. The new FEGLI premium rates for Option A, Option B, Option C, and Post-Retirement Basic Insurance effective 1 January 2016 is included in chart 1 below.


Federal Employees' Group Life Insurance Program (FEGLI) Premium Rates

The FEGLI rates effective January 1, 2016 are as follows.

Employee Basic Insurance (per $1,000 of insurance)
The US Postal Service pays the Employee share plus the Government share for its eligible employees. The premiums for compensationers who are paid every four weeks are two times the biweekly premium.

  Bi-Weekly Monthly
Employee $0.1500 $0.3250
Government $0.0750 $0.1625
Total $0.2250 $0.4875

Post-Retirement Basic Insurance for Annuitants (Monthly Rate per $1,000 of insurance)

  Before Age 65 After Age 65
75% Reduction $0.3250 No cost
50% Reduction $1.0350 $0.71
No Reduction $2.4550 $2.13

Post-Retirement Basic Insurance for Compensationers (Withholding Every Four Weeks per $1,000 of insurance)

  Before Age 65 After Age 65
75% Reduction $0.30 No cost
50% Reduction $0.96 $0.66
No Reduction $2.27 $1.97

Option A (for $10,000 of insurance)
The premiums for compensationers who are paid every four weeks are two times the biweekly premium.

Age Band Bi-Weekly Monthly
< 35 $0.20 $0.43
35-39 $0.30 $0.65
40-44 $0.40 $0.87
45-49 $0.70 $1.52
50-54 $1.10 $2.38
55-59 $2.00 $4.33
60+ $6.00 $13.00

Option B (per $1,000 of insurance)
The premiums for compensationers who are paid every four weeks are two times the biweekly premium.

Age Band Bi-Weekly Monthly
< 35 $0.02 $0.43
35-39 $0.03 $0.65
40-44 $0.04 $0.87
45-49 $0.07 $0.152
50-54 $0.11 $0.238
55-59 $0.20 $0.433
60-64 $0.44 $0.953
65-69 $0.54 $1.170
70-74 $0.96 $2.080
75-79 $1.80 $3.900
80+ $2.64 $5.720

Option C (per multiple of insurance)
The premiums for compensationers who are paid every four weeks are two times the biweekly premium.

Age Band Bi-Weekly Monthly
< 35 $0.22 $0.48
35-39 $0.27 $0.59
40-44 $0.41 $0.89
45-49 $0.59 $1.28
50-54 $0.92 $1.99
55-59 $1.48 $3.21
60-64 $2.70 $5.85
65-69 $3.14 $6.80
70-74 $3.83 $8.30
75-79 $5.26 $11.40
80+ $7.20 $15.60


Content last reviewed: 9/03/2015-SH

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