FEGLI rates rise for some
/ Published December 11, 2003
RANDOLPH AIR FORCE BASE, Texas (AFPN) -- Some Air Force people covered by Federal Employees Group Life Insurance will see an increase in premiums in January.
Civilian employees in the Option B 70 to 80 or older age bands are slated for the increase the first full pay period of the new year, said Janet Thomas of the Air Force Personnel Center's civilian benefits and entitlements service team.
Today's generally lower mortality rates are the reason for the FEGLI premium changes that began last January, Office of Personnel Management officials said.
Employees may cancel or decrease Option B coverage at any time, but should remember that opportunities to pick it up again are limited. To avoid paying the increased premium, elections should be submitted by Jan. 10 via the Employee Benefits Information System Web application at www.afpc.randolph.af.mil/dpc/BEST_GRB/EBIS.htm, or the BEST automated phone system (800) 616-3775.
There are two types of life insurance under the FEGLI Program: basic and optional. The basic insurance amount is based on actual current pay. All eligible employees are enrolled in basic coverage unless they waive it. Age does not affect the cost of coverage.
The three types of optional insurance include: Option A, additional insurance coverage of $10,000; Option B, additional insurance coverage in multiples of annual pay; and Option C, family insurance for spouse and eligible children. The cost of optional insurance does depend on age. Optional insurance premiums are based on five-year age bands beginning at age 35. The last age band for Option A is 60 and older. The last age band for Options B and C is 80 and older.
Additional information can be found on the BEST home page at www.afpc.randolph.af.mil/dpc/best/fegli.htm and the OPM FEGLI Web page at www.opm.gov/insure/life.
BEST counselors are available to answer questions weekdays, 7 a.m. to 6 p.m. CST at (800) 616-3775. Hearing impaired employees may call the TDD line at (800) 382-0893 or commercial 565-2276 within San Antonio. Overseas employees may use the toll-free direct access number for the country that they are in, and then (800) 997-2378. (Courtesy of AFPC News Service)