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Frequently Asked Questions Insurance

Retirement and FEGLI

  • No. You may be eligible to obtain insurance as a reemployed annuitant, but you will have to pay the same rates as any other employee for such insurance. Your agency will give you more information when you are reemployed.
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  • The reductions start at the beginning of the 2nd month after your 65th birthday or the beginning of the 2nd month after your retirement date, whichever is later. For example: Pierre retired December 31, 1999. He will turn 65 on March 15, 2005. The reductions for his Basic and Optional insurance (if applicable) will start May 1, 2005. Here's another example: Selena was 67 years old when she retired on December 31, 1999. Since she was already past 65 when she retired, the reductions for her Basic and Optional insurance (if applicable) will start February 1, 2000.
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  • No. Accidental death and dismemberment coverage ends when your employment ends. You cannot carry this coverage into retirement.
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  • No. The only way to continue coverage into retirement is to meet the five year/all opportunity rule. You cannot "buy" the years you are missing.
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  • Life insurance Open Seasons are held quite infrequently, and you should not count on one occurring any time soon. You will receive plenty of notice if and when there is an Open Season. The most recent FEGLI Open Seasons were held from September 1 - September 30, 2004 and in 1999.
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  • Yes. If you meet the five-year requirement when your reemployment terminates, you will be able to continue your Option B. An example of this may help you to understand. Gabriela had Basic since she was first employed with the Federal Government and Option B, two multiples, since March 1991. She retired in June 1993. She was not able to continue her Option B. She was reemployed as a reemployed annuitant in June 1996. She elected Option B, two multiples as an employee. She worked until December 1999. She is now eligible to continue her Option B, 2 multiples, into retirement because she has had it for the five years of service immediately preceding her separation in 1999.
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  • If your pay is too low to allow a withholding for life insurance premiums and your human resources office expects this to last for more than six months, you will have a choice. You can choose either to terminate some or all of your insurance coverage or to continue the coverage and pay the premiums directly. (See your human resources office for more details).
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  •   The requirements for continuing your FEGLI life insurance into retirement are explained in the FEGLI Handbook. If you meet the requirements, you must choose what will happen to your Basic when you turn 65 or retire, whichever is later.  Your choices are:
    • 75% Reduction: your Basic coverage reduces 2% each month until it reaches 25% of its pre-reduction amount.  Your Basic is free (no premium) once the reductions begin and remains free until your death.
    • 50% Reduction: your Basic coverage reduces 1% each month until it reaches 50% of its pre-reduction amount.  There is an extra premium for this choice that you will continue to pay until you die, switch to 75% reduction, or cancel Basic.
    • No Reduction: your Basic coverage does not reduce.  You maintain the same amount of Basic coverage you had when you stopped being enrolled as an employee.  There is a larger extra premium for this choice that you will continue to pay until you die, switch to 75% Reduction, or cancel Basic.
    If you select 75% or 50%, the reduction begins the second month after your 65th birthday, or the second month after you retire, whichever is later. To see the different premiums for the different choices, visit Premiums for Annuitants. To make your choice, submit SF 2818 to your human resources office shortly before you retire. If you do not turn in the form, you will be defaulted to 75% Reduction.
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  • If you are under age 65 when you retire, you will continue to pay premiums for your Basic and Optional insurance at least until you turn 65. Your retirement system will withhold the premiums from your annuity each month. When you retire, you make reduction choices that determine whether your FEGLI life insurance (and premiums) reduce beginning at age 65 or when you retire, whichever is later:
    • Basic with 75% Reduction: your Basic coverage reduces 2% each month until it reaches 25% of its pre-reduction amount.  Your Basic is free (no premium) once the reductions begin and remains free until your death.
    • Basic with 50% Reduction: your Basic coverage reduces 1% each month until it reaches 50% of its pre-reduction amount.  There is an extra premium for this choice that you will continue to pay until you die, switch to 75% reduction, or cancel Basic.
    • Basic with No Reduction: your Basic coverage does not reduce.  You maintain the same amount of Basic coverage you had when you stopped being enrolled as an employee.  There is a larger extra premium for this choice that you will continue to pay until you die, switch to 75% Reduction, or cancel Basic.
    • Option A: your Option A automatically reduces 2% each month until it reaches $2,500.00 and remains free until your death.  There is no reduction choice for Option A.  Option A is free (no premium) once the reductions begin and remains free until you die.
    • Option B with Full Reduction: your Option B coverage reduces 2% each month until it reaches zero.  Your Option B coverage is free (no premium) once the reductions begin.
    • Option B with No Reduction: your Option B coverage does not reduce.  You maintain the same amount of Option B coverage you had when you stopped being enrolled as an employee.  There is an extra premium for this choice that you will continue to pay until you die, switch to Full Reduction, or cancel Option B.
    • Option C with Full Reduction: your Option C coverage reduces 2% each month until it reaches zero.  Your Option C coverage is free (no premium) once the reductions begin.
    • Option C with No Reduction: your Option C coverage does not reduce.  You maintain the same amount of Option C coverage you had when you stopped being enrolled as an employee.  There is an extra premium for this choice that you will continue to pay until you die, switch to Full Reduction, or cancel Option C.
    Reductions begin the second month after you turn 65 or the second month after you retire, whichever is later.  If you do not submit a Continuation of Life Insurance (SF 2818) to your human resources office before you retire, your Basic will be defaulted to 75% Reduction, and your Option B and Option C will be defaulted to Full Reduction.
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  • One of the requirements for continuing FEGLI life insurance into retirement is that you have been insured for the 5 years of service immediately before the date your  annuity starts, or for the full period(s) of service during which you were eligible to be insured if less than 5 years.  This requirement applies to each FEGLI type (Basic, Option A, Option B, Option C) and to each multiple. You will only be eligible to bring Basic and one multiple of Option C into retirement, since you were not enrolled in the remaining four multiples of Option C for the five years of service before your annuity begins. For more information, see the FEGLI Handbook.
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