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Insurance FAQs

Carry Over

  • The cost of Basic insurance is shared between you and the Government. You pay two-thirds and the Government pays one-third. Your age does not affect the cost of Basic insurance. You pay $0.15 cent per $1,000 biweekly or $0.325 cents monthly. If you are a Postal employee, the U.S. Postal Service pays the entire cost of your Basic life insurance. You pay the full cost of all Optional insurance. The cost depends on your age and the amount of insurance you have.  Optional insurance premiums are posted here. Your agency will withhold the premiums from your pay.
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  • OFEGLI’s address is OFEGLI, P.O. BOX 6080, SCRANTON, PA 18505-6080.  Their phone number is 1-800-633-4542.
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  • Prior to October 2013, the IRS required FSA enrollees to forfeit all funds left unclaimed in their flexible spending account at the end of the benefit year, which may include up to a 2-1/2 month grace period if written in the program’s governing plan document.  This is the “use it or lose it” rule.
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  • A Health Care FSA is a benefit that allows employees to be reimbursed on a tax-favored basis for certain medical expenses that are not covered by the employee’s medical plan.
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  • In October 2013, the Treasury and the IRS modified the forfeiture (“use-or-lose”) rule for health care flexible spending accounts (FSAs).  FSA programs may now allow their participants to carry over up to $500 of unused health care FSA funds to the next plan year OR allow enrollees up to a 2-1/2 month grace period at the end of the plan year to use the funds in their flexible spending accounts.   Employers also have the option of offering neither.
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  • FSAFEDS is a Flexible Spending Account (FSA) program for Federal employees.  It is a voluntary tax-favored program that allows employees to pay for eligible out-of-pocket health care and dependent care expenses with pre-tax dollars.  It is an account where participants contribute money from their salary before taxes are withheld, then get reimbursed for their out-of-pocket health care and dependent care expenses.  Rules and regulations are governed by the Internal Revenue Service (IRS).
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  • Yes. Your agency is supposed to give you notice on the loss of group coverage and the right to convert when your insurance ends. We know, however, that sometimes this does not happen.  If your agency does not give you the conversion notice, you can request a conversion by writing directly to the Office of Federal Employees' Group Life Insurance (OFEGLI) at  OFEGLI P.O. BOX 8149 LONG ISLAND CITY, NY 11101-8149.  For overnight deliveries only (such as express mail):  OFEGLI  FEGLI CONVERSION TEAM  5TH FLOOR  27-01 QUEENS PLAZA NORTH  QUEENS, NY 11101 The request must be postmarked within 31 days after the date of the terminating event. Conversions are effective at the end of the 31-day extension of coverage. If you are unable to mail the request within 31 days, you may qualify for a belated election. You must mail the request to OFEGLI within six months after the date you first became eligible to convert. Your request must show that you were not notified of the loss of coverage and the right to convert or you weren't able to convert for reasons beyond your control. Belated conversions are made retroactive to the end of the 31-day extension of coverage and you must pay the retroactive premiums. You can contact OFEGLI at 1-800-633-4542.
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  • No.  FSAFEDS currently offers participants a 2-1/2 month grace period, allowing 2014 participants to incur eligible expenses from January 1, 2014 through March 15, 2015.  The new IRS rule was released on October 31, just before the beginning of the Federal Benefits Open Season.  OPM needs to evaluate whether the carry over provision or the grace period is better for our participants.  Depending on the conclusion, OPM may need to make changes to systems and administrative processes.  Until we have fully analyzed the effects of the new rule, current enrollees can use the grace period but cannot carry funds over to the 2015 plan year.  
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  • No. The IRS rule on carry over only applies to health care FSAs.  Dependent care FSAs will continue to have a grace period from January 1 to March 15 each year.
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  • No. There is no maximum. The amount is based on your annual basic rate of pay.
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  • For more information, you may review the IRS website at http://www.irs.gov/irb/2013-47_IRB/ar10.html and monitor the OPM website at http://www.opm.gov/healthcare-insurance/flexible-spending-accounts/.  OPM expects to release additional guidance on how this rule affects the Federal Flexible Spending Account Program (FSAFEDS) in the near future. 
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