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Life Events Retirement

I'm thinking about retiring

 

Health

If you have been enrolled in the FEHB Program from your first opportunity to enroll or for the full five years of service immediately preceding retirement, you may carry your FEHB coverage into retirement (provided you retire on an immediate annuity in a qualifying retirement system.). See the FEHB handbook for more information.

If you have TRICARE, your period of coverage under TRICARE counts toward meeting this requirement. However, you must be enrolled in an FEHB health plan on the date of retirement to continue coverage. Once you retire, you can request to suspend the FEHB enrollment as a retiree.

See the FEHB handbook for more information.

Dental or Vision

Here are some facts you should know about FEDVIP and retirement.

  • There is no 5 year requirement for continuing FEDVIP coverage into retirement. If you have FEDVIP coverage when you retire, it will automatically continue into retirement, no matter how long you have had the coverage.
  • Keep in mind retirement is not a qualifying life event. You cannot enroll, cancel or change your FEDVIP coverage outside of an Open Season just because you retire.
  • In most cases, changing from payroll deduction to annuity deduction is automatic, but may take one to three months to occur because premiums cannot be deducted from your annuity while you are receiving "special" or "interim" pay. Once your annuity is finalized, premium deductions will begin, assuming your annuity is sufficient to cover the premiums.
  • If you miss one or more premium payments before your annuity is final, BENEFEDS may send you a direct bill which you must pay. If you do not pay the bills, your coverage may be cancelled.
  • Depending on your retirement system, you may not receive direct bills. Instead, BENEFEDS may request double deductions to be withheld from your annuity payments until any balance due is paid. BENEFEDS will notify you before deducting this additional premium amount. Once there is no past due balance, the amount of premium deducted will return to the regular monthly premium.

You may wish to contact BENEFEDS (1-877-888-3337), if you are thinking of retiring.

Life

You are eligible to continue your FEGLI coverage if you have had it for the five years immediately preceding retirement or for all periods it was available to you if less than five years. Please refer to the FEGLI handbook for more information.

Flexible Spending Accounts

If you are currently enrolled in FSAFEDS your coverage will end when you retire. Annuitants cannot enroll in FSAFEDS.

Long Term Care

This will not affect your FLTCIP coverage. Your coverage will remain in effect as long as you continue to pay premiums. If you pay your premiums through payroll deduction, you will need to contact Long Term Care Partners at 1-800-LTCFEDS (1-800-582-3337) to make other billing arrangements. In most cases, you can have your premiums deducted from your annuity once it has been finalized.

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