Human Resources

Federal Employees’ Group Life Insurance Premiums Changes

Effective January 1, 2012, Federal Employees’ Group Life Insurance (FEGLI) premiums will change for certain age bands for Option B — Additional, and all age bands for Option C — Family, coverage. These premium changes apply to employees and annuitants.

There will be no change in premiums for Basic employee or Option A — Standard coverage.

The Office of Personnel Management determined that the changes are required to Option B, Option C, and Post-Retirement Basic premiums based on a study of funding and claims experience in the FEGLI Program.

Option B premiums will decrease slightly for the follow­ing age bands: Under 35, 35–39, 40–44, 45–49, 50–54, 55–59, 60–64, 65–69, and 70–74. There will be no change in premiums for ages 75–79 and 80 and over.

Option C premiums will reduce for enrollees in the fol­lowing age bands: Under 35, 35–39, and 40–44. Option C premiums will increase for age bands 45–49, 50–54, 55–59, 60–64, 65–69, 70–74, 75–79, and 80 and over.

There will also be changes to premiums for Post-Retire­ment Basic Insurance (annuitants only). The extra premium for Post-Retirement Basic FEGLI will increase for enrollees who elect the 50% Reduction and No Reduction coverage at retirement. The extra premium for the 50% Reduction election for Basic insurance is $0.64 per $1,000 of cover­age, and the extra premium for the No Reduction election for Basic Insurance is $1.94 per $1,000 of coverage.

Employees affected by the FEGLI premiums changes should review their Pay Period 03–2012 earning statements to determine that the correct FEGLI premiums are being withheld.

Discrepancies should be reported to the Human Resources Shared Service Center on 1-877-477-3273, option 5; TTY/TDD 1-866-260-7507.

Option B Premium per $1,000 of Insurance

 

Age Band

Biweekly

Monthly

Under 35

$0.02

$0.043

35–39

$0.03

$0.065

40–44

$0.05

$0.108

45–49

$0.08

$0.173

50–54

$0.13

$0.282

55–59

$0.23

$0.498

60–64

$0.52

$1.127

65–69

$0.62

$1.343

70–74

$1.14

$2.470

75–79

$1.80

$3.900

80 and over

$2.40

$5.200

The premiums for compensationers who are paid every four weeks are two times the biweekly premium.

Option C Premium per Multiple of Insurance

 

Age Band

Biweekly

Monthly

Under 35

$0.22

$0.48

35–39

$0.29

$0.63

40–44

$0.42

$0.91

45–49

$0.63

$1.37

50–54

$0.94

$2.04

55–59

$1.52

$3.29

60–64

$2.70

$5.85

65–69

$3.14

$6.80

70–74

$3.60

$7.80

75–79

$4.80

$10.40

80 and over

$6.60

$14.30

The premiums for compensationers who are paid every four weeks are two times the biweekly premium.

Annuitant Basic Premium per $1,000 of Insurance

 

Election

Monthly withholding for each $1,000 of your basic insurance amount before age 65

Monthly withholding for each $1,000 of your basic insurance amount after age 65

75% Reduction

$0.3250

No cost

50% Reduction

$0.9650

$0.64

No Reduction

$2.2650

$1.94

Compensationer Basic Premium per $1,000 of Insurance

 

Election

Withholding every 4 weeks for each $1,000 of your basic insurance amount before age 65

Withholding every 4 weeks for each $1,000 of your basic insurance amount after age 65

75% Reduction

$0.30

No Cost

50% Reduction

$0.89

$0.59

No Reduction

$2.09

$1.79