When was the last time you can remember a Federal Employee Group Life Insurance Open Season?
You probably can’t.
The reason is because there hasn’t been one since 2004, and the one before that was in 1999.
OPM is going to hold the 2016 FEGLI open season from September 1, 2016 to September 30,2016. What this means is federal employees who are elegible have the opportunity to increas their FEGLI life insurance .
There’s two ways to make this change:
- Submit an election to your human resources office
- If available, eligible employees may use electronic means if allowed by their agency
The only way outside of open season to enroll or increase coverage is by taking a physical exam or with what is called a ‘Qualifying Life Event.’ However, this is only for those eligeble while working; retirees may never increase FEGLI and based on the cost in retirement, most would be unable to afford it.
All this being said, it must be noted that federal employees and retirees may reduce or cancel FEGLI at any time.
2016 FEGLI Rates
More news for 2016 is effective January 1, 2016, FEGLI premium rates will change depending on the coverage.
These changes include:
- The majority of premium rates for Option A, Option B, and Option C will decrease.
- Premium rates for Post-Retirement Basic Life Insurance with 50% Reduction and No Reduction will increase.
- Premium rates for older age bands of Options B and C will increase.
This means there will be no changes to the premium rates for Basic Life Insurance for employees. (click here to read the Basic Life Insurance Basics)
The changes can be seen below:
OPM has stated:
We will issue guidance to all agencies for the purpose of counseling employees and we will notify affected annuitants directly via OPM’s Office of Retirement Services.