The Office of Personnel Management (OPM) reports that, as of Jan. 1, 2016 premiums for many options and age brackets under the Federal Employees’ Group Life Insurance (FEGLI) program changed due to actuarial adjustments.
OPM has announced new FEGLI premium rates for employees and retirees, effective with the Feb. 1 payment that covers January. Premiums for employees’ basic insurance will not change, and most rates for Option A, B and C will decrease. But the older age band rates for Options A, B and C will increase, along with premium rates for retirees’ basic insurance with 50 percent reduction as well as for the no-reduction rates.
If you are a retired letter carrier who carried your FEGLI coverage into retirement, and if life insurance premiums are coming out of your annuity payment every month, then this change may apply to you.
You can reduce or cancel your coverage at any time, but annuitants cannot increase their coverage, even during an open season. If you elect to reduce or cancel all or any part of your FEGLI coverage, that election is irrevocable.
OPM acts as the personnel office for retired letter carriers, and is the agency responsible for administering retirement, health and life insurance benefits. Before you get in touch with OPM, be sure to have your Civil Service Annuity (CSA) number ready. If you have your CSA number, call OPM toll-free at 888-767-6738, 7:40 a.m. to 5 p.m., Monday through Friday (Eastern Time). source: NALC
For annuitants, the new premiums will appear in your February 1, 2016 annuity payment, which covers January 1, 2016 to January 31, 2016