Rare FEGLI Open Season Announced
In early August the Office of Personnel Management (OPM) announced via a Federal Register notice an open season and new 2016 premium rates for the Federal Employees' Group Life Insurance, or FEGLI, Program.
The last FEGLI open season was held in 2004.
The upcoming FEGLI open season will be held next fall, from September 1, 2016 to September 30, 2016.
According to OPM, effective January 1, 2016, FEGLI premium rates will change as follows:
- No changes to the premium rates for basic insurance;
- Decreases in most premium rates for Options A, B, and C;
- Increased rates under Post-Retirement Basic Insurance with 50 percent reduction and no reduction
- Increased rates for older age bands of Options B and C
“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,” OPM Acting Director Beth Cobert stated in the Federal Register notice.
If you are satisfied with your current FEGLI coverage, you do not need to make any elections during the 2016 FEGLI open season. However, OPM reminds participants that then can cancel or reduce FEGLI at any time.
Posted in General News