FEGLI Option B - Additional
FEGLI Option B coverage comes in 1, 2, 3, 4, or 5 multiples of your annual pay (after your pay has been rounded to the next higher thousand).
It does not include the extra $2,000 added for your Basic Insurance Amount.
Example: Claudio earns $52,578. His Basic Insurance Amount is $55,000. He chose Option B coverage of one multiple of his annual pay, or $53,000.
Amount of withholding
Effective January 2003, the biweekly cost per $1,000 of Option B coverage is:
|
Age Band |
2003 |
2004* |
2005* |
|
For persons ages 35 and under |
$0.03 |
$0.03 |
$0.03 |
|
For persons ages 35 through 39 |
$0.04 |
$0.04 |
$0.04 |
|
For persons ages 40 through 44 |
$0.06 |
$0.06 |
$0.06 |
|
For persons ages 45 through 49 |
$0.09 |
$0.09 |
$0.09 |
|
For persons ages 50 through 54 |
$0.14 |
$0.14 |
$0.14 |
|
For persons ages 55 through 59 |
$0.28 |
$0.28 |
$0.28 |
|
For persons ages 60 through 64 |
$0.60 |
$0.60 |
$0.60 |
|
For persons ages 65 through 69 |
$0.71 |
$0.71 |
$0.72 |
|
For persons ages 70 through 74 |
$0.87 |
$1.03 |
$1.20 |
|
For persons ages 75 through 79 |
$1.07 |
$1.43 |
$1.80 |
|
For persons ages 80 & Over |
$1.27 |
$1.83 |
$2.40 |
* Premiums for the new Option B age bands (Ages 65-69), (Ages70-74), (Ages 75-79) and (Ages 80 & Over) are being phased-in over a 3- year period. The above chart has the biweekly premiums for 2003, 2004 and 2005.
This amount must be withheld from your pay for each pay period during which you are in pay status for any part of the pay period. If your Option B coverage becomes effective at any time other than the beginning of the pay period, full withholdings for the entire pay period are required.
Other Than Biweekly Pay Periods
If you are paid on other than a biweekly basis, the amount withheld from your pay must be prorated and adjusted to the nearest one-tenth of one cent.
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