Do FEGLI Premiums Change After You Retire?
If you are eligible, and
choose to continue your insurance as an annuitant or compensationer, you must
complete a Continuation of Life Insurance Coverage form (SF
2818). On this form, you elect if
you want to continue your Basic life insurance into retirement or compensation
and elect the amount of Basic insurance you want after age 65 (or retirement, if
later). The choices are 75% Reduction, 50% Reduction, or No Reduction.
For annuitants,
the Office of Personnel Management pays the government contribution, and the
retirement system makes withholdings from your annuity.
Cost for Annuitants for each $1,000 of the Basic
Insurance Amount in Effect at the Time of your
Retirement
|
|
75% Reduction |
50% Reduction |
No Reduction |
|
Until the Month after
your 65th Birthday |
$0.3250 monthly |
$0.9250 monthly |
$2.1550 monthly |
|
Starting the Month after
your 65th Birthday |
Free |
$0.60 monthly* |
$1.83 monthly* |
* This amount will be
withheld from your annuity for life (unless you cancel or subsequently elect 75%
Reduction).
If you have Optional
insurance and are eligible to continue it, you must choose how you would
like to continue it in retirement (if you choose to keep Option A, it
automatically reduces when you reach age 65 [or retire, if later]. There is no
reduction election for Option A). For Options B and C, you can choose whether to
have all or some of the multiples reduce or not reduce.
You pay 100% of the cost
of Optional insurance. The premiums for the three Optional insurance coverages
are based on your age and the number of Option B and/or Option C multiples (up
to five) you elect. They may increase as you get older.
| 
Overview - CSRS
