If you are thinking about retiring in the next few years, it's important to

review this federal benefits fact sheet, especially prior to the upcoming

federal benefits open season (Nov. 8 - Dec. 13, 2010) when you can make changes

to your health, dental, vision and other programs. 

Federal Employees Health Benefits Plan (FEHB)

• When you retire, you are eligible to continue health benefits coverage if

you meet all of the following requirements:

• you are entitled to retire on an immediate annuity under a retirement system

  for civilian employees (including the Federal Employees Retirement System (FERS)

  Minimum Retirement Age (MRA) + 10 retirement); and

• you have been continuously enrolled (or covered as a family member) in any

  FEHB plan(s) for the 5 years of service immediately before the date your annuity

  starts, or for the full period(s) of service since your first opportunity to

  enroll (if less than 5 years).

• The 5 year requirement period can include the following:

• the time you are covered as a family member under another person's FEHB

  enrollment; or

• the time you are covered under the Uniformed Services Health Benefits

  Program (also known as TRICARE) as long as you were covered under an FEHB

  enrollment at the time of your retirement.

• As an annuitant, you are entitled to the same benefits and Government

contributions as Federal employees enrolled in the same plan.

• The event of retirement is not a qualifying life event (QLE); however,

there are other opportunities to change FEHB enrollment including during Open

Season or when you experience a QLE.

• If you are not enrolled in FEHB (or covered as a family member) at the time

of your retirement, you cannot enroll when you retire.

• If you are enrolled in a High Deductible Health Plan (HDHP) with a Health

Savings Account (HSA) at the time of your retirement, you can still contribute

to your HSA provided you have no other insurance coverage other than those

specifically allowed, and are not claimed as a dependent on someone else's tax

return. Some examples of other coverage that would cause ineligibility are:

Medicare, TRICARE, other non-high deductible health insurance, or having

received VA benefits within the previous three months. If you don't qualify for

an HSA, your plan will enroll you in a Health Reimbursement Arrangement

(HRA).

• If you cancel your FEHB enrollment as an annuitant, you will never be able

to re-enroll in FEHB unless you had suspended your FEHB enrollment in order to

enroll in a Medicare Advantage plan, TRICARE or CHAMPVA, or Medicaid or similar

State-sponsored program of medical assistance.

• If you want your surviving family members to continue your health benefits

enrollment after your death, you must be enrolled for Self and Family at the

time of your death, and at least one family member must be entitled to an

annuity as your survivor.

• Consider whether you need to sign-up for Medicare when you become eligible.

More information:  style="FONT-FAMILY: 'Arial Narrow'; LETTER-SPACING: 0.6pt; COLOR: blue; FONT-SIZE: 9pt; mso-fareast-font-family: 'Times New Roman'; mso-bidi-font-family: 'Arial Narrow'; mso-ansi-language: EN-US; mso-fareast-language: EN-US; mso-bidi-language: AR-SA">href="http://www.opm.gov/insure/health">www.opm.gov/insure/health

Federal Employees Dental and Vision Insurance Plan

(FEDVIP)

• There is no 5 year requirement for continuing FEDVIP coverage into

retirement.

• Your coverage will continue as a retiree. Retirees may also enroll during

the annual Federal Benefits Open Season or when you experience a qualifying life

event (QLE). Keep in mind
that retirement is not a QLE.
 
• In

most cases, changing from payroll deduction to annuity deduction is automatic,

but may take one to three months to occur.

• BENEFEDS cannot deduct premiums from your annuity while you are receiving

"special" or "interim" pay. Once your annuity is finalized, premium deductions

will begin. If you miss one or more premium payments before your annuity is

final, BENEFEDS will make double deductions until any balance due is paid. They

will notify you before deducting this additional premium amount. Once there is

no past due balance, the amount of premium deducted will return to the regular

monthly premium.

More information:
href="http://www.opm.gov/insure/dental">http://www.opm.gov/insure/dental
href="http://www.opm.gov/insure/vision">http://www.opm.gov/insure/vision
href="http://www.BENEFEDS.com">http://www.BENEFEDS.com

Flexible Spending Accounts for Federal Employees

(FSAFEDS)

• When you retire, you will no longer be able to participate in FSAFEDS. Your

FSA will terminate as of the date of your retirement, and you will not be

eligible to enroll as an annuitant. When you make your annual election for the

year that you plan to retire, keep in mind that any remaining funds for which

you have not incurred eligible expenses while employed will be forfeited.

• You can still submit claims for eligible medical expenses incurred prior to

the date of your retirement.

• You can continue to use the remaining balance in your Dependent Care

Flexible Spending Account (DCFSA) to pay for eligible dependent care expenses

until the end of the Benefit Period or until your account balance is used up,

whichever comes first.

• If you used your entire elected amount before you contributed all of it

from your pay, you will not be responsible for the remaining payments.

More information: href="http://www.opm.gov/insure/flexible">http://www.opm.gov/insure/flexible

Federal Employees Life Insurance (FEGLI)

• When you retire, you are eligible to continue your FEGLI life insurance

coverage(s) if you retire on an immediate annuity and had the coverage for:

-- the five years of service immediately before the starting date of your

annuity or, for annuitants retiring under FERS who postpone receiving their

annuity, the five years immediately before their separation date for annuity

purposes, or

-- all period(s) of service during which that coverage was available to you

if it is less than five years, and

-- you (or your assignees) do not convert the coverage to a private

policy.

• If you are eligible, you will choose via Standard Form (SF) 2818 how you

wish your coverage(s) to continue during your retirement.

• If you are not enrolled in FEGLI at the time of your retirement, you cannot

enroll when you retire.

• You cannot newly elect or increase existing coverage after you retire. You

may only reduce or cancel coverage.

• Your premiums are subject to change in the future. Your premium could

change based on your age and the experience of the Program. You will be notified

if there is any change in your deductions from your annuity. 

More information: href="http://www.opm.gov/insure/life">http://www.opm.gov/insure/life

Federal Long Term Care Insurance Program

(FLTCIP)

• If you are enrolled in FLTCIP, your coverage continues into retirement

provided you continue to pay premiums.

• If you pay premiums via payroll deduction, then shortly before you retire,

you should notify Long Term Care Partners (LTCP) at 1-800-582-3337 to make other

arrangements for premium payment.

• You may elect annuity deduction if you desire. LTCP cannot deduct your

premium from "special" or "interim" pay. LTCP will send you a direct bill during

this time. Premium deduction will begin from your annuity once it is

finalized.

More information: href="http://www.opm.gov/insure/ltc">http://www.opm.gov/insure/ltc

Source:  OPM RI 70-1, 11/09