The Office of Personnel Management (OPM) has announced changes in premium rates for certain Federal Employees’ Group Life Insurance (FEGLI) categories.
According to a Sept. 9 announcement from OPM, FEGLI premium rates for Basic Insurance for employees and Post-Retirement Basic Insurance with 50% Reduction and No Reduction will increase. Most premium rates for Option A, Option B, and Option C will decrease. Premium rates for older age bands of Options B and C will increase.
These rates will be effective the first pay period beginning on or after October 1, 2021.
The FEGLI premium rates effective October 1, 2021 are as follows:
Employee Basic Insurance (per $1,000 of insurance)
The US Postal Service pays the Employee share plus the Government share for its’ eligible employees. The premiums for compensationers, who are paid every four weeks, are two times the biweekly premium.
Post-Retirement Basic Insurance for Annuitants (monthly rate per $1,000 of insurance)
Post-Retirement Basic Insurance for Compensationers (withholding every four weeks per $1,000 of insurance)
Option A (for $10,000 of insurance)
The premiums for compensationers, who are paid every four weeks, are two times the biweekly premium.
Option B (per $1,000 of insurance)
The premiums for compensationers, who are paid every four weeks, are two times the biweekly premium.
Option C (per multiple of insurance)
The premiums for compensationers, who are paid every four weeks, are two times the biweekly premium.
OPM stated that a notice describing these changes is available in the Federal Register here: https://www.federalregister.gov/d/2021-19475. The FEGLI premium rates will be updated on the FEGLI web site at www.opm.gov/healthcare-insurance/life-insurance in October 2021.