According to a Federal Register notice, the Office of Personnel Management has finished an analysis of FEGLI and is making changes to Employee Basic, Option A, Option B, Option C and Post-Retirement Basic Insurance.

Therefore, if you are enrolled in the Federal Employees Group Life Insurance program, be sure to pay attention to your paycheck at the end of October.

The changes vary from rising rates for Basic, and in some cases for the optional forms of insurance, to other options remaining the same or being reduced.

The rates for Basic will increase to $0.16 per $1,000 biweekly and $0.3467 per $1,000 monthly.

The new premiums for the Basic insurance option under FEGLI are as follows:
Bi-weekly Monthly
Employee $0.1600 $0.3467
Government 0.0800 0.1733
Total 0.2400 0.5200

Option A (for $10,000 of Insurance)
The new premiums for Option A under FEGLI are as follows; current (0ld) figures are included for reference:
Age Group Biweekly (New) Monthly (New) Biweekly (Old) Monthly (Old)
Under 35 $0.20 $0.43 $0.20 $0.43
35–39 $0.30 $0.65 $0.20 $0.43
40–44 $0.40 $0.87 $0.30 $0.65
45–49 $0.70 $1.52 $0.60 $1.30
50–54 $1.10 $2.38 $1.00 $2.17
55–59 $2.00 $4.33 $1.80 $3.90
60+ $6.00 $13.00 $6.00 $13.00

Option B (per $1,000 of Insurance)
The new premiums for Option B under FEGLI are as follows; current (0ld) figures are included for reference:
Age Group Biweekly (New) Monthly (New) Biweekly (Old) Monthly (Old)
35 $0.02 $0.043 $0.02 $0.043
35-39 $0.02 $0.043 $0.03 $0.065
40-44 $0.03 $0.065 $0.04 $0.087
45-49 $0.06 $0.13 $0.07 $0.152
50-54 $0.10 $0.217 $0.11 $0.238
55-59 $0.18 $0.39 $0.20 $0.433
60-64 $0.40 $0.87 $0.44 $0.953
65-69 $0.48 $1.04 $0.54 $1.170
70-74 $0.86 $1.86 $0.96 $2.080
75-79 $1.80 $3.90 $1.80 $3.900
80+ $2.88 $6.24 $2.64 $5.720

Option C (per Multiple of Insurance)
The new premiums for Option C under FEGLI are as follows; current (0ld) figures are included for reference:
Age Group Biweekly (New) Monthly (New) Biweekly (Old) Monthly (Old)
35 $0.20 $0.43 $0.22 $0.48
35-39 $0.24 $0.52 $0.27 $0.59
40-44 $0.37 $0.8 $0.41 $0.89
45-49 $0.53 $1.15 $0.59 $1.28
50-54 $0.83 $1.8 $0.92 $1.99
55-59 $1.33 $2.88 $1.48 $3.21
60-64 $2.43 $5.27 $2.7 $5.85
65-69 $2.83 $6.13 $3.140 $6.80
70-74 $3.83 $8.30 $3.830 $8.30
75-79 $5.76 $12.48 $5.260 $11.40
80+ $7.80 $16.90 $7.200 $15.60

Post-Retirement Basic Insurance for Annuitants
The new premiums for post-retirement basic insurance under FEGLI are as follows; current (0ld) figures are included for reference:Before age 65 (New) After age 65 (New) Before age 65 (Old) After age 65 (Old)
75% Reduction $0.3467 No cost $0.3250 monthly No cost
50% Reduction $1.10 $0.75 $1.0350 monthly $0.71 monthly
No Reduction $2.60 $2.25 $2.4550 monthly $2.13 monthly

Post-Retirement Basic Insurance for Compensationers

Before age 65 After age 65
75% Reduction $0.32 No cost
50% Reduction 1.01 $0.69
No Reduction 2.39 2.07
Withholding every four weeks per $1,000 of insurance.

Currently, there isn’t any update regarding open enrollment period, which often comes paired with rate changes for FEGLI. Open seasons are held exclusively when OPM schedules them.

Remember, your cancel reduce or cancel coverage anytime, regardless of the status of an open season or not.

To learn more about FEGLI and your retirement, become a member today in order to gain access to our Federal Benefits Course, Federal Tips videos, and one on one time with our licensed financial advisors.