OPM Announces New FEGLI Premiums

By on November 10, 2011 in Human Resources, Pay & Benefits with 25 Comments

The Office of Personnel Management has announced changes in premiums for certain Federal Employees’ Group Life Insurance (FEGLI) categories. These include changes to premiums for Option B (most age bands), Option C (all age bands), and Post-Retirement Basic Insurance. The new rates will be effective the first pay period beginning on or after January 1, 2012.

OPM periodically analyzes the rates to see if they need adjusting to bring in the income necessary to pay for expected future benefits costs. Based on the latest analysis, OPM determined that changes were necessary to Option B, Option C, and the Post-Retirement Basic groups.

Some premiums have decreased. Premiums for all age bands below age 75 went down in the Option B group, and premiums under age 45 in the Option C group will decrease.

The new FEGLI premiums are included in the tables below.

 

Option A

No changes

 

Option B Premium per $1,000 of Insurance

2012 2011 Change
Age Band Biweekly Monthly Biweekly Monthly Biweekly Monthly
Under 35 $0.02 $0.043 $0.03 $0.065 -$0.01 -$0.022
35-39 $0.03 $0.065 $0.04 $0.087 -$0.01 -$0.022
40-44 $0.05 $0.108 $0.06 $0.130 -$0.01 -$0.022
45-49 $0.08 $0.173 $0.09 $0.195 -$0.01 -$0.022
50-54 $0.13 $0.282 $0.14 $0.303 -$0.01 -$0.21
55-59 $0.23 $0.498 $0.28 $0.607 -$0.05 -$0.109
60-64 $0.52 $1.127 $0.60 $1.300 -$0.08 -$0.173
65-69 $0.62 $1.343 $0.72 $1.56 -$0.10 -$0.217
70-74 $1.14 $2.470 $1.20 $2.60 -$0.06 -$0.13
75-79 $1.80 $3.900 $1.80 $3.90 $0.00 $0.00
80 and over $2.40 $5.200 $2.40 $5.20 $0.00 $0.00

The premiums for compensationers who are paid every four weeks are two times the biweekly premium.

 

Option C Premium per Multiple of Insurance

2012 2011 Change
Age Band Biweekly Monthly Biweekly Monthly Biweekly Monthly
Under 35 $0.22 $0.048 $0.27 $0.59 -$0.05 -$0.11
35-39 $0.29 $0.63 $0.34 $0.74 -$0.05 -$0.09
40-44 $0.42 $0.91 $0.46 $1.00 -$0.04 -$0.09
45-49 $0.63 $1.37 $0.60 $1.30 +$0.03 +$0.07
50-54 $0.94 $2.04 $0.90 $1.95 +$0.04 +$0.09
55-59 $1.52 $3.29 $1.45 $3.14 +$0.07 +$0.15
60-64 $2.70 $5.85 $2.60 $5.63 +$0.10 +$0.23
65-69 $3.14 $6.80 $3.00 $6.50 +$0.14 +$0.30
70-74 $3.60 $7.80 $3.40 $7.37 +$0.20 +$0.43
75-79 $4.80 $10.40 $4.50 $9.75 +$0.30 +$0.65
80 and over $6.60 $14.30 $6.00 $13.00 +$0.60 +$1.30

The premiums for compensationers who are paid every four weeks are two times the biweekly premium.

 

Annuitant Basic Premium per $1,000 of Insurance

Election Monthly withholding for each $1,000 of your BIA before age 65 Monthly withholding for each $1,000 of your BIA after age 65
75% Reduction

$0.3250

No cost

50% Reduction

$0.9650

$0.64

No Reduction

$2.2650

$1.94

 

Compensationer Basic Premium per $1,000 of Insurance

Election Withholding every 4 weeks for each $1,000 of your BIA before age 65 Withholding every 4 weeks for each $1,000 of your BIA after age 65
75% Reduction

$0.30

No Cost

50% Reduction

$0.89

$0.59

No Reduction

$2.09

$1.79

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Ian Smith is one of the co-founders of FedSmith.com. He enjoys writing about current topics that affect the federal workforce. Ian also has a background in web development and does the technical work for the FedSmith.com web site and its sibling sites.

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