Search:

Custom Search

Readers' Comments

Total Comments: 36
Page 1 of 4

« Previous | Next »

The Federal "Five-Year Requirement" and Your Federal Health and Life Insurance

FEGLI Scam?

Analyst
State
Thu Oct 23, 2008 8:40 AM

Post Reply

Every federal employee under FEGLI should look into alternative coverage. FEGLI appears to have the attitude that it has a monopoly on life insurance coverage for feds. In reality, it is not the best choice for many of us. Long ago I switched from FEGLI to WAPA and have absolutely no regrets. I receive better coverage under WAPA at less cost. In addition, WAPA routinely sends its members an annual rebate check for a portion of their premium.

Re: FEGLI Scam?

Associate Director
Air Force
Thu Oct 23, 2008 9:06 AM
I agree. I checked out FEGLI to other plans and found it provides less bang for the buck than most other life insurance plans. I assume if you can't get any other life insurance, this may be your only option, but people should shop and compare first.

Re: FEGLI Scam?

Manager
USFS
Thu Oct 23, 2008 10:35 AM
I believe WAPA in this message should be WAEPA. I agree, this is the most economical term life available.

Re: FEGLI Scam?

Analyst
State
Thu Oct 23, 2008 12:38 PM
TO USAF manager:

Thank you for the correction. Indeed it is WAEPA (waepa.org).

Re: FEGLI Scam?

Former HR Specialist
Federal Agency
Fri Oct 24, 2008 9:04 AM
WEAPA is only a good option if you are in very good health. As a recovering alcoholic, they wouldn't offer me any insurance until I had 10 years of sobriety, and then only as a high risk person, which would cost more than FEGLI. The ironic part is that if I was still drinking, I would not have told them that I was alcoholic and they would have covered me. It is a good thing that FEGLI is available for those that have less than perfect health, or have some history of problems like mine.

Re: FEGLI Scam?

Safety Inspector
FAA
Fri Oct 24, 2008 2:20 PM
One advantage of the FEGLI is if you are 65 or older and select 75% reduction coverage for basic there are no premiums for the rest of your life.

FRHB

Contract Specialist
Treasury
Thu Oct 23, 2008 10:09 AM

Post Reply

This is a very good topic for those of us who anticipate retirement within the next 5yrs.

One question - It was noted above that "Tricare is viewed as equivalent to FEHB, and time spent on Tricare counts towards the five years". Well, does this apply to a career (retired) AF Reservist, who, from my understanding, will not be eligilbe for Tricare until they reach 60 y/o?

Do you have to select a survivor option

Foreign Service Specialist
State
Thu Oct 23, 2008 10:54 AM

Post Reply

My comment is really a question:
Do you have to choose a survivor option for your pension in order to include your spouse in post-employment health coverage?
TIA

Re: Do you have to select a survivor option

Ms.
DoD
Wed Nov 12, 2008 12:07 PM
Yes. I was told be a retirement specialist that you can leave as little as $1.00 to your spouse in order for them to carry FEHB if you die in retirement.

FEGLI Ripoff

Human Resources Specialist
Internal Revenue Service
Thu Oct 23, 2008 11:33 AM

Post Reply

My husband and I are both federal employees with separate FEGLI plans. For health reasons, he would be considered a risk for coverage with another insurance company. Why doesn't FEGLI design a family policy?

Five year rule - waivers

Assistant Regional Attorney (ret)
SSA/DOJ
Thu Oct 23, 2008 11:35 AM

Post Reply

It would also be a good idea to consider waivers of the five year rule. OPM is very selective in granting waivers to this rule and becoming disabled so that you have to retire sooner than the five years is not a cause for waive. Employees should be very careful when considering this and should not count on a waiver. Some HR offices and agency management do not understand this rule. I think it would be a good case for constructive discharge if an employee relied on agency advice that they can get them a waiver if they retire now–however, it would be a mess and it’s far better to not count on the waive. At least research waivers before you apply.

Spouse Benefits after death

Special Counsel
Vets
Thu Oct 23, 2008 11:37 AM

Post Reply

My husband is a fed retiree. We were recently married. He advocates for me to be added to his health plan. But, if I add on to his plan, and he passes away before I do, would I lose my health coverage?

Re: Spouse Benefits after death

QAR
DoD
Wed Nov 12, 2008 12:12 PM
Not as long as he leaves you an annuity, you will have coverage if he dies in retirement. But you MUST be added on before he dies, or you will not be insured.

Re: Spouse Benefits after death

HR Specialist
DOD
Thu Apr 16, 2009 5:51 AM
and you must have been married to him for 9 months before he dies.

Life Insurance

Matt
Auditor
Thu Oct 23, 2008 1:47 PM

Post Reply

With regard to some of the other comments on WAEPA's Life Insurance, there's no doubt that if you're young WAEPA's coverage is cheaper than basic FEGLI. The catch with WAEPA, however, is that the premiums increase as your age increases. Basic FEGLI coverage costs the same regardless of one's age. So once you hit about 60 years of age you're going to end up paying WAY more for WAEPA coverage than you would for the exact same coverage under FEGLI. So what's better really depends on where you sit.

Re: Life Insurance

Civilian
Navy
Fri Oct 24, 2008 5:37 AM
FEGLI costs remaining the same regardless of age? Not so. Coverage costs do in fact increase depending on age.

Re: Life Insurance

Matt
Auditor
Fri Oct 24, 2008 7:18 AM
You're probably thinking of the FEGLI "Options A, B, C" insurance... What I am talking to is basic FEGLI. FEGLI "Basic" costs remain the same no matter what the age. It's right on the website: http://www.opm.gov/insure/life/em_rates.asp#basic

But yes, the optional additional FEGLI insurance does vary by age.
Total Comments: 36
Page 1 of 4

« Previous | Next »

Add a Comment about this Article

** All fields are required.
Note: Your comments will not show up right away. FedSmith.com selects the most insightful comments from our readers for posting. If selected, your comments will show up in the comments section after they have been reviewed and approved. See our terms of use for more information.