According to an OPM source, there will be no FEGLI open season in the near future. In the past OPM has conducted FEGLI open seasons when there have been changes in FEGLI premiums. The last open season in 2004 was held due to changes in optional FEGLI rates.
The FEGLI premium changes that will become effective on January 1, 2012 affect Option B and C for current employees and retirees. The post retirement Basic FEGLI premiums also change for those who elect no reduction or the 50% reduction. There will be no post retirement premium change for those who elect the 75% reduction. The changes that affect active employees are not as large as they were in 2004, so that may be why OPM will not have an open season next year.
Individuals considering changing their FEGLI coverage do not need to wait for an open season to do so. An individual (actively employed or retired) can cancel or reduce FEGLI coverage at any time. In addition, an employee can enroll in FEGLI or increase coverage due to a “qualifying life event” or by presenting evidence of insurability if it has been more than one year since they waived coverage.
More details on FEGLI (including a deeper explanation of the above information) can be found at http://www.opm.gov/insure/life.
John Grobe’s latest book, The Answer Book on Your Federal Employee Benefits, has just been released by LRP Publications. Order your copy at shoplrp.com. Ask your human resources office to contact Federal Career Experts about pre-retirement training.