Do you know about all of the benefits available to you as a federal employee? In addition to health insurance, flexible spending accounts, and FERS, federal employees are also eligible for:
- Life insurance: The Federal Employees’ Group Life Insurance (FEGLI) program is the largest group life insurance program in the world. The FEGLI covers over 4 million federal employees and their families, both current and retired. Most part-time and full-time federal employees are eligible for this coverage. Since this is a group term life insurance plan, it doesn’t build any cash or paid-up value. The plan consists of Basic life insurance coverage as well as three additional options you can elect from which is deducted from your paycheck unless you decide to waive this benefit.
- Pension: Pensions plans are a valuable, exclusive benefit that federal employees can access. Employees must meet eligibility in order to be covered under the FERS plan and gain access to pension checks. The FERS plan requires an employee to have a minimum of five years of creditable civilian service as one of the requirements for pension benefits.
- Survivor benefits: The FERS plan provides benefits for helping annuitants take care of their loved ones. The survivor benefit continues to deliver a reduced income to a beneficiary for the rest of their life. Survivor benefits are available for an additional cost and do impact the monthly benefit of the federal employee, but offer peace-of-mind coverage for a designated beneficiary.
- Long-term care insurance: The Federal Long Term Care Insurance Program (FLTCIP) provides long-term care insurance for helping employees pay for the cost of care due to chronic illness, injury, disability, or aging. If you’re eligible for the Federal Health Benefits Program, then you’re also eligible to apply for this program.
Public Employee Benefits Advocates is the number one educational resource for federal employee benefits. Take advantage of our webinars and online resources to make sure you’re utilizing all of the federal benefits that are available to you. Contact us today for more information!