September 30 will mark the end of the current FEGLI open season. Employees who are not enrolled can elect FEGLI basic coverage as well as any or all of the optional coverages, while those already enrolled can increase their coverage, up to the maximum available. No physical exam or other proof of insurability is needed, a feature that OPM says should make the opportunity especially of interest to those who would not meet such standards. Further, it cautions that those electing to make a change should be sure to sign up on the election form for all the coverage they want, not just what they wish to add; any coverage not specified on the form as elected is deemed to be canceled (or waived, if not currently in effect). Employees who do not wish to change their coverage do not have to do anything. However, OPM has suggested that all employees at least should use the open season to review their beneficiary designations for possible updating. While there is no schedule for open seasons set by law, it’s likely the opportunity will be the last for years—the most recent open season prior to this one was 12 years ago, and before that they occurred on average about once every eight years. Outside an open season, employees may join or increase FEGLI coverage only on experiencing certain life events or after providing medical proof of insurability.
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