FEGLI Rates Rising for Some

The Office of Personnel Management has published a Federal Register notice reaffirming an earlier announcement that Federal Employees Group Life Insurance premiums for FEGLI enrollees at older ages will increase in January. The increases, which will be the last of a set of hikes phased in over three years, affect Option B, which provides optional insurance of up to five times salary, rounded to the next $1,000. The monthly rate at ages 65-69 will rise from the current $1.538 per $1,000 to $1.56 in 2005. The monthly rate at ages 70-74 will increase from $2.232 per $1,000 to $2.60. The monthly rate at ages 75-79 will increase from $3.098 per $1,000 to $3.90. The monthly rate at ages 80 and above will increase from $3.965 per $1,000 to $5.20. Retirees pay the premiums monthly; those still actively employed at those ages pay at the same overall rate but make their payments biweekly.