The Federal Employees’ Group Life Insurance (FEGLI) program provides group term life insurance to eligible Federal Government employees. Unlike whole life insurance products, the FEGLI policy does not build up any cash value, and you cannot borrow from your policy. There are four policy options: Basic life coverage and three forms of Optional coverage. EligibilityContinue reading “Your Federal Employees' Group Life Insurance at a Glance”
Category Archives: Federal Benefits
Quickstart Guide to Your Federal Employee Health Benefits
The Federal Employees Health Benefit (FEHB) Program provides comprehensive health care coverage for you, your spouse, and your children under age 26. The program does not have waiting periods nor restrictions for pre-existing conditions. Who Is Eligible? Most Federal employees are eligible, and retirees may be eligible to continue their FEHB coverage if they meetContinue reading “Quickstart Guide to Your Federal Employee Health Benefits”
Quickstart Guide to Your Federal Employee Disability Benefits
What is Disability Insurance? Disability insurance is a type of insurance that pays you a monthly benefit if you become disabled. You could think of it as an income replacement that can help you avoid the financial burden of losing your income if you are unable to work due to an accident, injury, or illness.Continue reading “Quickstart Guide to Your Federal Employee Disability Benefits”
Snapshot of the FERS Pension
The Federal Employees Retirement System (FERS) became effective January 1, 1987, replacing the Civil Service Retirement System (CSRS); all Federal civilian employees hired after this date are covered under FERS. FERS has three main components: The Basic FERS Retirement Pension, Social Security, and the Thrift Savings Plan (TSP). Our discussion will focus on your FERSContinue reading “Snapshot of the FERS Pension”
Three Advantages of the TSP
The Thrift Savings Plan (TSP) is designed to closely resemble the private sector’s 401(k). Although the TSP is similar to the 401(k), its additional features, including low fees, broad diversification, and a generous government match, make it superior to most 401(k)s and a perfect wealth-building vehicle for Federal Employees. Here’s a closer look the threeContinue reading “Three Advantages of the TSP”