The Federal Reserve’s announcement last week had a huge impact on the financial markets. Investors’ expectations about interest rate movements changed dramatically, which could cause significant volatility in your retirement account. Understanding what is happening in the market will help you protect and secure your investments.
FEDVIP Coverage
FEDVIP offers affordable dental and vision insurance to federal and postal employees, retirees and certain uniformed military personnel. Active duty family members can also enroll. There are no restrictions on pre-existing conditions or exclusion clauses.
FEDVIP, a voluntary health benefit program offered by the Office of Personnel Management, is a program that provides health insurance to employees. Participants who are eligible may enroll in the open season, which ends on December 12, 2022, or after a qualifying life event.
Compare plans and compare rates to find the best dental or vision insurance. The FEDVIP Plan Compare tool allows you to compare up to three plans, including their rates and benefits. This will help you make an informed choice.
FEDVIP offers dental and vision policies that are more convenient than traditional insurance. All claims will be submitted automatically through FSAFEDS, so there is no need to file paperwork or make upfront payments.
FEHB Coverage
The FEHB Program offers a variety of health insurance options for federal employees, retirees, and their families. This plan provides similar benefits to Medicare, including hospital care, physician services and prescription drugs, as well as emergency help outside of the US.
FEHB coverage must be maintained for at least five years before retirement.
You can suspend your FEHB when you enroll in a Medicare-Advantage plan, and then reenroll later if it is lost or cancelled. However, this applies only during Open Season. If this happens after the Open Season, you’ll have to wait for next Open Season before reenrolling in FEHB.
FEGLI Coverage
FEGLI offers life insurance coverage to over 4,000,000 federal employees and retired federal workers. The Basic Life Insurance is automatically enrolled for new employees. Payroll offices deduct the premiums from their paychecks up until they opt out of coverage.
The basic coverage amount varies depending on the employee’s salary and age, but is typically equal to their annual wage rounded up plus $2,000.
Federal employees can choose from Option B or Option C policies that offer maximum flexibility. The coverage amounts range from one to five-times their annual salary.
When choosing a policy to cover your family, keep in mind that the coverage must include spouses and children who are dependents. This includes coverage even after you have left government service. Some FEGLI plans only provide limited coverage. It is important that you choose a plan with adequate protection for your family.
FEMP Coverage
Fed News employees have access to a retirement plan offered by third-party providers who are known for their service quality and customer satisfaction. In line with Federal government benefits, one such provider is TSP which also features as its predecessor RRSP; furthermore there’s FERS/FSA which offers medical/dental/travel benefits as well.
