Q. I am a CSRS employee with more than 30 years’ service and plan on retiring in a few months. What is the minimal amount I need to put on Form 2801-110 in Section F (Annuity Election), Number 2, which states, “I choose a reduced annuity with a partial survivor annuity (equal to 55% of $_____________ a year) for my spouse named in Section E”? I saw in a related question someone had asked if all they need to put here was $1 of survivor benefit for their spouse to be covered by the FEHB insurance and the answer was…
Browsing: HEALTH INSURANCE
Q. My friend’s husband died recently. She does not receive a survivor’s benefit because his first wife was awarded the maximum benefit in the divorce settlement. Can she keep her federal health insurance? A. She could continue her health benefits coverage only if she was 1) receiving a survivor annuity, 2) a federal employee or 3) a retiree who was receiving an annuity based on her own federal employment.
Q. I retired at 75 percent with a mixed FED CSRS/LE retirement, was not carrying health benefits and DID NOT take a reduced annuity. I have the life insurance 3X. My wife is soon to retire at about 50 percent with 34 years (fed CSRS locked in 21 years plus FERS), and she will be over the MRA of 56. Our Blue Cross Blue Shield coverage is under her name. How should we continue health benefits? How would it affect coverage and her annuity if she DOES NOT take the reduced annuity? I am being told that her annuity is…
Q. I retired at 75 percent with a mixed FED CSRS/LE retirement, was not carrying health benefits and DID NOT take a reduced annuity. I have the life insurance 3X. My wife is soon to retire at about 50 percent with 34 years (fed CSRS locked in 21 years plus FERS), and she will be over the MRA of 56. Our Blue Cross Blue Shield coverage is under her name. How should we continue health benefits? How would it affect coverage and her annuity if she DOES NOT take the reduced annuity? I am being told that her annuity is…
Q. I plan to retire Jan. 3. In Federal Employees’ Group Life Insurance, I have $55,000 basic and three times Option B for a total of $161,000 of insurance. I have paid 38 years into FEGLI and recently found out that when I turn 65 years old, my insurance reduces to nothing. Due to health conditions — cancer three years ago and diabetes — finding whole life insurance is very expensive and hard to afford. If I have $55,000 of basic insurance and decide to reduce my insurance by 50 percent, which leaves $27,500, how much does my family receive if I should die at…
Q. I am a combination CSRS/FERS 32-year employee of the Postal Service, age 54. I did not have health insurance through the post office because I was always covered by my husband’s health insurance. I only took my own health insurance because I was told I had to be in the program for five years to be eligible to keep the insurance after I retire (in case something happened to my husband or the place he worked at). I have been in the program for four years as of January and did not plan on retiring until January 2014, at…
Q. If I change my health insurance to self-only (due to my wife having insurance through her company) and I retire next year, can I add her back to mine if she loses or changes jobs. I ask because it’s open season and I plan on retiring the end of May from the Postal Service. I have my minimum retirement age and 31 years, three of which are my military buyback. A. As a retiree, you could change from self-only to self and family under Qualifying Life Event 2G. And you could do that from 31 days before through 60…
Q. I am retiring from CSRS on Dec. 1. I have 42 years of federal service. I already have Medicare Part A. I am keeping my health insurance after I retire. Do I have to take out Part B? A. No, you don’t. Part B is optional. It’s up to you to decide if you want to pay for it.
Q. I will have 20 years of 6c covered law enforcement officer service at age 48. Can I retire then? Maybe if I don’t draw benefits until I’ve hit the MRA of 50? If this is possible, how will it affect my health benefits? A. No, you can’t retire at 48. To retire on an immediate annuity and continue your health benefits coverage in retirement, you will have to work to age 50, in either a covered or noncovered position. Alternatively, you could resign from the government and apply for an annuity at your minimum retirement age, which would be…
Q. If I take the $15,000 retirement incentive being offered now, (I have 25 years under FERS, am a Postal Service employee, and am 64 years old), will my Blue Cross premiums go up? If so, by how much? I now pay $81.68 a month. Also, if I decide to get married, my family option now would be $203.61 a month. How much would these premiums be if I take the retirement incentive? I must make the decision by Dec. 3. Is the FERS pension amount taxed? If so, is it taxed by income and Federal Insurance Contributions Act? My…