As experts in the Federal employee benefits industry with over 33 years of experience, it is our commitment to help Federal employees navigate their benefits options. Many Federal employees (or employees of certain tribal organizations) are eligible for the Federal Employees Health Benefits (FEHB) Program. The FEHB can help Federal employees and their families meet their healthcare needs. But there are plenty of options to choose from, and we are here to help you pick the best plan for you and your family.
When considering your Federal employee benefits options, there are a few important items to keep in mind. What happens to pension payments if you pass away? Are you planning to utilize your TSP funds to provide income throughout your retirement?
Another key item to keep in mind is your spouse’s coverage. Is your spouse dependent on your FEHB plan? Your Surviving Spouse Benefit (SSB) is connected to your FEHB. If you pass away before your spouse, and they need to be on your FEHB plan, then you need to choose an SSB option at retirement. If you don’t, then your spouse will lose their health insurance should you pass away.
If you are planning to leave a legacy, you need to determine how much you are willing to spend on your life insurance (FEGLI). You will also need to decide if and how you want to reduce your FEGLI benefit at retirement.
There are also a few common pitfalls we see with most of our clients when they first come in:
- Not being aware that there is a relationship with FEHB and SSB
- Choosing income from your Thrift Savings Plan (TSP) funds that would have a negative impact on your beneficiaries
- Accessing your TSP without a plan
It is our commitment at My Federal Benefits to provide you with a free personalized benefit analysis and help you understand the decisions you’ll encounter during your employment and retirement from the federal government. It is important to us that you are prepared to make decisions based on your unique circumstances, know how to avoid pitfalls and make the best choices for you and your family. Contact My Federal Benefits today to see how we can help you navigate your Federal employee benefits.