AmeriFed Insurance & Financial Services Blog
It’s every employee’s goal to have a fitting post-career life. And citizens of the United States qualified under federal employee benefits could fulfill that wish. In this article, check on the excellent perks you can obtain and the coverages included in the federal employee benefits.
Federal Employees Group Life Insurance (FEGLI)
This coverage has a benefit that converts your policy right after the employer’s separation and includes services that would help employees in case of a life-threatening health issue. Under this benefit, you’ll also be provided with basic insurance that equates your salary with an additional $2,000, plus coverage of up to five times larger than basic pay.
In relation to the Federal Employees Group Life Insurance (FEGLI), federal employees and retirees are entitled to get a health insurance plan for their premiums. However, benefits still vary, but you won’t have to wait for a more extended period or undergo an extensive medical exam to opt-in. Another advantage is that it allows you to have the policy without basing on physical condition and age restriction.
Retirement savings, also known as thrift savings plan (TSP), enables you to receive an automatic 1 percent contribution through the federal government. Moreover, another benefit it could give is that it matches the first 3 percent of your contribution, counting every dollar, while the ensuing percent (4 and 5) obtains a 50 percent match.
Social security entails a wide array of benefits to a retired, unemployed, or disabled person, including protecting your surviving family. And if you’re still in the middle of your career, you can already earn credit for your social security as it continues to progress while also paying taxes for this plan in full.
The pension, or also the federal employee retirement system (FERS), gives you outright eligibility for a basic defined benefit pension right after five years of creditable civilian service. To be eligible for this policy, the combination of your age and years in service must be accounted for.
As this article centers around the benefits of a federal employee, retirees, and survivors, take note of the specified services that it covers. The benefits may vary according to your provider, and benefit procedures may change over time in the event of a significant circumstance like natural disasters, terrorist attacks, or a pandemic.
At AmeriFed Insurance & Financial Services, we aim to provide comprehensive insurance policies that make your life easier. We want to help you get the insurance that fits your needs. You can get more information about our products and services by calling our agency at (813) 848-9787. Get your free quote today by CLICKING HERE.