Open season is one of the few times federal employees stop to consider whether the rest of their financial protection still matches their lives. Children have grown up, mortgages have changed, careers have taken new directions, but insurance elections made years earlier are often still in place. Health coverage demands an annual decision. Life insurance rarely does.
WAEPA is not part of the federal health benefits Open Season process, but the organization sees increased attention this time of year as employees review their insurance choices. According to Shane Canfield, chief executive officer of WAEPA, many federal workers use that review to take a broader look at life insurance as well.
Coverage decisions often last longer than expected
The review might begin with assessing whether their coverage still fits the life it was intended to protect. WAEPA recently increased its maximum coverage amount from $1.5 million to $2 million, a change driven by member demand and the organization’s desire to allow employees to obtain the protection they need through a single source. Not everyone needs that level of coverage, Canfield said, but financial obligations rarely remain static over the course of a career.
“Do take a look at your life insurance to make sure it’s going to do what you expected it to do if you’re no longer here,” he said. ” Do you want it to pay a mortgage? Do you want it to pay for children’s college? A lot of people forget lost income. If somebody is in their 50s and they pass away, that’s 15 or 20 years’ worth of income that was supposed to be in that household, and now it’s gone.”
Life changes don’t always follow benefit rules
For decades, benefit programs generally focused on employees, spouses and dependent children. Federal careers and family structures do not always fit that model as neatly as they once did. WAEPA recently expanded eligibility for what it calls associate members, allowing parents, parents-in-law, adult children and stepchildren of federal employees to purchase their own policies. WAEPA expects adult children to be among the groups most interested in the expanded eligibility, giving them an opportunity to obtain coverage on their own as they move beyond dependent status.
WAEPA has also now expanded access for former federal employees. Members can keep their coverage after leaving government service, and former federal employees may now join the program even if they did not enroll while actively working for the government.
“You can take this with you,” Canfield said. “A traditional employer plan, that is not the case. Since we’re not actually attached to the federal government contractually, we allow people to keep their coverage.”
One of Canfield’s most practical recommendations involved beneficiary forms. People marry, divorce, remarry and build new families, but insurance providers are required to follow the documentation on file. A beneficiary election completed years earlier remains in force until it is changed, regardless of what may have happened afterward. Canfield said situations involving outdated beneficiary information occur often enough to warrant attention.
Open season is one of the few times federal employees stop to review whether their financial protections still match their lives. Health plans may be the reason for the review. The beneficiary form, the coverage election and the assumptions behind them may be what deserve the closer look.
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