Dugan Brown prides itself on being experts in the field of federal employee retirement benefits. We certainly are, but what you may not know is that we can help you manage your federal employee health benefits and other benefits far before you reach retirement age.
In fact, proper utilization of your unique federal employee benefits is key to saving you money in the long term and making your retirement process that much easier.
Here’s how Dugan Brown can help you get the absolute most out of your federal employee benefits while you’re still in the workforce.
Understanding Your FEHB Options
Some of your federal employee benefits, like annual and sick leave, are only available for you to use while you are working. Some, like Federal Employees’ Health Benefits (FEHB), are available both while you work and after you retire.
Understanding what you can use and when, and taking full advantage of the benefits available to you, is what Dugan Brown can help with. There are several different types of FEHB options based on your needs, from high-deductible catastrophic plans, to health savings accounts, to HMO/PPO plans.
Making the right election on your FEHB options means landing at that perfect middle ground of the right amount of coverage for the right cost. Based on a number of factors like age, your overall health, family size, and more, different approaches to this may be warranted, and Dugan Brown can help lay that out in a way that is easy to understand and empowers you to make the choice that’s best for you. We can even help you navigate some of the trickier aspects of the plan, like participating in a private pharmacy incentive program.
Understanding Your FEGLI Options
Federal Employees’ Group Life Insurance (FEGLI) is another aspect of your federal employee benefits that are available to you while you’re still working. FEGLI is the largest group life insurance program in the world, covering over 4 million federal employees, retirees, and their families.
But same as with FEHB, your FEGLI options go deeper than simply opting in or out. You are automatically enrolled in Basic life insurance coverage (unless you specifically choose to opt out), with three additional layers of Optional coverage that you can add to the basic coverage.
Your basic coverage is partially paid for by the government, but optional coverages are not. With that many FEGLI options available to you, what is the right set of elections for your situation? The answer, as always, depends on your situation and goals.
That’s why at Dugan Brown, we listen first, understand both your short-term and long-term goals, then help you understand how your different FEGLI options serve you best in meeting those goals.
Contact Dugan Brown and Get the Most From Your Federal Employee Benefits
There is far more to your federal employee benefits than just FEHB and FEGLI options, but those are options uniquely available to federal employees that no other sector has.
A typical financial advisor is not a specialist in understanding these federal employee benefits, and so may not be able to determine your optimal benefits package with what you have available to you.
At Dugan Brown, that’s our specialty – we compare your available federal employee benefits with those available privately and offer you the most complete recommendations for your situation. Contact us today and see the difference in working with federal employee benefits experts.