Share of Costs for Benefits?
Contrary to popular believe, federal benefits are not free, if you examine your benefit offerings it is apparent that employees pay a lot of the cost for the benefits they have. Here is a chart outlining the cost break downs for federal benefits:
|
Coverage |
Government
Pays |
You Pay
|
|
FEGLI
- Basic Life
- Optional Life
|
1/3 of the cost
-0- |
2/3 of the cost
100% |
|
FEHB
(Health Insurance)
|
72% to 75% |
25% to 28% |
|
Dental
Insurance
|
-0- |
100% |
|
Vision
Insurance
|
-0- |
100% |
|
Long Term
Care Insurance
|
-0- |
100% |
|
TSP
- Automatic
- Voluntary
|
1%
Up to 4% |
-0-
Up to IRS Elective Deferral Limit |
|
FERS
- Regular
- Special Groups
|
.80%
1.30% |
.80%
1.30% |
|
Social
Security
|
6.20% |
6.20% |