Life’s What If’s. We have all thought of them from time to time.  Some we gladly welcome and others bring hardship - - things that affect medical issues, financial, relationships…there are many.  Some may only affect us personally, however others can affect our families, coworkers, neighbors, and communities.  As we have seen in recent months, there are some that have wide-spread ramifications.  Preparation for some of the What If’s is possible though.  

From our inception, FED Benefits Center has existed to assist federal employees in preparing for some of life’s What If’s.  One that has taken the spotlight in the last couple months, although it is really a continual concern is the answer to the question:  How do I pay my bills if I am injured or sick and can’t earn a living?   What would my family do?    

There are answers to these questions:

1.  Self Insure – this comes in the form of either having enough savings to weather the storm or having enough sick and annual leave to bridge that gap when you are out of work.  It is recommended that we have 6 to 12 months of living expenses saved for the What If’s.  Although some are able to achieve this high goal, in our 20 years of working with and getting to know federal employees across the nation, we have found that this to be one of the most significant concerns for the vast majority of employees. 

2. Friends and Family – although intentions are good and this may be a short-term assistance, it is generally not thought of as a viable option if someone is out of work for 3 months, 6 months, 9 months or longer.

3. Ignoring the concern – not addressing the problem as a possibility or taking the ‘I’ll figure it out if it happens’ approach.  

4. Short term disability benefits – these plans are designed to provide income when you are unable to work due to injury or sickness.  There are many parts to a benefit like this.  Several of which could drastically alter the amount or length of monthly assistance.   Below are a few to consider when exploring plans:    

a) Benefit Period – the length of time, per incident, the plan will provide the
chosen monthly benefit

b) Benefit Amount – the dollar amount per day/week/month that the plan
will provide

c) Elimination Period – the unpaid waiting period at the beginning of a
claim, where applicable

d) Offsets – any other payments that could reduce the monthly benefit
amount due to you

e) Pre-existing conditions – how previous medical issues are treated within
the plan and specifically what definition is being used

f) Exclusions – what diagnoses are not covered by the plan

g) Maternity - there can be different rules based on date of conception and
method of conception (as it relates to pre-existing conditions)   

We can help you navigate some of the What If’s. We would love the opportunity to discuss any of the topics above or if you have questions about other ways FED Benefits Center works with federal employees, call us at 800 440-2468, email us at admin@fedbenefitscenter.com, or schedule an appointment that fits your schedule at https://fedbenefitscenter.setmore.com/ by clicking on the ‘Nova Newsletter’ link there.

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