When you receive your statement, USPS wants you to pay close attention to these three sections:
• What you paid for in 2017 for health benefits. Many employees pay for more health insurance than they need, often giving up thousands of dollars extra a year.
Checkbook’s Guide to Health Plans, a tool available through LiteBlue, can help you compare your current health plan to other available options.
• How much you contribute to the Thrift Savings Plan (TSP). If you’re under the Federal Employees Retirement System and aren’t contributing at least 5 percent of your basic pay toward TSP, experts say you’re throwing away free money.
You must contribute at least 5 percent to get the Postal Service’s full matching contribution. For 2018, the maximum you can contribute toward your TSP is $18,500 if you are younger than 50, plus an additional $6,000 in catch-up contributions if you are 50 or older. LiteBlue has additional information.
• Your Federal Employees’ Group Life Insurance (FEGLI) coverage. Determining the right amount of life insurance coverage depends on your life and family situation. The amount of coverage you need, as well as the amount you pay for coverage, changes over time.
You can reduce or cancel FEGLI coverage at any time on LiteBlue.
If you have questions about your personal statement of benefits or how to make the most of your benefits, email the Benefits and Wellness team.