Do you have a life insurance plan with WAEPA, like the $100,000 one? You might be wondering how to pay for it quickly. Lots of people choose to have the payments taken straight from their federal paycheck. WAEPA lets you do this, but setting it up can feel a bit tricky, especially if you’re using myEPP (Employee Personal Page).
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Option 1: Deducting WAEPA Payments From Your Federal Paycheck
Yes, you can pay WAEPA premiums straight from your paycheck using myEPP, but there’s a small rule: you can only use whole numbers (like $2 or $3), not amounts like $1.52. Here’s how you can fix that:
Round Up the Amount
If your premium is $1.52, just set it to $2. The extra $0.48 will go toward future payments, so you’ll have a little extra saved up. Sometimes, this additional money might even cover a whole payment!
Check Extra Payments
If you ever want your extra money back, you can ask WAEPA for a refund. It’s a bit of extra work, but it’s an easy way to pay directly from your paycheck.
How to Set It Up in myEPP
- Log in to your myEPP account.
- Go to the “Financial Allotments” section.
- Pick WAEPA as the payee and type in the rounded-up number (like $2).
If anything goes wrong or you’re confused, you can ask WAEPA for help.
Option 2: Autopay From a Personal Bank Account
Lots of WAEPA members like using their own bank accounts to make payments. Here’s why:
- Pick the Right Amount: You can choose exactly how much to pay, so you won’t pay too much.
- No Delays: Your payments stay the same, even if you change jobs or there’s a government shutdown.
Here’s how to set it up:
- Log in to your WAEPA account.
- Go to the payment section and add your bank details.
- Set up automatic payments to make life easier!
Option 3: Quarterly Payments
You can also pay your premiums every three months instead of every month. Some people like this because it means fewer payments to make. Here’s how you can do it:
- Direct Bank Drafts: You can set up a plan with WAEPA to take the money straight from your bank.
- Credit Card: WAEPA doesn’t usually take credit card payments because of extra fees, but some people say they’ve done it by calling WAEPA. You should check with them to see if this still works.
Why Choose WAEPA Over Other Life Insurance Options?
WAEPA is a nonprofit that helps people working in public jobs get life insurance. It’s often cheaper than the federal plan called FEGLI. Here’s what makes WAEPA unique:
- You Can Keep It: Even if you retire or leave your job, you can still keep your WAEPA insurance.
- Fits Your Needs: You can choose a plan that works best for you, with coverage up to $1.5 million.
- Costs: The price goes up as you get older, but WAEPA is often still cheaper than other plans.
Common Questions and Concerns
1. Can I recover overpayments?
Yes, WAEPA allows you to request refunds for any overpaid amounts. However, some members find it easier to use autopay through a bank account to avoid overages altogether.
2. Is WAEPA cheaper than private insurance?
WAEPA can be competitive, but it’s worth comparing quotes using their online calculator. Factors like your age, health, and coverage needs will affect costs.
3. Can I carry WAEPA coverage into retirement?
Absolutely! WAEPA coverage is portable, meaning you can keep it after leaving federal service or retiring.
Also Read: How to Apply for SSI for a Child in 2025
Final Tips
If payroll deductions seem tricky, you can use autopay from your bank account—it’s super simple!
Check your payment setup regularly, especially if you get a new job or switch agencies.
If you have any problems, WAEPA’s customer support team is ready to help.
By picking the best payment option, your WAEPA payments will be taken care of quickly, so you won’t have to worry!
