WAEPA Announces a 2020 Premium Refund
WAEPA is pleased to announce that the Board of Directors has approved another premium refund this year.
Premium Refund Program
Has the coronavirus affected refunds?
This past year has brought unprecedented changes to our communities and global landscape. It has been a challenging time for all of us dealing with the coronavirus pandemic and the impacts it has had on families, friends and neighbors. The pandemic has been a source of unexpected stress and adversity for so many. At WAEPA, we have a long history of helping our members through tough times, and now is no different.
Are premium refunds guaranteed?
Premium refunds are not guaranteed. They are based primarily on the annual claims ratio, and despite constant fluctuations, WAEPA has awarded a refund 24 of the past 25 years.
Important information about your 2020 premium refund:
- Your refund is 15% of your annualized premium as of December 31, 2019.
- Checks will be mailed no later than September 30, 2020.
- Checks may take up to three weeks to arrive.
- If you do not receive your check, the amount will be automatically credited to your WAEPA account on January 4, 2021.
- To be eligible for a 2020 premium refund, your WAEPA insurance must have been in-force by December 31, 2019 and have continued through August 31, 2020.
- Your refund check will be mailed to the address on-file. If you need to change the address you have on file with us, please update it no later than Friday, September 18, 2020.
M. Shane Canfield, CEO
Continued growth is an important factor in the decision to continue our annual refund – as such, we encourage you to mention the benefits of WAEPA to your coworkers. Refer your friends or colleagues who work as Civilian Federal Employees and get rewarded.
WAEPA’s Premium Refund Program
Since 1996, WAEPA has refunded over $100 Million to its members. How? Based on the previous fiscal year, WAEPA’s board of directors evaluates our earnings and determines if a refund is possible. Refunds are based primarily on the claims ratio for each fiscal year vs new business vs the overall market performance. If a refund is awarded, members receive their payment in the form of a check.
Although premium refunds are not guaranteed. WAEPA has given a refund twenty-tree of the past twenty-four year! When was the last time FEGLI gave you money back?
Visit our Premium Refund FAQs page to learn more.