WAEPA Gives You Money Back
A message from WAEPA CEO M. Shane Canfield on the 2019 Premium Refund:
Our Board of Directors is pleased to announce that another premium refund has been approved. Your refund is 10% of your annualized premium as of December 31, 2018.
WAEPA issued a premium waiver in January 2019 during the Government Shutdown. We understood the financial struggle many Feds experienced during this time, and we were able to assist our members when it mattered most. All members’ premiums were waived, regardless of whether you were impacted by the furlough.
With the premium waiver issued and the premium refund this year, in total, WAEPA Members will be refunded over 18% of their annualized premiums in 2019.
Checks will be mailed on September 24, 2019 and may take a few weeks to arrive. If you do not receive your check, it will be automatically credited to your WAEPA account on January 6, 2020.
To be eligible for a 2019 premium refund, your WAEPA insurance must have been in-force by December 31, 2018 and have continued through August 31, 2019.
About 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-three of the past twenty-four years! When was the last time FEGLI gave you money back?