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Southwest Oklahoma MOAA
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Chapter Members Birthday, December 2024

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2025 U.S. Army Retired Soldier Handbook

DFAS Retired and Annuitant Pay Survivor Benefit Plan

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Comparing Our Chapter

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Medicare & You 2025 Handbook

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Pay Raise, Housing Help, and More: MOAA’s Priorities as Congress Returns From Recess

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SWOK Chapter of MOAA Fundraiser

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Advocacy in Action Key MOAA Priorities

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Five Reasons Surviving Spouses Should Be Members of MOAA

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MacAuthur JROTC Recognized at the Oklahoma State Capitol

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General Membership Meeting Highlights May 14, 2024

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Council Receives 5 Star Level of Excellence Award for 2023

2023 Col. Marvin D. Harris Communication Award

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National Cemetery Project 22 May 2024

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Happy National Volunteer Week!

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Advocacy in Action: MOAA Members Rally on Capitol Hill

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MOAA JROTC Award Presentation

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TRICARE For Life Under Threat: How MOAA Works to Protect Your Benefit

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MHS GENESIS Patient Portal Now Allows Prescription Refills

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Cameron University SROTC 2024 Spring Awards Ceremony

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MOAA’s Spring 2024 Advocacy In Action

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January 2024 General Memberhip Meeting Highlights

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On line ID Card Renewal

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Wreath Recovery Fort Sill National Cemetery, 20 January 2024

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President’s Message January 2024

Chapter Scholarship Donors Recognized

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Chapter Members Birthdays, January 2024

Date Posted:12/19/23
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2024 U.S. Army Retired Soldier Handbook

MOAA National Endowed Scholarships

Buffalo Soldiers Presentation

Here Are Your 2024 Medicare Part B Rates

Hundreds of Veterans Day discounts and freebies

From MOAA’s President: Help Shape Our Advocacy Agenda

Social Security Announces 3.2 Percent Benefit Increase for 2024

Act Fast to Meet a New Deadline for Survivor Benefit Plan Enrollment

Have Your Say: This Military Family Survey Will Help Inform Advocacy Work

Presidents Message October 2023

TRICARE Handbooks (Updated January 2024)

Veterans Guide to Government Shutdown

MOAA National Chapter Visit

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2024 Changes to Medicare

Letter of Appreciation Mount Scott Cemetery Support

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Southwest Oklahoma MOAA
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Act Fast to Meet a New Deadline for Survivor Benefit Plan Enrollment

By: Lila Quintiliani

While the deadline for a rare Survivor Benefit Plan (SBP) open season remains Jan. 1, 2024, the practical deadline for beneficiaries who want an estimate of what the coverage would cost has moved up a month.

Initial messaging from the Defense Finance and Accounting Service (DFAS) said normal processing time for a Letter of Intent – a document DFAS uses to make a cost estimate – would be 30 days, meaning interested enrollees would have until about Dec. 1 to send in the paperwork. But an update to the DFAS open season website now lists Nov. 1 as the Letter of Intent deadline. Those who don’t send a Letter of Intent by that date may not receive a premium estimate before the Jan 1 enrollment deadline.

The timeline does not alter the four-step enrollment process:

  1. Submit the Letter of Intent, which can be found at this link.
     
  2. Receive a DFAS estimate of future monthly premium costs as well as a one-time “buy-in premium” figure.
     
  3. Submit an enrollment form and choose a payment method – a lump sum, 12 equal monthly payments, or a combination of the two.
     
  4. Receive enrollment confirmation from DFAS, along with instructions on how to submit payments. Enrollees have 30 days from the date of enrollment to cancel; the cancellation must be in writing and must be received by DFAS within the 30-day window. 

Why Send a Letter of Intent?

While beneficiaries can enroll in SBP using the enrollment form without requesting a cost estimate, they may benefit from a fuller financial picture, as the one-time buy-in premium will vary by retiree.

It’s based on several factors: The first is the amount by which a beneficiary’s pay would have been reduced had they elected to participate in the SBP at the first opportunity. That amount is 6.5% of whatever portion of pay is to be covered: Survivors receive 55% of whatever “base amount” of your pay is chosen.

Then there is a buy-in “factor” covering back interest payments and an “additional amount” added to preserve the actuarial soundness of the Military Retiree Fund. The amount differs based on the number of months it’s been since retirement.

 For example, someone who retired in June 2018 and wanted to enroll would have a buy-in factor of 57.25. If they wanted to cover their entire retired monthly pay of $4,750, the calculation for their buy-in premium would be: $4,750 x 6.5% x 57.25 = $17,675.94.

Going forward, the monthly SBP premium would be $308.75 ($4,750 x 6.5%). A survivor would get $2,612.50 per month, which is equal to 55% of the base amount. 

The Coast Guard’s Pay and Personnel Center, which processes retiree and survivor payments for the commissioned corps of both the U.S. Public Health Service and NOAA, has a similar enrollment process and has not updated its online guidance. Currently serving Guard and Reserve members should contact their branch of service for information.

The update does not affect deadlines for those seeking to discontinue SBP coverage, which involves only the submission of a discontinuance form to the proper pay agency.

While the forms can be submitted by mail, it is undoubtedly going to be quicker to fax your materials (800-469-6559) or use the askDFAS online upload tool.





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