Page 24 - The Informed Fed--Hearn Wealth Management

Knowledge is power inspired the writing of this book based upon our
many years in the financial services profession. Daily contact with clients

and prospective clients has brought us to many conclusions.
Lack of knowledge causes confusion. Confusion leads to frustration.
Frustration leads to anger, which ultimately can lead to giving up. We

have seen it over and over again, and the tragedy is that so much can be
accomplished by simply gaining the knowledge needed through

systematic study and a little self-discipline along the way.
One of our goals is to dispel misconceptions and incorrect
information. Once we accomplish that with a client, we can then start

the journey with less chance of frustration. How do you feel about your
knowledge of how your benefits work? Are there any misconceptions
that you are struggling with? Here are some examples of common

misconceptions. Test yourself on this True or False pop quiz:
1) The TSP is matched 15% if you are in management. (True or
False)

2) If you want to cancel your FEGLI, you need to wait for an open
enrollment. (True or False)

3) Open enrollment for FEGLI is once a year. (True or False)
4) If both you and your spouse are covered through the
government health insurance and your spouse dies, the HR

department will automatically reduce your premiums to reflect a
single individual. (True or False)

This is a small sampling of misconceptions we hear from federal
employees. So how did you do on the pop quiz? The answers are:
1) False

2) False
3) False
4) False

employee benefit package is very unique and complex. Most financial
ly so. The

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