3/28/2023 0 Comments 60 days in reditrThe Federal Employees Dental and Vision Insurance Program (FEDVIP) is available to eligible Federal and Postal employees, retirees, and certain uniformed service members and their family members on an enrollee-pay-all basis. Premium Conversion Frequently Asked Questions.You do have a choice, though, to waive premium conversion despite the savings. The payroll office will sign you up for Premium Conversion automatically. In most cases, you'll also save on State income tax and local income tax. This means you save on Federal income tax and FICA taxes (Social Security and Medicare taxes). Premium Conversion is a "pre-tax" arrangement that allows the part of your salary that goes for health insurance premiums to be non-taxable.
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