HR 2911 United States House · 118th Congress

Fairness for Servicemembers and their Families Act of 2024

The Fairness for Servicemembers and their Families Act of 2024 requires the Department of Veterans Affairs to review the automatic maximum coverage amount for Servicemembers’ Group Life Insurance (SGLI) and Veterans’ Group Life Insurance (VGLI) every three years, starting January 1, 2024. The review compares the current coverage amount to a new inflation-adjusted figure calculated as $400,000 multiplied by the cumulative increase in the Consumer Price Index (CPI) since 2005. The results of each review must be submitted to Congress. This provision directly affects active-duty service members and veterans enrolled in SGLI or VGLI by establishing a process to potentially increase their automatic coverage to keep pace with inflation.

Issues: ✓ Veterans

Sub-Topics: Veteran Benefits Veteran Education Veteran Healthcare

Bill status passed 3 of 5 stages cleared

Introduction

Apr 2023

Committee Review

Sep 2024

House Passage

Sep 2024

Senate Passage

President

Introduced Apr 26, 2023 Last action Sep 18, 2024

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What changed between versions

Introduced in House → Engrossed in House · 5 edits · Sep 17, 2024

MODERATE

The Engrossed version of HR 2911 makes several substantive changes to the periodic review mechanism for Servicemembers' Group Life Insurance coverage. The first review is delayed from January 2024 to January 2025, the review frequency is reduced from every three years to every five years, the baseline dollar amount used in the inflation adjustment formula is raised from $400,000 to $500,000, and the CPI calculation method is changed from a single-year comparison to FY2005 to an average of annual CPI changes over the prior five fiscal years. These changes collectively slow the pace at which automatic maximum coverage would increase.

TIMELINE

The first mandatory review date is delayed from January 1, 2024 to January 1, 2025.

REQUIREMENT

The frequency of the Secretary's review is reduced from every three years to every five years.

FISCAL

The baseline dollar amount in the inflation adjustment formula is increased from $400,000 to $500,000, which raises the starting point for calculating recommended coverage levels.

DEFINITION

The CPI calculation method changes from comparing a single fiscal year's average CPI to the FY2005 average (a cumulative increase since 2005) to using the average annual percentage change in CPI over the five fiscal years preceding each review. The new method produces smaller, more stable adjustments.

TECHNICAL

The short title year is updated from 2023 to 2024.

Floor votes