The House approved a budget yesterday that would give federal workers a 5 percent raise next October and again in October 1887. It would also lower health insurance premiums nextyear for nearly 4 million government employes and retirees, 400,000 of whom live here. The vote was 228 to 199.

The budget plan, for the fiscal year that started Oct. 1, will be considered in a conference with the Senate, which has already approved its own version.

The Senate budget proposal is silent on the subject of raises for the government's 1.4 million white-collar employes and on health insurance premiums.

Earlier this year President Reagan ordered a freeze on federal pay raises for 1986, despite government data indicating that civil servants were due raises averaging 19 percent.

Congress did not act to override the pay freeze, which doesn't bar civil servants from getting in-grade (longevity) raises.

The Republican-controlled Senate is likely to balk at a budget that commits the government to a pay raise in the same year that the president has ordered a freeze.

The House proposal would also eliminate the 75 percent ceiling now imposed on government contributions to federal worker-retiree health insurance premiums.

Federal agencies now pay about 61 percent of the average health insurance premium, an average that is based on the six most popular plans.

The U.S. Postal Service's contract with its unions calls for it to pay up to 75 percent of premiums.

Removing the 75 percent cap on government health plan contributions could mean that some employes would pay little or nothing for their health insurance next year, depending on what plan they choose.

The legislation is intended to require the government to pay a much higher portion of the premiums, which are already scheduled to drop an average of 6 percent in 1986.

An open enrollment period for employes and retirees begins Nov. 4.