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Page 6
The amount of Option A - Standard insurance (formerly known as "Optional insurance") is $10,000 at retirement. If you retired before October 30, 1998, your Option A insurance may have been higher than $10,000. If you have this coverage, it will begin to reduce by 2% per month ($200) beginning the second month after you are 65 or the second month after you retire, whichever is later, until it reaches 25% of the face value ($2,500). We will withhold premiums for Option A insurance from your annuity through the end of the month in which you are 65, unless you elect to cancel this coverage. You cannot cancel your insurance if you have assigned it. The cost of Option A insurance depends on your age. The premiums increase depending on your age group until you are 65, as shown in the following table:
| Age Group | Monthly Premium |
|---|---|
|
Under age 35 |
$.65 |
|
Age 35 through 39 |
.87 |
|
Age 40 through 44 |
1.30 |
|
Age 45 through 49 |
1.95 |
|
Age 50 through 54 |
3.03 |
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Age 55 through 59 |
5.85 |
|
Age 60 through 64 |
13.00 |
|
Age 65 and Over |
No Cost |
|
These rates are subject to change. |
|
When you go from one age group to the next, your premiums will increase at the beginning of the month after your birthday. The increased premium will be reflected in the next payment. For example, if you are 60 in May, your monthly premium for Option A insurance would increase from $5.85 to $13.00 effective June 1. This increased premium would be reflected in your payment dated July 1, which overs your annuity and insurance premiums for the month of June.
We will stop withholding the monthly premium from your annuity the first of the month after you are 65. For example, if you reach age 65 in May, premiums for Option A insurance will stop June 1. This will be shown in your payment dated July 1, covering your annuity and insurance premiums for the month of June.
U.S. Office of Personnel Management 1900 E Street NW, Washington, DC 20415 | (202) 606-1800 | TTY (202) 606-2532