|
|
The Postal Service assumes the full cost of basic insurance for all eligible employees (except postal inspectors and Inspector General employees).
The cost of the three forms of optional insurance depends on the employee’s age. The entire cost is paid by the employee and is withheld from pay as determined by OPM. (See 533.22.)
Rates for $10,000 of coverage:
Rates per $1,000 of coverage:
Withholding per multiple:
For optional insurance purposes, an employee attains age 35, 40, 45, 50, 55, or 60 on the first day of the first pay period following the pay period in which the birthday occurs.
The following provisions apply:
- Termination of Insurance. Employees who become ineligible for optional insurance have their coverage terminated at the end of the pay period in which the employing office determines that the employee’s periodic pay, after all deductions, is insufficient to cover the full cost of the optional insurance. This determination is made when it is expected that, during the next 6 months, the employee’s regular pay (after other deductions) will be insufficient to provide the total required withholdings for the optional insurance for at least 50 percent of the pay periods.
- Canceling Nonmandatory Deductions. Employees may cancel or reduce other nonmandatory deductions from pay in order to increase their net pay to provide the total required withholdings for the optional insurance.
|
|
