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You may elect Option B insurance in an amount equal to one, two, three, four or five times your annual basic pay (after rounding up to the next even $1,000).

The cost of Option B insurance depends on your age. When you have a birthday that moves you to another age group, you will begin paying the premiums for the new age group in the first pay period that starts after your birthday. The premiums increase depending on your age group, as shown in the following table:

The Option B premiums for ages 65 and over will be increasing in January 2004 and January 2005. The January 2004 increases are reflected in the table below. Link to the scheduled premium increases.

Age Group Biweekly withholding ($)
per $1,000 of insurance
Monthly withholding ($) per $1,000 of insurance
Under age 35 0.03 0.065
Age 35 through 39 0.04 0.087
Age 40 through 44 0.06 0.130
Age 45 through 49 0.09 0.195
Age 50 through 54 0.14 0.303
Age 55 through 59 0.28 0.607
Age 60 through 64 0.60 1.300
Age 65 through 69 0.71 1.538
Age 70 through 74 1.03 2.232
Age 75 through 79 1.43 3.098
Age 80 and Over 1.83 3.965

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