New Bands Also Created

In addition, OPM is creating new age bands for Option B as well as for Option C, which provides coverage for immediate family members of up to five multiples of $5,000 on a spouse and $2,500 on a child. Currently under option B the cost is 70 cents biweekly per $1,000 of coverage for all those over age 60. Under the new system, those 60-64 will pay 60 cents, those age 65-69 will pay 71 cents, those age 70-74 will pay 87 cents, those age 75-79 will pay $1.07, and those age 80 and over will pay $1.27. Currently under Option C all those age 70 and over pay $3.40 per multiple biweekly. Under the new system, that rate will apply to those age 70-74, while those age 75-79 will pay $4.50 and those age 80 and over will pay $6.00. OPM said the additional age bands are needed because of the increasing number of individuals with unreduced coverage under those options after age 65.