Changes

*Under Option A, the benefit will reduce at age 65 by $200/month until reaching $2,500.  Premiums must be paid until age 65 after which coverage is free for life.  There is no other alternative except to discontinue Option A coverage.

*Under Option A, the benefit will reduce at age 65 by $200/month until reaching $2,500.  Premiums must be paid until age 65 after which coverage is free for life.  There is no other alternative except to discontinue Option A coverage.

*Under both Option B and Option C, the employee may choose either Full Reduction or No Reduction.  However, the employee may choose to leave some multiples at No Reduction and others at Full Reduction, and if the employee retired before age 65 get a second chance to change between the options for any and all multiples.  Under Full reduction, at age 65 (or upon retirement if the employee retires after age 65) coverage will reduce by 2% per month beginning the second full month after his/her 65th birthday, until reaching zero.  Under this option premiums must be paid until age 65, after which coverage is free for life.  The No Reduction option does not reduce coverage but requires additional premiums for as long as the option is chosen; otherwise the only alternative is to discontinue Option B and/or Option C coverage.

*Under both Option B and Option C, the employee may choose either Full Reduction or No Reduction.  However, the employee may choose to leave some multiples at No Reduction and others at Full Reduction, and if the employee retired before age 65 get a second chance to change between the options for any and all multiples.  Under Full reduction, at age 65 (or upon retirement if the employee retires after age 65) coverage will reduce by 2% per month beginning the second full month after his/her 65th birthday, until reaching zero.  Under this option premiums must be paid until age 65, after which coverage is free for life.  The No Reduction option does not reduce coverage but requires additional premiums for as long as the option is chosen; otherwise the only alternative is to discontinue Option B and/or Option C coverage.

An employee may assign coverage to a third party, only notification is required.

An employee may assign coverage to a third party, only notification is required.