Self-paid retirees are required to have on file one month's premium for all selected plans as a deposit. This deposit is held in your account as a safeguard against cancellation for late payment of premium and, should you decide to leave the Trust in the future, is fully refundable. It may also be used for your last month's premium. Please note that the deposit must always equal one month's total premium and is adjusted whenever your rate is changed.
October is the time of the year when the deposit, that you already have on file for your CVT self-paid retiree account, is adjusted to equal one months premium under the new rates for the new plan year. If there has been an increase or decrease in your monthly premium, your "existing" deposit is adjusted on the October statement.
Payments for retiree accounts are always due on the first of each month and are considered delinquent after the tenth of that month. The Trust does not accept postdated checks; however, you may pay for a future month's premium as long as the check has a current date. A billing statement is sent to you by the 25th of each month.
If you have a question please call financial services at (800) 288-9870