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For the purpose of 5 USCS §§ 8701 et seq., "basic insurance amount" means, in the case of any employee under this chapter [5 USCS §§ 8701 et seq.], “an amount equal to the greater of--
(1) the annual rate of basic pay payable to the employee, rounded to the next higher multiple of $ 1,000, plus $ 2,000, or
(2) $ 10,000.
In the case of any former employee entitled to coverage under this chapter [5 USCS §§ 8701 et seq.], the term means the basic insurance amount applicable for the employee at the time the insurance to which the employee is entitled as an employee under this chapter [5 USCS §§ 8701 et seq.] stops pursuant to section 8706(a) of this title [5 USCS § 8706(a)].”