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(1) "Continuing medical and life insurance benefits" means the state provided policy of medical insurance and the state provided portion of a policy of life insurance, each offered at the same:
(a) benefit level and the same proportion of state/member participation in the total premium costs as an active member as defined in Section 49-11-102; and
(b) coverage level for a member, two person, or family policy as provided to the member at the time of retirement.
(2) "Converted sick leave" means leave that has been converted from unused sick leave in accordance with Section 63A-17-506 which may be used by an employee in the same manner as:
(a) annual leave;
(b) sick leave; or
(c) unused accumulated sick leave after the employee's retirement for the purchase of continuing medical and life insurance benefits under Sections 63A-17-507, 63A-17-508, and 63A-17-804.