Postretirement employee benefits other than pensions (OPEB) may be defined in terms of monetary amounts (e.g., a given dollar value of life insurance) or benefit coverage (e.g., amounts per day for hospitalization). The amount of benefits depends on such factors as the benefit formula, the life expectancy of the retiree and any beneficiaries and covered dependents, and the frequency and significance of events (e.g., illnesses) requiring payments. The basic elements of accounting for OPEB include