An employee or annuitant whose enrollment is terminated other than by cancellation or withdrawal of his or her employer from participation in the Public Employees' Medical and Hospital Care Act, and any family member whose coverage terminated because of termination of enrollment of an employee or annuitant or because of loss of family member status, is entitled to the issuance of a conversion plan provided that application is made and the premium or other periodic charge is paid within one month of the date of termination of enrollment or termination of family member status, in which event coverage under the conversion plan shall become effective at 12:01 a.m. the day following such termination.