What insurance do I get with the military?
When you are in the military, you have access to several types of insurance that cover different aspects of your health, life, and future needs. Below is an overview of the main types of insurance available to military personnel:
1. Health Insurance: TRICARE
TRICARE is a health insurance program for military personnel, their families, and retirees. It covers medical, dental, and vision care, depending on your specific plan and eligibility. There are several TRICARE options:
TRICARE Prime: This is an HMO-like plan that offers lower out-of-pocket costs but requires care within a specific network of providers. It is generally available to active-duty service members, their families, and retirees under 65.
TRICARE Select: This is a PPO-like plan offering more flexibility in choosing healthcare providers but with higher out-of-pocket costs.
TRICARE for Life (TFL): For retired service members over 65, TRICARE for Life acts as a secondary payer to Medicare, covering out-of-pocket costs that Medicare does not cover.
TRICARE Reserve Select: Available to members of the Selected Reserve who are not on active duty, this plan provides affordable healthcare coverage.
TRICARE Retired Reserve: This is a premium-based plan for retired Reserve members.
2. Life Insurance: Servicemembers’ Group Life Insurance (SGLI)
SGLI is the life insurance program for active-duty military personnel, providing coverage of up to $500,000 at a very low cost. It is automatic for service members unless they choose to reduce or decline coverage.
Family Servicemembers’ Group Life Insurance (FSGLI): This program provides life insurance coverage for spouses and dependent children of service members. Spouses can receive up to $100,000 in coverage, and dependent children receive automatic coverage of $10,000.
Traumatic Servicemembers’ Group Life Insurance (TSGLI): This is a rider attached to SGLI that provides compensation for service members who suffer serious traumatic injuries.
3. Disability Insurance
VA Disability Compensation: Service members who are injured or disabled as a result of their military service are eligible for disability compensation from the Department of Veterans Affairs (VA). This benefit is tax-free and depends on the severity of the disability.
Social Security Disability Insurance (SSDI): Military members who become disabled may also qualify for SSDI if they meet certain criteria.
4. Dental and Vision Insurance
TRICARE Dental Program: This is a dental insurance plan for active-duty service members, National Guard, and Reserve members and their families.
FEDVIP: Retirees, active-duty family members, and National Guard/Reserve members can enroll in the Federal Employees Dental and Vision Insurance Program (FEDVIP) for more extensive dental and vision coverage.
5. Long-Term Care Insurance
Federal Long-Term Care Insurance Program (FLTCIP): Service members and retirees can enroll in this program to help cover the costs of long-term care, which includes services like nursing home care, assisted living, or home care.
6. Veterans Group Life Insurance (VGLI)
Upon separation or retirement, service members can convert their SGLI coverage into Veterans Group Life Insurance (VGLI), which offers lifetime renewable term coverage. This allows service members to maintain life insurance after leaving the military, though premiums may increase with age.
7. Survivor Benefit Plan (SBP)
The Survivor Benefit Plan provides a continuing monthly income to surviving spouses and/or dependent children of retired service members upon the retiree’s death. SBP functions as an annuity, ensuring financial support for loved ones.
8. Homeowners and Auto Insurance
Companies like USAA and GEICOoffer specialised homeowners, renters, and auto insurance packages with discounted rates for military members. These companies are known for their military-focused customer service and additional perks for service members.
9. Accidental Death and Dismemberment Insurance (AD&D)
Some military members also have access to AD&D insurance, which provides benefits in the event of accidental death or severe injury, such as the loss of a limb or eyesight.
Conclusion
Military personnel receive a wide range of insurance benefits during and after their service. These include comprehensive healthcare through TRICARE, life insurance through SGLI, and various other programs to ensure financial stability for themselves and their families. After leaving the service, many of these benefits can continue or be converted to civilian programs to maintain coverage.
