Military Insurance: Private Or Public?

Military service members and their families are provided with health insurance, known as TRICARE. Active-duty personnel, reservists, and National Guard members become eligible for military health coverage after 30 consecutive days of active service. However, many reservists and National Guard members may also have health insurance through their civilian jobs, which they can continue while on active duty. Additionally, service members can purchase Servicemembers' Group Life Insurance (SGLI) at low rates, with a maximum coverage of $400,000. It is worth noting that SGLI may not be sufficient for those with families or other dependents, and some military professions may struggle to obtain additional private insurance due to the nature of their work.

Military members can get health insurance through TRICARE

Active-duty service members and their families, including spouses and children registered in the Defense Enrollment Eligibility Reporting System (DEERS), are eligible for TRICARE. Active-duty service members must enroll in a TRICARE plan based on their duty station. The available plans for this category include TRICARE Prime Remote, TRICARE Prime Overseas, and TRICARE Prime Remote Overseas. Active-duty family members can enroll in one of the Prime plans or may be eligible for other plans, such as the US Family Health Plan or TRICARE Select Overseas. Additionally, family members may purchase the TRICARE Dental Program separately.

TRICARE also offers plans for reservists, guard members, and their dependents, as well as overseas members and children between the ages of 18 and 26. Transitional health benefits are available for those who have recently separated from military service.

It is important to note that TRICARE is not the only option for military members. They can also explore private insurance plans, Medicare, or Medicaid. Additionally, military members can use their VA health care benefits alongside other forms of health care coverage, including TRICARE. This allows for flexibility and comprehensive coverage to meet their specific needs.

Military members can get life insurance through SGLI

Military members can get life insurance through Servicemembers' Group Life Insurance (SGLI). SGLI is a Department of Veterans Affairs program that provides low-cost group life insurance to all military members. Military members who meet certain criteria are automatically enrolled in SGLI. The insurance coverage is for a maximum of $500,000, in increments of $50,000, unless the member chooses otherwise. The current basic SGLI premium rate is 6 cents per $1,000 of insurance coverage, with an additional $1 per month for Traumatic Injury Protection (TSGLI) coverage. This means the monthly premium for $500,000 worth of coverage is $31.

SGLI offers benefits such as:

• Coverage up to $500,000
• 120 days of free coverage from the date of leaving the military
• Extension of free coverage for up to 2 years if the member is totally disabled when they leave the military
• Part-time coverage for reserve members who don't qualify for full-time coverage

Members can make changes to their SGLI coverage, such as reducing it or cancelling it entirely, through the SGLI Online Enrollment System (SOES). They can also choose their beneficiaries and change them as needed. After leaving the military, members can convert their SGLI to Veterans' Group Life Insurance (VGLI), a similar program.

Military members can suspend their coverage while deployed

Military members can suspend their insurance coverage while deployed, which can be a good way to save money. This is especially useful if no one else will be using the insured item—for example, a car—while the policyholder is away. Suspending coverage temporarily halts the policy until the policyholder returns home and restarts it. This means that the policyholder still has a policy and avoids any lapses in coverage, but they won't be able to file any claims while it's suspended.

If a policy covers other people, suspending coverage may not be an option, as they will still need to be covered. In this case, the policyholder may be able to remove themselves from the policy for the duration of their deployment.

It's important to note that insurance laws vary from state to state, so military members should check the specific requirements of their state. For example, Texas law requires all drivers in the state to have a minimum amount of liability coverage. To suspend liability coverage, the policyholder must store their car so that no one else can drive it.

In addition, collision and comprehensive coverage pay to repair or replace a car if it is stolen or damaged by fire, vandalism, hail, or a collision. If a policyholder cancels or suspends their coverage and their car is stolen or damaged while they are deployed, they will likely have to pay for repairs or replacements themselves. If the car is still being financed, the lender will usually require that the policyholder maintains collision and comprehensive coverage.

Other coverages that military members may be able to suspend while deployed include uninsured/underinsured motorist, medical payments, personal injury protection, rental reimbursement, and towing and labour coverages. These are optional coverages that provide additional protection in the event of a collision.

Military members can get health insurance through the VA

It is important to note that VA health care benefits are not affected by having other health insurance coverage. Military members can use VA health care benefits alongside other forms of health care coverage, such as private insurance plans, Medicare, Medicaid, or TRICARE. The VA requires information on an individual's health insurance coverage to bill their insurance provider for treating non-service-connected conditions. However, it is worth mentioning that VA health care benefits do not usually extend to family members.

Additionally, military members can explore other health insurance options, such as the Servicemembers Group Life Insurance (SGLI) program, which offers low-rate insurance to service members and their spouses. Active-duty personnel can purchase coverage in increments of $50,000, up to a maximum of $400,000. After leaving military service, individuals can convert their SGLI to Veteran's Group Life Insurance or private insurance, although premiums may increase.

Military members can get health insurance through the Health Insurance Marketplace

Active-duty personnel, reservists, and National Guard members get military health coverage after 30 consecutive days of active-duty service. Many reservists and National Guard members also have health coverage through their civilian jobs, which they usually continue while on active duty. It's important to talk to your benefits administrator at work to understand what will happen with your health coverage if you're on active duty. While employers aren't required to pay health insurance premiums during this time, some do.

If you leave your job to join the military, federal law allows you to keep your previous health coverage for up to 18 months, and your dependents' coverage for up to three years. However, you must pay the full cost of the coverage. Additionally, if your employer stopped your health coverage and you return to the company after deployment, federal law mandates that your health plan must resume your coverage without a waiting period.

It's worth noting that military members can also take advantage of the Servicemembers Group Life Insurance (SGLI) program, which offers insurance for service members and their spouses at low rates. Active-duty military personnel, including reservists and National Guard members called to active duty, can purchase coverage in increments of $50,000 up to a maximum of $400,000.

Frequently asked questions