As a military veteran, you have many insurance options to protect you after service. These include health care from the Department of Veterans Affairs (VA) and life insurance from the Military Benefit Association (MBA). You can also get auto insurance discounts. This article will guide you through these options to keep your family safe financially.
Health Insurance Options for Veterans
Leaving active duty can make it hard to keep health coverage for your family. TRICARE isn’t always available after you leave. But, there are other programs and services that can help.
Transitional Assistance Management Program (TAMP)
The Transitional Assistance Management Program (TAMP) offers free TRICARE for 180 days after service. It helps you and your family adjust to civilian life while covered. Remember, TAMP is temporary, so look for other options soon.
Continued Health Care Benefit Program (CHCBP)
After TAMP ends, you can apply for the Continued Health Care Benefit Program (CHCBP). CHCBP covers up to 36 months and costs money. It offers the same benefits as TRICARE Select, including prescriptions.
Veterans Affairs (VA) Health Care
The Veterans Affairs (VA) Health Care system is a key option. It offers medical treatment for service-related conditions. To use VA services, you must meet certain criteria, like being in a specific priority group.
- Priority Groups: You’re placed in one of eight groups based on your service, disability, and income. This affects when you get care and how much you pay.
- VA Health Care Costs: The VA covers service-related care, but you might pay for some services based on your group and the care type.
VA Health Care Coverage for Family Members
Family members usually don’t get VA health benefits. But, some veterans might get extra coverage, like dental. It’s important to look at other insurance options, like employer plans or the Health Insurance Marketplace, to cover your family.
Hospital Indemnity Insurance for Veterans
MBA offers Hospital Indemnity Insurance for veterans and their families. This plan pays a daily amount for hospital stays due to illness or injury. You can use the money for expenses, deductibles, or other needs during a hospital stay.
Life Insurance Options for Veterans
Life insurance is key to protecting your family’s future. Veterans get Servicemembers’ Group Life Insurance (SGLI) while on duty. But, they lose it after they leave the military. Luckily, there are ways to keep life insurance after military service.
Veterans’ Group Life Insurance (VGLI)
Veterans can apply for Veterans’ Group Life Insurance (VGLI) after leaving. VGLI offers up to $500,000 in coverage. But, it has some limits.
- Limited Coverage: The $500,000 cap might not be enough for many veterans, like those with families or mortgages.
- Time-sensitive Application: Veterans must apply for VGLI within 240 days of leaving. Missing this deadline might mean a medical exam.
- Higher Premiums: VGLI premiums are often higher, which can be tough for older or unhealthy veterans.
Life Insurance Options through MBA
MBA offers life insurance plans that are more affordable and flexible for veterans. These plans have many benefits.
- No War Clause: Unlike civilian policies, MBA’s plans don’t have a war clause, ensuring full coverage for veterans.
- Higher Coverage Limits: MBA offers up to $1,000,000 in coverage, more than VGLI’s $500,000.
- Affordable Rates: MBA’s premiums are often lower than VGLI’s, even for non-smokers. For example, a non-smoker under 30 can get $250,000 coverage for just $13.75/month.
Types of Life Insurance Available through MBA:
- Military Term Insurance to Age 90: This term life insurance option offers up to $1,000,000 in coverage. Premiums increase every five years, but there’s no underwriting once enrolled.
- Level Term Life Insurance: This option provides up to $600,000 in coverage with rates staying the same for 10 or 20 years.
- Monthly Income Term Life Insurance: This plan offers monthly income to families, ensuring steady support for expenses like mortgages and childcare.
Life Insurance for Dependents
MBA also offers life insurance for veterans’ dependents. Dependent Child Term Life Insurance is for unmarried children under 21 (or 25 if they’re full-time students). Coverage is available in $10,000, $20,000, or $25,000 increments.
Auto and Homeowners Insurance for Veterans
Veterans can get auto and homeowners insurance at lower prices through MBA’s deal with Liberty Mutual.
Auto Insurance
MBA members get discounted auto insurance from Liberty Mutual. This includes special deals for military vets. Key benefits include:
- Medical Payments Coverage: This pays for initial medical costs after an accident, no matter who’s at fault.
- Tailored Coverage: Veterans can adjust their policies to fit their needs, only paying for what they need.
Homeowners Insurance
MBA offers homeowners insurance through Liberty Mutual with military discounts. You can customize your policy to protect your home and belongings from damage, theft, and other dangers. You also get:
- Protection for Personal Property: This covers lost or damaged personal items.
- Emergency Coverage: This includes costs like hotel stays if your home is not safe to live in.
Other Property Coverage
Besides auto and homeowners insurance, MBA members get discounts for:
- Motorcycle Insurance
- Condo Insurance
- Renters Insurance
- Umbrella Insurance (to protect your assets in case of a lawsuit)
- Landlord Insurance
| Insurance Type | Discount for Veterans | Key Features |
|---|---|---|
| Auto Insurance | Military discount available | Customizable coverage, Medical Payments coverage |
| Homeowners Insurance | Military discount available | Protection for home and belongings, emergency expenses |
| Motorcycle & Condo Insurance | Special rates for veterans | Tailored to individual needs |
| Renters & Umbrella Insurance | Discounted rates for military members | Protects assets and liabilities |
Additional Resources for Veterans
MBA members have access to many resources to help them after military service. These include:
- Career Planning and Financial Education: MBA works with Orion Talent to help veterans find jobs. They also offer financial planning tools.
- MetLife Legal Plans: Veterans can get legal help for things like traffic tickets, home closings, and tax issues.
- Lifeline Health Screening: MBA members get discounts on health screenings.
Veterans can get affordable insurance through government programs and non-profits like MBA. This includes health, life, and auto insurance. These options help veterans protect their families as they start their civilian life.
