Military service is known to have a significant impact on various aspects of a person’s life, including their insurance coverage.

Whether you are currently serving in the military or have retired from it, there are various insurance options available that you should know about. In this article, we will discuss how military service impacts your insurance coverage.

Health Insurance

If you are an active-duty service member, your health insurance coverage is provided by Tricare, which offers various plans based on your location and status. Tricare covers all medical expenses, including hospitalization and prescription drugs.

Additionally, family members of service members are also eligible for Tricare coverage.

As a retired service member, you are eligible for Tricare for Life, which offers similar benefits to Tricare. However, you must be enrolled in Medicare Part B to be eligible for Tricare for Life.

If you have a service-connected disability, you may be eligible for VA health care, which offers comprehensive medical coverage.

Life Insurance

Service members are automatically enrolled in Servicemembers’ Group Life Insurance (SGLI), which provides coverage up to $400,000 at a low cost.

SGLI coverage can be extended for up to two years after leaving the military, but after that, service members must find alternative life insurance coverage.

If you have a service-connected disability, you may be eligible for Veterans’ Group Life Insurance (VGLI), which offers up to $400,000 in coverage.

Additionally, service members can convert their SGLI coverage to VGLI within 240 days of leaving the military. However, VGLI premiums increase with age.

Disability Insurance

If you become disabled due to a service-related injury, you may be eligible for disability compensation through the VA. Disability compensation provides tax-free monetary benefits to service members who are no longer able to work due to their injury.

Additionally, service members can purchase Supplemental Disability Income Insurance (SDIA) through the military to cover lost income due to a non-service related injury or illness. SDIA provides up to 60% of your monthly base pay.

Dental and Vision Insurance

Active-duty service members are eligible for comprehensive dental coverage through the military. However, dental coverage for retired service members and their families is limited, and they may need to purchase separate dental insurance.

Similarly, active-duty service members receive comprehensive vision coverage through the military, but retired service members and their families may need to purchase separate vision insurance.

Homeowners and Renters Insurance

Service members who live on base are not required to purchase homeowners or renters insurance, as their personal property is covered by the military. However, service members who live off-base need to purchase homeowners or renters insurance.

Military-specific insurance companies offer special discounts and coverage options for service members and their families.

Auto Insurance

Service members who are deployed overseas can suspend their auto insurance coverage or cancel their policy altogether. Upon returning, they can reinstate their policy with no penalty.

Additionally, military-specific insurance companies offer special discounts and coverage options for service members and their families.

Travel Insurance

Service members and their families are eligible for free travel insurance through the Department of Defense’s travel insurance program. The program provides coverage for trip cancellation and interruption, as well as emergency medical evacuation.

Long-Term Care Insurance

Long-term care insurance is not offered through the military, but service members and their families can purchase it through private insurance companies. Long-term care insurance covers the cost of long-term care in a nursing home or other facility.

Conclusion

As a service member or veteran, you are eligible for various insurance options based on your needs and circumstances.

Knowing your options and taking advantage of them can provide peace of mind and ensure that you and your family are financially protected. Be sure to speak with a financial advisor or insurance specialist to determine the best insurance coverage for your situation.