For those who are on active duty or have served in the military there are certain insurance policies which will afford you a discount for your service. These are five common policies which veterans receive a discount for in terms of coverage and protection.
1. Health insurance
When it comes to veterans’ coverage policies and terms can greatly vary. If you are on active duty, separated from the military, or if you have disability coverage, policy terms can change. If you seek out health insurance as a veteran, these are some policies to consider.
TRICARE – US Defense Health Agency provides this coverage. Army, National Guard, the Air Force, Marines, and reserves, are all covered under their policies. According to their site, Affordable Care Act isn’t considered when determining minimum coverage.
The VA system – this is the Dept of Veteran Affairs which offers coverage to certain veterans. Technically, the VA isn’t an insurer, but rather a health care provider. However even coverage mandated by the Affordable Care Act isn’t required by veterans who have this coverage.
Access to care is the toughest challenge for veterans enrolled with this care provider. With so many veterans, old and young, the most often complained of issue is how long it takes to actually see a doctor and schedule an appointment. Those who are in a higher income bracket, can’t apply for help through VA services either. Only about 9 out of 22 million are enrolled, and only a total of about 6.5 million veterans are using this coverage they are afforded.
Other Coverage – Many veterans buy personal coverage. As of 2012 about 1.3 million had no coverage, while others are covered by medicare or medicaid funding by the state.
2. Auto insurance
Some insurers offer discounts to military personnel; among these insurers are:
– United Services Automobile Association (USAA): This is a financial service institute, founded by military members. It offers 15% discount to military families, covering items like break ins, damage by animals, or other damage for policy holders who keep their car in the garage. USAA spokeswoman Rebecca Hirsch states this is because those which are in garages are safer than those outside on a military base, so additional protection is offered.
– The Geico Military Program: This is for personnel who are overseas, where Geico offers a 15% discount to policy holders who have vehicles when they are stationed outside the US. The company partners with foreign insurance companies to provide military personnel these discounts. Army, National Guard, and the reserves, are a few members who take advantage of such discounts.
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3. Home insurance
The USAA also offers “competitive rates,” for current and former military families. If a policy holder is deployed, some companies sell additional coverage according to the National Association of Insurance Commissioners. This is to protect the home when it is vacant from possible threats when families are away.
4. Disability insurance coverage
The VA offers monthly benefits to those who were injured or disabled while serving in the military. This coverage only extends to those who were injured or contracted a disease while they were serving for their respective military branch. The PVA encourages those veterans who are injured or have been disabled (which didn’t occur while they were serving) to seek financial assistance from Social Security benefits. Certain members and former military members do receive additional funding to help pay with medical bills, cost of medication, as well as other expenses they have to deal with, since they are disabled in any way.
5. Life Insurance
For vets, there are a number of policy options and coverage options which can be chosen by former military personnel.
A Service-Disabled Veterans policy is offered to vets who are disabled, but are in otherwise good health after they have served in their respective branch of the military. This provides them up to $10,000 in coverage. Additional supplement coverage, alongside the full protection is offered to former military members who are totally disabled. On the VA website you can learn more about the level, the amount of coverage, and what it extends to if you have been disabled after serving the country.
Veterans’ Mortgage Life Insurance is also offered to certain military members who were disabled as a result of their service as an armed forces military member. This is only extended on an existing mortgage, on a home which was built by the veteran, or one which was remodeled with a Specially Adapted Housing (SAH) grant from the VA branch. At the time of death, up to $200,000 will be paid out, on the amount of the mortgage which is still remaining on the homes which are covered by this specific form of life insurance for military families.
The VA website is not only a great resource for veterans and current military members to visit, but is the place to go in order to learn more about insurance options, and the many discounts which are offered to those who are or have served in the military. The website can answer some of the common questions you have as it pertains to the coverage, and the amount you are entitled to. There you can also speak to an agent who will help you find the right policy, or learn about the different types of and amount of coverage which you might be able to receive, based on how long you served, and other factors pertaining to your services in a military branch.
A service agent can also help a veteran learn more about the benefits they are entitled to, and help them with the application process if they are not sure where to begin, or how to go about applying for some of the benefits they can receive as a former member of the military.
It is simply a matter of using them, learning about the savings, and working with an agent who can assist you in applying for the benefits you are entitled to as a former member of the armed forces.
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