Being in the military gives you the chance to spend less money on a daily basis. Did you know that you can even save money on your car, medical, and life insurance? If you want to know how you can save money, here are some benefits you need to know about as soon as possible.
While the government doesn’t outright offer less expensive car insurance to service members, there are ways you can get discounts for you and your family. GEICO offers a deal for all active or retired military members as well as those enrolled in the National Guard or Reserves. The discount allows you to receive a 15% discount on the total insurance premium.
USAA is another option for all active military, veterans, and their family. If you garage your vehicle on a military base, you can get 15% off. One of the best discounts with USAA comes when you’re deployed. No one likes paying car insurance for a vehicle they aren’t driving, so this company offers a discount of up to 90% as long as the car is stored in a secure location.
The medical insurance provided by the military is affordable, but it can be a little confusing. TRICARE provides medical care for active duty members and retirees as well as their spouses and dependents. There are three tiers to choose: Prime, Extra, and Standard. Those who are in the military must enroll in prime, but family members can only join Standard or Extra. Prime offers fewer out-of-pocket costs but limits providers more than Standard or Extra.
TRICARE Extra is the fee-for-service option that gives those enrolled the chance to see network providers. This plan is only available in the United States, and active duty members cannot enroll in Extra. Finally, TRICARE Standard is the most flexible option that is available worldwide. Standard is also a fee-for-service option, and full-time members cannot enroll in Standard. Retirees and family members can use TRICARE Extra and Standard.
Servicemembers Group Life Insurance (SGLI) is a program that provides life insurance at a low cost. Those who enlist are automatically enrolled if they are eligible and issued the maximum SGLI coverage of up to $400,000. The monthly premium for this insurance is $28 monthly or $29 if military personnel choose to enroll in Traumatic Injury Protection (TSGLI). TSGLI provides additional coverage of $25,000 to $100,000 if you suffer things such as partial amputation of foot and hands or severe burns. Those who are covered by SGLI are automatically eligible for TSGLI.
If you feel you need additional coverage, you can enroll in USAA Life Insurance. This plan is designed to supplement SGLI and guarantee coverage after service ends. It has a no war-time exclusion plus a $24,000 severe injury benefit that can help ensure your protection. The price of life insurance with USAA starts at $14.15 per month, and there are four different packages you can choose from including Term Life, Term Life for the Military, Whole Life, and Universal Life.
Featured Image Source: DepositPhotos / © michaeljungPosted on May 22, 2023