If you want to keep your TRICARE
If you’re retiring from the military, you will remain eligible for TRICARE. Otherwise, coverage ends when service ends. But there are a few options if you want to keep the plan.
Continued Health Care Benefit Program (CHCBP)
It’s the same TRICARE coverage you had on active duty, but you pay for it out of pocket.
2015 CHCBP OUT-OF-POCKET COSTS
$425/month FOR YOU
$956/month FOR YOU AND YOUR FAMILY
You’re eligible for 18 to 36 months after completing service.
Transitional Assistance Management Program (TAMP)
This is meant to be temporary coverage (up to 180 days) for those who were honorably but involuntarily separated, or in a few other scenarios. To see if you qualify, check the TRICARE site.
The National Guard
If you join the National Guard after you separate from active duty, you and your family may still be eligible for TRICARE. Coverage will depend on your service status.
Finding a long-term plan
Employer coverage
Companies with 50+ employees must offer health insurance, and many smaller companies do, too. The employer pays a portion, and you generally pay a premium that’s auto-deducted from your pay.
$413 per month
Average employee contribution for family coverage under an employer health plan in 2015.
Source: Kaiser Family Foundation
Partner coverage
If your spouse is eligible for coverage at work, you may be able to enroll, too, depending on employer policy.
State exchanges
If employer-sponsored insurance isn’t an option, you can buy insurance through a state health care exchange. Costs vary by state. Depending on your income, you may qualify for subsidies or tax credits to help with the cost.
AVERAGE PREMIUM FOR A 40-YEAR-OLD NONSMOKER ON A STATE EXCHANGE
$210 per month catastrophic coverage that covers you only after you pay several thousand dollars out of pocket to $441 per month for a platinum plan with much lower costs for care
Source: Commonwealth Fund, 2015
Veterans Health Administration
While not technically insurance, the VHA may be a care option. If you served in active duty military service and were separated under any condition other than dishonorable, you may qualify for VA health care.
More information on who qualifies for VHA care can be found on the Veterans Affairs website.
For the most part, family members of veterans
do not qualify for health benefits, though there are some exceptions.
The VHA has 1,700 care sites and treats 4 in 10 veterans
Sources: U.S. Department of Veterans Affairs, U.S. Bureau of Labor Statistics
