Approximately 5.29 million military retirees and family members worldwide are eligible for Tricare health insurance. Of these, 2.55 million retirees are using Tricare. While Tricare is a comprehensive insurance plan and allows for flexible healthcare options, it does not cover every expense a military retiree may encounter. Tricare Supplement insurance is a worthwhile investment for Tricare holders who are seeking to reduce out of pocket costs that are left behind by Tricare. Here are answers to three commonly asked questions that military retirees may have regarding Tricare Supplement insurance:
1. Who can benefit from Tricare Supplement?
Tricare Supplement plans are particularly beneficial to military retirees and their families who utilize Tricare as their primary insurance plan.
In the event of an accident or serious illness, retirees with Tricare may be subject to unexpected out-of-pocket costs for specialists, surgeries, hospital stays, and more. A Tricare supplement plan can alleviate these costly expenses and help buffer military retiree families from the high costs of unexpected health issues that may arise in the future.
2. What are some Tricare Supplement benefits?
As Tricare prescription copayments increase, the reimbursement amount with a supplement plan also increases to remove the burden of higher medical expenses. Some out-of-pocket cost shares are also paid for, depending on the type of Tricare you hold. Doctor and hospital cost shares are alleviated as well. A Tricare supplement plan provides holders with the flexibility of choosing any Tricare authorized provider just about anywhere in the world.
3. Why is Tricare Supplement important?
Simply put, it's better to be safe than sorry. Tricare Supplement gives military retirees and their families the peace of mind that they are protected financially regardless of what type of health care costs they encounter in their lives. The financial risk associated with a serious accident or illness is high and can destroy a family's financial situation. Tricare Supplement allows retirees to take control of their financial futures by preparing themselves for any medical obstacle or unforeseen change in their Tricare plan that may come their way.
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Ted Painter is a retired US Army Officer and currently works with legislators and several national organizations to promote the interests of our retired US military.