Insurance Benefits and Perks for Veterans
Health Insurance
The U.S. Department of Veterans Affairs, or VA, provides enrolled veterans with medical coverage to treat injuries, illnesses, and health problems. Coverage depends on your priority group and health conditions. Most veterans will receive primary and specialty care, inpatient and outpatient care, and preventive services. Examples are health exams, immunizations, surgeries, prescriptions, acute care, and urgent care. An additional benefit that people can qualify for is dental insurance.
If you wish to go with a private insurer, you can use your VA health care with other plans. Even if you have coverage already, you can still receive health care benefits from VA.
Service-Disabled Veterans Insurance
Service-Disabled Veterans Insurance (S-DVI) pertains to those who served and had a service-connected disability rating. The VA will determine if you qualify, by checking to see when you were released, how you were rated, when you applied, and what your health condition is.
This insurance is also known as RH insurance. If approved, you can receive up to $10,000 in coverage and have your premiums waived. Another option is if approved, you can receive an additional $30,000 of coverage without any premiums waived.
Servicemembers Group Life Insurance
Servicemembers Group Life Insurance (SGLI) is automatically given to veterans when they enlist, even though you can choose to opt out. Coverage can go up to $400,000, in increments of $50,000, and last for four additional months after discharge. SGLI also comes with Traumatic SGLI (TSGLI), which covers veterans with traumatic injury protection of up to $100,000. This can help lessen financial burdens from losing income, having to travel, and having to take up temporary residence elsewhere.
Homeowners and Renters Insurance
Owning a home is a considerable investment where veterans can receive discounts on coverage, loans, and deductibles. For homeowners, options vary and can include coverage for dwelling such as your floors and walls and personal property such as your furniture and appliances. Moreover, a loss of use during renovations or repairs is also covered, in addition to medical payments if guests are injured at your residence.
Renters insurance can cover your personal property as well, such as your electronics and clothing, as well as damages to your place due to a covered loss such as a fire or pipe burst. Furthermore, personal liability is offered in case someone gets hurt at your place of dwelling.
Auto Insurance
Military discounts abound when it comes to auto insurance. Leading companies often give veterans discounts, sell certain products exclusively, and can suspend coverage if you are deployed. Certain car products, special offers, and exclusive services can also be reserved for veterans and military members.
Final Thoughts
Overall, there are a variety of insurance benefits for veterans. It is essential to know and take advantage of the perks available for you. Also, be aware of time limits, types of plans, and eligibility requirements to get the most of your options.
To learn more about insurance for veterans, and how to get the best rates, contact the experts at Your Money Magic. Our licensed professionals will be happy to answer any questions you have.
