- Claim your veterans' entitlements for retirementoap image by JulianMay.co.uk from Fotolia.com
Calculating military retirement pay is much more complicated than it used to be, when service members with over 20 years of service were automatically deemed retired and were paid accordingly.
The most basic retirement benefits can be broken down into three components: Retirement, health and wartime pensions.
In addition, auxiliary health and life insurance packages are available to military and retired military personnel that are worth investigating, as they provide far more coverage than basic DoD insurance. - If you have seen combat, you may be eligible for additional benefitsmilitary image by Alexey Klementiev from Fotolia.com
Members of the Marine Corps and Navy are eligible for full retirement pay after 30 years of service. At 30 years you are automatically registered as "retired" and your retirement pay is 75% of your base pay. Enlisted members with fewer than 30 years of service can move to the "reserve" list and receive retainer pay until they reach the 30-year mark. On the reserve list, you may still be called to active duty.
Members of the Army and Air Force with more than 20 years of service are classified as retired and receive retirement pay.
If you are discharged with fewer than 20 years of service -- even if only by a day -- you do not qualify for retirement pay. - Veterans Affairs covers health care for any veteran who has seen combat for up to five years from their date of discharge, and one-time dental treatment up to 180 days after date of discharge.
Veterans Affairs provides ongoing (no term limit) care for military sexual trauma, and for conditions related to possible environmental hazards in the Persian Gulf.
TRICARE is the official provider of military insurances. Active, retired or disabled military personnel are entitled to participate in TRICARE's co-pay insurance programs for themselves and their family members. The TRICARE benefit plan is more extensive and provides health, dental and life coverage well after the date of discharge from active duty.
TRICARE is available to active duty and retirees under 65, and forms part of Medicare Part B for retirees over age 65. - Veterans with limited household who served during wartime are eligible for military pension after age 65. Veterans under age 65 who are fully disabled are also entitled to a wartime pension. Wartime service means at least 90 days of active service, at least one day of which must have been during recognized wartime.
Veterans who meet some or all of the above requirements should arrange to speak with a representative from Veterans Affairs to establish eligibility.
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