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Financial Information for Senior Military Officers

TRICARE Young Adult (TYA) Premiums to Increase...A Lot

TRICARE Young Adult, the insurance coverage for prior dependents of Military Members under age 26, will become significantly more expensive starting on January 1, 2016.

Premiums for the Prime version of TYA will increase 47% from $208 per month to $306 per month.

Standard version of TYA will increase 25% from $181 per month to $228 per month.

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Say Hello to Your New Health Care Partner: The IRS


I was recently at a two day session on tax preparation for the upcoming year(s). I know…I know, who would willfully do that? One quarter of the instruction covered the tax implications of the Affordable Care Act (ACA) also known as ObamaCare. That is how big a presence the IRS will have in enforcing this law. I know a lot of the readers of this blog have TRICARE or other government coverage and don’t need to worry too much about ObamaCare. But, a lot of us have relatives (like kids) who will be affected. A lot of this is still being determined, but here is what I’ve learned so far. In no particular order…

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TRICARE, ObamaCare and Your Children


With everything going on with ObamaCare…delays, exemptions, exceptions…it is hard to know exactly how it applies.

For Active Duty or Retired Senior Military Officers and their spouses ObamaCare is a non-issue. TRICARE and TRICARE For Life meet the requirements of ObamaCare. But what about the kids?

As long as your children are your dependent they will be covered by your TRICARE policy and like you, ObamaCare will be a non-issue. Your child is considered a dependent if:

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Does TRICARE Young Adult Make Sense?


A lot of my contemporaries and I have children that may need health insurance soon. One option is TRICARE Young Adult (TYA). While TYA is an option and may make sense, especially, if your dependent young adult has pre-existing conditions, there may be a better option. And that option is a combination of a High Deductible Health Plan (HDHP) and a Health Savings Account (HSA). I really like the HDHP/HSA combination and here is why.

  1. Tax Savings. Contributions to a HSA are tax-deductible to the beneficiary of the HSA, regardless of who made them (with the exception of employers).
  2. HSA earnings accumulate tax-deferred and if used for qualified medical expenses they are tax-free
  3. Lower premiums. TYA runs from about $176-$201 per month depending on whether you select TYA-Standard or TYA-Prime. The premium on an HDHP policy could be less than half that amount.
  4. It meets the test for when insurance makes sense. Much health “insurance” has really devolved into “pre-paid health care”. By default, the expense of administering the insurance increases the cost of the treatment…which is passed on to you in premiums. Just like with your auto or homeowners insurance you want to pay for the smaller things and let the insurance cover the really big losses. An HDHP does this (even though some preventative services may be covered).


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