facebook twitter instagram linkedin google youtube vimeo tumblr yelp rss email podcast blog external search brokercheck brokercheck
%POST_TITLE% Thumbnail

Tricare Fees Set to Increase

Tricare Military Pay and Benefits Veterans Benefits

It doesn't surprise me too much, but Tricare costs are going to increase for most active and retired military members in 2022. It's a mixed bag for reservists. Let's take a look

Tricare Premium Increases

Tricare Prime and Select enrollment fees are going to increase for career retired service members. Based on estimates of inflation, they should go up about 5%. For Tricare Select that will amount to about $15 a year per individual and $30 per family in Group A (retired before 1 Jan 2018) covered by Tricare Select. The increase for those covered by Tricare Prime are about the same. Group B retirees (those who entered service after 1 Jan 2018) a bit more...about $47 per year in the most expensive case.

Reservists covered by Tricare Retired Reserve program will see fee increases of $209 per year for an individual and $498 for family coverage.

Tricare Young Adult coverage will also become more expensive. Tricare Young Adult Select fees will increase by $72 per year and Tricare Young Adult Prime will increase by more, about $636 per year.

Bucking the trend, reservists get a break. Coverage under Tricare Reserve Select fees will decrease. The reduction will be $6 for a year (don't spend it all in one place) for an individual and $108 per year for a family.

Tricare Prescription Co-Pays to Increase Too

Of course, you can still get prescriptions for free on base (assuming the pharmacy carries it). Beyond that, prescription co-pays will increase.

Out-of-pocket costs at retail pharmacies will increase from $11 to $14 (a good deal compared to civilians, but a 27% increase) for a 30-day supply of generic drugs. Brand name drugs will increase from $33 to $38 (15% increase). Finally, non-formulary drugs will increase to $68 from $60 (13% increase)

Mail order copayments for generic drugs will increase from $10 to $12 (20% increase) for a 90-day supply. For brand-name drugs the increase will be from $29 to $34 (17% increase). Finally, non-formulary drugs remain constant at $68.

Military Finances are Different

Tricare Prime versus Select, Group A versus Group B, Tricare for Life...if your advisor isn't connected to the military he or she will have no idea what you're talking about. That's why we think you should work with a financial advisor/planner that works with military finances each and every day. If you agree, give us a call or click on the button below to schedule a meeting.


If you found this article useful, you might like the following blog posts:

Retired Military Finances 101: Tricare, Medicare and Employer Provided Health Insurance


Retired Military Finances 101: Tricare for Life


Don't Lose Your TRICARE Coverage



Disclaimer
Please remember that past performance may not be indicative of future results. Different types of investments involve varying degrees of risk, and there can be no assurance that the future performance of any specific investment, investment strategy, or product (including the investments and/or investment strategies recommended or undertaken by C.L. Sheldon & Company, LLC ), or any non-investment related content, made reference to directly or indirectly in this blog will be profitable, equal any corresponding indicated historical performance level(s), be suitable for your portfolio or individual situation, or prove successful. Due to various factors, including changing market conditions and/or applicable laws, the content may no longer be reflective of current opinions or positions. C.L. Sheldon & Company, LLC does not make any representations or warranties as to the accuracy, timeliness, suitability, completeness, or relevance of any information prepared by any unaffiliated third party, whether linked to C.L. Sheldon & Company, LLC website or incorporated herein, and C.L. Sheldon & Company, LLC takes no responsibility therefore. All such information is provided solely for convenience, educational, and informational purposes only and all users thereof should be guided accordingly. Moreover, you should not assume that any discussion or information contained in this blog serves as the receipt of, or as a substitute for, personalized investment advice from C.L. Sheldon & Company, LLC . To the extent that a reader has any questions regarding the applicability of any specific issue discussed above to his/her individual situation, he/she is encouraged to consult with the professional advisor of his/her choosing. C.L. Sheldon & Company, LLC is neither a law firm nor a certified public accounting firm and no portion of the blog content should be construed as legal or accounting advice. A copy of the C.L. Sheldon & Company, LLC ’s current written disclosure statement discussing our advisory services and fees is available for review upon request. DISCLAIMER OF TAX ADVICE: Any discussion contained herein cannot be considered to be tax advice. Actual tax advice would require a detailed and careful analysis of the facts and applicable law, which we expect would be time consuming and costly. We have not made and have not been asked to make that type of analysis in connection with any advice given in this blog post. As a result, we are required to advise you that any Federal tax advice rendered in this blog is not intended or written to be used and cannot be used for the purpose of avoiding penalties that may be imposed by the IRS. In the event you would like us to perform the type of analysis that is necessary for us to provide an opinion, that does not require the above disclaimer, as always, please feel free to contact us.