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.
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