How Much Does Tricare Cost for Retired Military?
The cost of healthcare for retired military personnel is a significant concern for many veterans. Tricare, the healthcare program for military members, retirees, and their families, plays a crucial role in providing coverage for these individuals. Understanding the cost structure of Tricare is essential for retired military personnel to make informed decisions about their healthcare options.
Tricare offers several plans, each with its own cost structure. The most common plans include Tricare Prime, Tricare Select, and Tricare Standard. The cost of these plans can vary depending on the individual’s location, age, and family status.
Tricare Prime
Tricare Prime is the most comprehensive plan available for retired military personnel. It requires members to select a primary care manager (PCM) from a network of providers. The cost of Tricare Prime includes a monthly premium, which varies based on the retiree’s age and family status. For example, a single retiree aged 65 or older may pay a monthly premium of around $284. The PCM visit copayment is $22, and specialist visits may cost an additional $50.
In addition to the monthly premium, Tricare Prime also requires an annual enrollment fee of $300 for single retirees and $600 for families. There is also a $15 generic drug copayment and a $40 brand-name drug copayment.
Tricare Select
Tricare Select is a more affordable option for retired military personnel who are willing to pay more out-of-pocket costs. This plan does not require a PCM, and members can visit any Tricare-authorized provider. The monthly premium for Tricare Select is lower than that of Tricare Prime, with rates ranging from $267 to $335 for single retirees aged 65 or older.
The cost of Tricare Select includes a $15 office visit copayment for primary care and $35 for specialists. There is also a $15 generic drug copayment and a $40 brand-name drug copayment.
Tricare Standard
Tricare Standard is the least expensive option for retired military personnel, but it also requires higher out-of-pocket costs. This plan allows members to visit any provider, but there is no PCM requirement. The monthly premium for Tricare Standard is around $267 for single retirees aged 65 or older.
The cost of Tricare Standard includes a $30 office visit copayment for primary care and $50 for specialists. There is also a $15 generic drug copayment and a $40 brand-name drug copayment.
Additional Costs
In addition to the monthly premiums and copayments, retired military personnel should be aware of other costs associated with Tricare. These include deductibles, which vary depending on the plan, and catastrophic coverage, which helps cover costs in the event of a major medical expense.
It is important for retired military personnel to carefully review their Tricare plan options and understand the costs associated with each plan. By doing so, they can make informed decisions about their healthcare coverage and ensure they receive the best possible care while managing their healthcare costs effectively.
