Tag Archives: Financial

Tricare Benefits Under Attack

If the latest “suggestions” (or shall we call it “Congressional Monetary Piracy”?) are approved, active Duty as well as retired Military will face an unprecedented increase in health care costs.

 

I guess it’s a good thing that the Government is so supportive of the Military, both past and present and so grateful for their services (as they tell us all the time)…otherwise I’d hate to imagine what changes “they” would propose. (Oh…never mind, they are ALREADY proposing those changes…guess support and gratitude only take you so far…for 20+ years of service?)

 

If you’re not sure what I’m talking about, check out the “Budget Options, Volume I, Health Care”, released in December of 2008.(https://www.cbo.gov/doc.cfm?index=9925) It is meant to “help policy makers better understand the trade-offs and choices inherent in making changes large or small, to the American health care system and to federal health care programs”.

 

Pay special attention to Options 95, 96 and 97, which pertain to current and retired Military (both those that are not eligible for Medicare and those that are).

Congress is trying to reach into soldier’s wallets, with a wide open hand.

 

Option 95 – Increase Health Care Cost Sharing For Family Members Of Active Duty Military Personnel

 

According to these proposed options (95), Military Personnel, both active duty and retired, as well as their dependents, would face “increasing out-of-pocket costs for care received through TRICARE Prime”. In addition, “cost sharing under TRICARE Prime would be altered to incorporate co-payments that would cover, on average, about 10 percent of the cost of health care services, obtained either at military facilities or from civilian providers”.

 

This would lead to TRICARE Prime Enrollees have a “stronger incentive to use medical services prudently because they would be responsible for a share of the cost”.

 

Option 96 – Introduce Minimum Out-of-Pocket Requirements under TRICARE for Life

 

Under Option 96, this assault on military veterans continues by requiring them to cover the “first $525 of an enrollee’s cost-sharing liabilities for calendar year 2011 and would limit coverage to 50 percent of the next $4725 in Medicare cost sharing “.  The driving force behind this proposed option? “The federal spending devoted to TFL (Tricare for Life) beneficiaries would be reduced by about $14 billion though 2014 and by about $40 billion through 2019.” It is expected that these savings would “come from a reduced demand for medical services”, which would make sense, as most military families would not be able to cover the expected co-payments.

 

Option 97 – Increase Medical Cost Sharing for Military Retirees who are not yet eligible for Medicare

 

Under this option, the annual enrollment fee per family would increase by 239 percent (from $460 to $1100), the co-pay per visit would increase by 230 percent (from $12 to $28). 

 

If you feel that this proposed action is amounting to nothing more than greed and a broken promise to those who are willing to sacrificy their lives for this Nation, please contact your congressman, senator, etc – and let them know how you feel. Only if we stand together can we affect a different outcome.

 

You can get all the contact information for your Congressman, Senator, U.S. Representatives, State Legislators and Governors at USA.gov – Government made easy.

 

 

What do you think? Are you ready to “fight” for what’s been promised to you?

 

 Note: The Title of this post was changed to reflect it’s contents more accurately.

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Filed under Air Force, Army, Military, Military Family Resources, Military Retirment, Transitioning out of the Military

VA Reduces Mortgage Options

According to an article on Military.com, the VA is going to stop the practice of adjustable rate mortgages by September 30th, 2008. If you are currently contemplating buying a home, or refinancing, via an adjustable rate mortgage (ARM) with the help of the VA, you will be okay, as long as it closes in a timely manner.

However – after September 30th, you’re out of luck. Reason for this? The high number of people getting in trouble with adjustable rate mortages. And while this is a valid reason, it will also mean higher interest rates (therefore higher payments) and less house.

What are your thought/concerns/questions on this topic?

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Filed under Financing, Military, Military Family Resources

Travel Card Changes

If you’ve used BOA for your TDY trips etc over the last few years – prep yourself for some changes. BOA (The Bank of America card) is being replaced by Citibank. (See the complete article here.)

Considering you don’t have a say so whether you like the change or not – all you can do is inform yourself of all the new rules (and hopefully benefits) of having a new provider.

I’d love to know what your thoughts are on this change over. Is it a plus? Or a waste of time?

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Filed under Military

Protecting Military Families From Loan Sharks

The Military Lending Act has been established to combat abusive lending practices, aimed at Military Families. It places specific requirements and limitations on loans to service members and their families.

It focuses mainly on three consumer credit products: payday loans, vehicle title loans and tax refund anticipation loans.  For these three products, the Military Annual Percentage Rate (MAPR) can not exceed 36%.  According to Jean Ann Fox, director of consumer protection for the Consumer Federation of America: “The 36% cap will slow the predatory lenders down.”

You can check out the full article here.

36% cap on Interest? Am I the only one who thinks that putting a cap that high is still outrageous? Am I missing something? If so – somebody please explain it to me!

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Filed under Air Force, Army, Financing, Ft. Carson, Military, Military Family Resources, Peterson Air Force Base

IRS Issues Scam Alert

According to Military.com, the IRS has issued a spam alert warning tax payers of e-mail and telephone scams that use the IRS as a lure. The IRS expects this to continue throughout tax season.

The IRS cautions taxpayers to be on the lookout for scams involved advanced payment checks. The goal of this scam is to trick people into revealing personal and financial information, such as Social Security, bank account or credit card numbers, which the scammers use to commit identity theft.

The most recent scams are

  • Rebate phone call
  • Refund e-mail
  • Audit e-mail
  • Changes to tax law e-mail
  • Paper Check Phone call

If you have received any of those mentioned above – or a variety thereof – contact the IRS at phishing@irs.gov, and use the instructions found on the IRS website. Do NOT click on any links etc found on suspicious emails etc. Go directly to the IRS website at IRS.gov.

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Filed under Community Info, Financing, Military, Military Family Resources