Military retirement benefits
Brief overview of military retirement benefits
Military officers who have diligently served their country qualify for a number of veterans benefits. Among the veterans benefits set aside for former military officers include disability pension, guarantees for home loans and help in paying for their education or that of their children among a host of other benefits. The need for military officers to be aware of all these veterans’ benefits need not be overemphasized.
a) Disability pay
Veterans who are injured in the line of duty or those who fall sick while still working for the military are eligible to receive disability or pension pay. Moreover, veterans who suffer injuries while still on VA health care program are also eligible to receive disability pay. All money received under this program is not taxed by the government. All veterans who have left the military honorably or due to poor health also receive disability pay. The amount of money paid as veteran’s benefits depends on the degree of disability and the economic state of your family. Veterans who suffer permanent disability are eligible for more money together with those who have children or a spouse who depends on them.
The amount that one receives as veterans benefits depends on a number of factors among them, the number of years served, retirement date and ones salary grade at the time of their retirement.
b) Survivor’s Benefits
Spouses and children of military officers killed in the line of duty are eligible to receive death pension, home loan guarantees, and medical cover among other veteran’s benefits.
c) Burial Benefits
Death benefits are available to officers who die in course of their duties or those who die of other causes not linked to their service in the military. Officers whose death is occasioned by their participation in military activities are entitled to receive an average of $2,000 as funeral expenses. About $300 is paid for officers who die out of non-military related causes.
d) Home Loans
The VA guaranteed home loans program is another veteran’s benefit. Spouses of military personnel who met their death in the line of duty qualify for the home loans program courtesy of the United States government.
Retired military officers and their children can also take advantage of New GI Bill that offers a detailed package of assisting them access education. The money paid under the education assistance package for veterans gives them and their dependants an opportunity to receive education up to college degree at the expense of the government.
f) Medical Benefits
Among medical benefits that veterans can benefit from include, emergency services, medical care and mental health care. Veterans also receive counseling and over the counter medications under the medical veterans benefit package.