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Those who have separated from the military are clearly concerned with the remaining benefits that are available. While on active duty, most military personnel opt to seek coverage under Servicemembers Group Life Insurance. Unfortunately, this plan becomes inactive 120 days after military separation. Separated members can either choose to purchase Veterans Group Life Insurance or seek a commercial policy from the Participating Companies Listing.With regards to other available benefits for separated members, unless separation is involuntary, very few benefits remain. For involuntary separations, former service members are entitled to a portion of their base pay at the time of separation. In addition, involuntarily separated members may be eligible to receive some of the medical benefits by taking advantage of the services offered through the transitional assistance management program (TAMP). The transitional assistance management program is offered through TRICARE, and it is highly recommended that separated military members take full advantage of these services. If a separated military member is eligible to receive retirement benefits, then he or she will likely receive monthly annuity payments that are calculated based on active duty base salary. These payments are protected from inflation since a cost-of-living adjustment is applied when needed. However, if separated members are not eligible for retirement benefits, then it is highly recommended that they seek employment. Generally, a military service member should begin looking for employment at least six months prior to actually separating. Clearly, separation from the military can bring rise to certain complications, and military personnel may need to seek financial counseling to ensure that the process runs smoothly.
