TriCare is far better than anything you’ll find on an Obamacare exchange, and most programs available in the private sector. As someone else noted, your annual deductible is roughly equal to what most people pay for coverage in a single month. I speak from personal experience; my son and daughter-in-law pay more than $500 a month for coverage for themselves—with a $5000 deductible.
A few notes about TriCare. First, the advice about getting a supplement is spot-on. In my own case, I have TriCare for Life and I’m a state employee, so my out-of-pocket expenses are minimal. My wife is also on the state plan and is covered by TriCare and Medicare, so she pays virtually nothing for healthcare. The supplement is a solid investment, and there are plenty of companies that offer excellent plans.
Second, if you’re retiring in an area away from military bases, do a spot check to see if doctors other than your GP take Tricare. My wife and I reside in an area that’s home to one of the largest military communities in the nation, so it’s difficult to find a doctor who isn’t enrolled in the program. But, in places where there isn’t a significant military population, you may discover that many doctors don’t participate due to low reimbursements and slow payments by the government.
We discovered this the hard way when my wife fell and broke her arm while visiting our son, who lives more than 100 miles from the nearest military base. She only had Tricare at that point and none of the local orthopedic specialists accepted the plan. Tricare suggested we pay everything up front and get reimbursed. My wife decided to tough it out and flew back home and saw an orthopedist in our area.
Also, as with any plan, there are coverage limitations. For example, Tricare pays nothing towards long-term care. If you don’t want to go the VA route (and can’t afford to pay out-of-pocket), consider federal long term care insurance, which you should qualify for. Many people took a pass when it was first introduced because better options were available. Now, a decade later, I’ve had financial advisers tell me it’s probably the best option for federal retirees. Ditto for the Survivor Benefit Program (SBP).
Thanks for your service and count your blessings—Tricare is far from perfect, but it’s better that the healthcare most Americans are now stuck with, thanks to Zero. But keep your eye on the prize; there are serious efforts afoot to push military retirees and dependents into Obamacare, to help prop up the system.
For my family of 4 it would have cost over $2000. Since the cap is $3000 we rilled the dice. Last year our out of pocket was around $1200, which included a rather extensive workup by a subspecialist. We clearly came out ahead.
I’ve had Tricare now for 26 years - standard until I was eligible for Tricare for Life. I’m 130 miles from the nearest facility and have never had a problem with using local medical facilities. But then again it’s a relatively rural area to begin with and I suspect a large portion of their income comes from medicare, medicaid, and other similar programs. I don’t talk much about it to friends and neighbors as I watch them struggle.