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Having served relentlessly in the military and sacrificed blood and sweat defending the integrity of their country, veterans can relax and enjoy some benefits after retirement because it’s payback time.
In a bid to lessen the financial burden for veterans and see to their welfare, numerous programs have been put in place. So it’s not a question of ‘what do I stand to gain as a veteran’ but a question of ‘which program or benefit do I qualify for?’
Here are the top benefits of being a veteran everyone should know about.
1. Home loan
This home loan helps veterans to secure loans with favourable terms. With this home loan type, veterans can get mortgage loans at an interest rate that is usually lower that other mortgage loan options. Another advantage is that it reduces the rate of veteran homelessness and transitional housing.
2. Job opportunities
One of the advantages of serving in the military is that apart from developing physical fitness and agility, it helps to add some personal values. These include leadership, ability to take responsibility, independence, hard work, discipline, team mentality, integrity and loyalty. And these are good reasons for companies to hire military veterans.
3. Cheap military flights
It is typical for travel agents to offer affordable flight tickets to active duty military members. Often times these cheap military flights are also available for retired military members, military dependents, family members and friends. This allows you to customize and control your travel spend, and makes it easy to meet all your travel need.
4. Life insurance & death benefits
While on active duty, serving military personnel are allowed to take part in the Service members Group Life Insurance. However, they must move to Veteran Group Life Insurance within 16 months of being disengaged from service. Veterans (actually, their family members) also receive death benefits such as free headstones and graves markers, as well as a drape over the casket when they finally pass away.
5. VA coverage and medicare
The department of Veteran Affairs (VA) provide certain benefits to veterans who have been disengaged from service, including their children and spouse. These include hospital inpatient and outpatient care, prescription drugs, emergency care at VA facilities, preventive care, rehabilitation, mental health and substance abuse treatment. Veterans can also receive care at medicare certified facilities. The most interesting part is that veterans can use both medicare and VA services simultaneously.
6. Tax benefits
Usually there a number of tax benefits for veterans and members of their families. The fact that not all of these benefits are tax-free have attracted criticism from various quarters, however there are quite a number of tax free benefits veterans can take advantage of. They include the disability compensation, pension, GI Bill, and monthly stipend for surviving spouse. They also have access to free tax preparation services through the Volunteer Income Tax Assistance offices on military bases.
7. Military and veteran discounts
In addition to all the above mentioned benefits, veterans also enjoy some other kinds of benefits in form of discounts. These include military and veteran cell phone discounts, gym and health club discounts, and wedding discounts which cover things like dresses, rings, venues and many more.
The truth is that most people get enlisted into the military as a result of patriotism and commitment to country, but knowing that benefits like these exist at the end of it all is a huge morale booster. It’s really worth the trouble.
VA loans are arguably one of the best loan programs available. They offer 100% financing and no monthly mortgage insurance. Truly a great loan option for veterans honorably discharged or active duty.