TRICARE rate changes are coming as of January 1. Every new year, health insurance companies re-evaluate costs and pass on the costs to those enrolled. It is no different for utilizers of TRICARE plan for Young Adult, Reservists, Retired Reservists, and separating service members.
TRICARE Young Adult
Per Congress, the TRICARE Young Adult program must run without a deficit, meaning that the cost of the program is passed on to the user. The monthly cost for the TRICARE Young Adult Prime will increase about 12% to $637 a month from the current rate of $570 a month. The monthly cost for the TRICARE Young Adult Select program will increase by 6.9%, from $291 a month to $311 a month.
Transitioning Service Members
Some members enroll in the Continued Health Care Benefit Program (CHCBP) when leaving military service. This plan is a temporary healthcare bridge for 18 to 36 months after losing TRICARE eligibility. It is utilized by service members who may not have a job lined up or their spouses’ place of employment does not offer a healthcare plan. It also allows family members to continue healthcare from providers they know and regularly see, which is helpful for those with chronic conditions.
The annual costs will increase by about 9%, with a rise from $1654 per quarter to $1813 per quarter in 2024.
Current and Retired Reservists
TRICARE Reserve Select monthly premiums will increase. Individual rates will increase to $51.95 a month in 2024, and the monthly premium for families will increase to $256.87.
TRICARE Retired Reserve premiums will increase by about 6.5%. Individual monthly rates will increase to $585.24, and family monthly rates will increase to $1,406.22.
Comparison of Rates
While the costs of a health plan through the Affordable Care Act health insurance marketplace vary per state, the average cost for a family of 4 with minimal coverage is less than $300 a month. To compare other healthcare plans, check out healthcare.gov. According to Forbes, in 2023, the average plan cost $1214 for a 40-year-old with one child and $1491 for a 40-year-old couple with two children. Costs of health insurance through the marketplace vary based on age, state, and household income, and each state provides a breakdown of what is offered within each tier of the healthplan. It is important to note that those utilizing healthcare insurance plans through the marketplace cannot use the military health network on the military installation. So, if it is important to continue care through a specialist at the current base, remaining with TRICARE will allow for continuity of care.
Get the up-to-date costs and fees schedule at the TRICARE website here, broken down by plan. TRICARE West lists the 2024 updates here.
What about medical retirees? I can’t find data anywhere that addresses this.