AAFMAA Blog

 FALLS CHURCH, Va. – New copayments for prescription drugs covered by TRICARE will go into effect soon. The Fiscal Year 2013 National Defense Authorization Act requires TRICARE to increase copays on brand name and non-formulary medications that are not filled at military clinics or hospitals. There is no increase to copays for generic medications. Increases will be effective sometime in February, depending on when system changes can be made, and the publication of a required Federal Notice.

For the fourth year in a row, BAE Systems and USO-Metro will host Trees for Our Heroes event in appreciation of those who serve. Each participant will be able to cut down a Christmas Tree or to chose a pre-cut tree and participate in holiday craft making and receive snacks, and beverages.

Virginia Homestead Tax Relief Amended

As of July 1, 2012: House Bill 922 amends Virginia Code § 58.1-3219.5 Virginia Homestead Property tax relief for veterans rated 100% permanently and totally disabled to include homes in revocable and irrevocable trusts.

Governor signed bill to waive fees to ease the licensing process for veteran jobseekers. For more details, see the official press release below from Florida’s Department of Business and Professional Regulation.

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The U.S. Department of Veterans Affairs has updated information on the SGLI Disability Extension. The program allows Servicemembers, who are totally disabled at time of discharge, to retain the Servicemembers' Group Life Insurance (SGLI) coverage they had in service at no cost for up to two years.

I feel this is a promising program for our wounded warriors. It provides disabled veterans, who may not qualify for commercial policies, the abililty to maintain life insurance coverage after discharge at no cost, especially at a time where their income may be limited. 

All AAFMAA Policy Owners registered in the Member Center can request, online, that future Annual Statements be delivered to them electronically, through the Member Center.  You must be registered in the AAFMAA Member Center in order to select this option. 

If you have been following the news over these past few weeks, you’ve probably noticed there have been some stories on life insurance companies and so-called “retained assets.” 

Retained assets refer to when a life insurance company holds a beneficiary’s funds in a money market style account, allowing the beneficiary to draw from their funds with a system similar to a checkbook. The company then makes a profit on the money remaining in the account, but the entirety of those gains is not passed back to the beneficiary. Congress and the Department of Veterans Affairs have created oversight groups to look into the retained assets issue.

At AAFMAA, we do not offer retained asset accounts for beneficiaries.

Last week, one of our members summed it up best, “I read the articles in the Washington Post and I was appalled by the actions of such prominent insurance companies… Keep up your good work on our behalf!"