Having a loved one who serves in the military is an honor for families. Of course, it may also involve some potential challenges for families such as having to be apart during active duty or coping with an injury sustained during service.
The benefits programs for military families are in place to recognize the importance of service members’ contributions to their branches. They aim to address families’ practical needs. In some instances, benefits can make it easier for them to surmount challenges such as relocation, divorce, or death.
The GI bill that was exclusive to service members is now transferable to immediate family members. Being able to extend this benefit to a child can be a tremendous asset for a military family that has a child who will enroll in college. There are also some grants, loans, and scholarships available to service members’ families.
Military families are eligible for Tricare health insurance. The coverage also provides for dental care.
A monthly subsidy can cover some or all of a service member’s housing expenses. This is one of the most important financial benefits for military families because it can make the cost of living significantly more affordable.
The Department of Veterans Affairs has a program to make homeownership more affordable. Veterans may participate in a lending program with mortgages that do not require any money down and feature low-interest payment schedules.
Ultimately, the benefits that service members can provide for their families have considerable utility and value. Families should ascertain whether they are taking full advantage of benefits and programs.