Four Ways The VA Helps Service Personnel Save Money

VA loan

The US Veteran’s Association has several different financial benefits in place to help the people who have served in the armed forces. They cover a wide range of different services and can help veterans plan for their future.

You Can Use VA Benefits To Further Your Learning

Apply for funding for your higher education through the VA. Provided that you have served at least 36 months in active duty, you qualify for the maximum benefits of the Post-9/11 GI Bill. That means that you can have up to 36 months of tuition and fees covered at public colleges. It can be used for both undergraduate and graduate courses. You may also be eligible to transfer your benefits to your spouse or children depending on how long you have served.

You Can Use VA Benefits To Help You Buy A Home

Save money on your mortgage costs with a VA Home Loan. It means that you can buy your home without the need for a down payment or applying for private mortgage insurance. You should also be able to find lower interest rates because providers know that the VA is backing you. You will need to meet the specific requirements for VA loans, including the fact that this will be your primary residence.

You Can Use VA Benefits To Plan For Your Retirement

Start your retirement plan as soon as possible. The Thrift Savings Plan changed in 2018 to allow its users to get matching contributions from the Department of Defense if they put in 5% of their earnings. If you want to get the most out of your pension plan, look at the Roth TSP, which is more costly upfront but means you can withdraw your money tax-free once you have retired.

You Can Use VA Benefits To Help Pay For Healthcare

Save money on your healthcare costs by checking to see if you can have some or all covered by the VA. They help veterans with issues such as preventative care services, inpatient hospital services and urgent care services. Find out where there is a VA hospital or health center near you to access these high priority services.

You may also be eligible for a range of other support options, including mental health support and assisted living. The My HealtheVet portal allows you to manage and track your healthcare needs, from repeat prescriptions and appointments to sending messages to your health care team.  

The views expressed in this article are those of the authors and do not necessarily reflect the views or policies of The World Financial Review.