Navy Benefits...

You undoubtedly have several questions in regards as to what benefits are available to you.  This area is designed in aiding you to discover as many of those benefits as possible.  There also may be references to non-Department of Defense, private corporations.  The information and/or references contained hereunto are in no way an endorsement for the use or purchase of said corporate products or services by the Department of Defense, Department of Navy, ChiefShipp.com, its officers, directors, employees or agents.

You're giving your best, so are we.

 

 

When you think about it, what could be more important than defending your country? Naturally, it's a job for which you'll be well compensated . The base pay you'll receive is competitive with that of the civilian world, but when you add in benefits like the Montgomery GI Bill for education assistance, retirement pension, access to VA home loans and more, you'll see a future in the Naval Reserve makes great financial sense.

The Montgomery GI Bill, Selected Reserve, (MGIB, SR) provides up to 36 months of educational assistance for Reservists who incur a six-year obligation and maintain satisfactory drill participation. Rates are paid according to status (full-time, half-time, etc,) and program (college, apprenticeship, vocation-technical, etc.) The maximum amount is currently about $250 per month, and increases with cost-of-living raises each year. Benefits cover both undergraduate and post-graduate studies for officer and enlisted members.

Drilling Pay - A drilling Reservist receives four days of base pay for two days of weekend training. You'll also receive full pay and allowances for meals and housing during the two weeks of Annual Training (AT) a year. Naval Reservists' pay and allowances are determined by the same pay scale used by active duty Navy personnel. Reservists receive all general military increases in pay. Pay is based on rate and time in service.  For current reserve and active duty pay, click here.

Active Duty Pay - Selected Reservists on active duty receive the same rate of compensation as other active duty personnel of equivalent rank, time in service and qualifications.  In addition to the base pay, in many cases, may include: Basic allowance for housing (BAH), Sustenance pay, and Per Diem, Separation Pay, and Combat Pay,  just to name a few.

Advancement for Sailors in the Naval Reserve follows the same procedure as promotion for active duty Sailors. Enlisted Reservists perform training, attend schools, and take exams in order to advance in rank. The Navy Advancement Center provides advancement in rate products and information. Advancement depends on the needs of the Navy, the Reservist's ability and time-in-grade, plus a passing mark on the advancement test (Training courses are available to help Reservists get ahead faster). Reservists may also request a direct conversion to another rating without an examination, if they're qualified for that rating.

TRICARE Dental - The TRICARE Dental Program (TDP) is a voluntary dental insurance program for the Selected Reserve, Individual Ready Reserve, and all eligible uniformed services family members. This program is administered by United Concordia Companies, Inc. To be eligible, you must have at least 12 months of service commitment remaining and participate in the program for at least 12 months after which enrollment is month to month.  Beneficiaries may seek care from a network of 50,000 providers (you can also use non-participating providers, at an additional cost). The TRICARE Dental Program pays a percentage of a participating United Concordia dentist's bill depending on the service provided; the patient pays the remainder (if any) - the cost share. Members in grades E-1 to E-4 pay a reduced cost share for certain services. TDP limits how much can be paid for dental services annually per enrollee. Each contract period begins February 1 and ends January 31 the following year. To prevent a delay in coverage, make sure your family's DEERS information is up-to-date.  To enroll in TRICARE, or to find out more, click here.


TSP - The Thrift Savings Plan (TSP) is a Federal Government-sponsored retirement savings and investment plan.  Congress established the TSP in the Federal Employees' Retirement System Act of 1986.  The purpose of the TSP is to provide retirement income. On October 30, 2000, the Floyd D. Spence National Defense Authorization Act for Fiscal Year 2001 (Public Law 106-398) was signed into law.  One provision of the law extended participation in the TSP, which was originally only for Federal civilian employees, to members of the uniformed services.   The TSP is a defined contribution plan.  The retirement income that you receive from your TSP account will depend on how much you have contributed to your account during your working years and the earnings on those contributions. The TSP offers the same type of savings and tax benefits that many private corporations offer their employees under "401(k)" plans.  TSP regulations are published in title 5 of the Code of Federal Regulations, Parts 1600 — 1690, and are periodically supplemented and amended in the Federal Register.  To apply, or for additional information, click here.


Federal Long Term Care Insurance - Program providing for the procurement of short to long-term nursing or assisted living care.  For an application, or more information, click here.

Naval Reserve Association - Organization committed to, "Be the most effective advocate for all Naval Reservists and the Naval Reserve as vital components of the Navy and the nation’s defense."  To learn more visit their site by clicking here.

 

Future Retirement Pay – Reservists earn credit toward future retirement pay that starts at age 60 following the completion of 20 years of qualifying service.  Qualifying service includes the combination of annual training and attending weekend drills.  Retired reservists are entitled to medical care, full exchange and commissary privileges, and are allowed to use recreational facilities on military bases.


Group Life Insurance – Reservists may select a full-time term policy up to $250,000 under Service members’ Group Life Insurance (SGLI) for a small monthly fee.


Exchange Store/Commissary Privileges – Naval Reservists and their spouses are entitled to unlimited use of military exchanges (department stores) and limited use of commissaries (grocery stores).


Travel – Space-available travel on military aircraft for drilling Reservists is authorized for upon presentation of a travel eligibility form and identification card.  Travel limited to within and between the Continental US, Alaska, Hawaii, Guam, Puerto Rico, Virgin Islands and American Samoa.  Worldwide space-available travel is authorized for retired members and eligible dependents.


Home-Loan Program – Department of Veterans Affairs Home-Loan Guarantee program is available to Reservists with at least six years of honorable service.  For more information on this program, click here.

Family Support Services - As a Select Reservist, many of the Family Support Services may be available to you as well.  These include:  Deployment and Mobilization Support, Family Advocacy Programs, Parenting Programs, and Personal Financial Management Programs.  In addition, while on active duty, numerous more assets are readily made available as well.  To find out about all of these programs, click here.

Death Benefits - As a Selected Reservist, your family may now, or in the future be entitled to certain compensation for surviving you.  These vary depending on marital status, dependant status, and other factors as well.  To view more information on these benefits, click here.

 

The following are offered with the understanding that private businesses and corporations may change policy at any time.  All information below must be verified via the referred organization.

 

 

 

http://www.military.com/eCommerce/DealIndex/?loc=QL - Listing of dozens of companies that may offer savings to uniform personal and their families.  Be advised that access to sites may require you to log into www.military.com 

www.usaa.com - Offers excellent financial and insurance tools and advise to armed service members.  Products range from home, health, and auto insurance, to credit cards, automobile loans, and home mortgages.