Update Survivor Benefits

"...A new law benefits military retirees but they have until Nov. 24 to take advantage of it.

Congress passed a law Nov. 25, 2015, that allows retirees to change their Survivor Benefit Plan coverage from a deceased former spouse to their current spouse.

“Retirees who have lost former spouses can now add their current spouse within one year of the date of death of the former spouse – if the former spouse died after Nov. 24, 2015 – or the anniversary of the marriage to their new spouse,” Ed Adams, the Soldier For Life-military retirement service officer in the Garrison’s Retirement Services Office, said.

If the former spouse died after Nov. 24, 2015, the military retiree has three scenarios where they can change their former spouse Survivor Benefit Plan coverage to their new spouse..."

Read more at The Redstone Rocket

Survivor Benefit Plan and Disabled Military Child Protection Act

"...Currently, under the Survivor Benefit Plan (SBP), a military retiree can set aside up to 55 percent of his monthly retirement pay to provide their family members with a monthly stipend, after he or she dies. However, these benefits are counted as income and can prohibit a dependent child with disabilities from receiving Medicaid and Social Security Disability Insurance assistance.

According to Militaryfamily.org, the “Disabled Military Child Protection Act of 2012” (H.R. 4329) was introduced by Congressman Jim Moran in order to provide long-term care for severely disabled children of service members.

The “Disabled Military Child Protection Act” would also allow for military retirees who invest in a Survivor Benefit Plan (SBP) to transfer these benefits to a special needs trust (SNT) for their child with special needs..."

Read more at Forbes

Don’t plan on open season for Survivor Benefit Plan

"...Q. Can you tell me if there are any plans for another Survivor Benefit Plan open season for military retirees? I have not been enrolled in SBP but am interested in doing so now.

A. Generally, retirees need to decide whether to enroll in SBP at the time of their retirement. But many retirees seem to be under the impression that the Defense Department routinely holds open seasons in which you can enroll in the SBP long after you retire..."

Read more at armytimes.com

Survivor Benefit Plan (SBP) overview

"...Retired pay stops when you die!

The Survivor Benefit Plan (SBP) helps make up for the loss of part of this income. It pays your eligible survivors an inflation-adjusted monthly income.

You must pay premiums for SBP coverage once you retire. Premiums are taken by reducing retired pay, so they don't count as income. This means less tax and less out-of-pocket cost for SBP..."

Read more at militarypay.defense.gov