Credit Cards Expire: Use Automatic Monthly Payments To Make TRS Monthly Premiums
An electronic fund transfer (EFT) is an easy, low-maintenance option for managing TRICARE Reserve Select (TRS) payments. While TRS beneficiaries are required to setup an EFT to pay their premiums, it’s not foolproof and missed payments can result in a loss of health care coverage.
One major reason for missed payments is an expired credit card. The start of a new year is a good time to check the expiration date on the credit card used for TRS EFTs. Make sure to update the regional contractor with any new or pending account information.
If a payment is missed because of insufficient funds, beneficiaries must contact the regional contractor as soon as possible to make payment. If an EFT defaults, there is a service charge of up to $20. Failure to pay any overdue premium amounts will result in suspension of coverage; effective the last day of the month last paid.
TRICARE’s goal is to make it easy to manage and pay premiums through EFT options. Premiums are deducted on the first business day of the month, so update the regional contractor with account changes as far in advance as possible. Click here to learn more about TRS premiums and EFT options: www.tricare.mil/Plans/Enroll/TRS/Premiums.