US Senator Mazie K. Hirono (D-HI), a member of the Senate Veterans’ Affairs Committee, introduced the Fairness for Servicemembers and their Families Act. The bipartisan, bicameral bill seeks to help ensure life insurance packages for servicemembers and veterans account for increases in cost of living and inflation.
“As the cost of living increases for people across the country, it is crucial our veterans are able to access life insurance plans that keep pace with rising costs,” said Senator Hirono in a news release announcement. “The Fairness for Servicemembers and their Families Act will help improve life insurance options for servicemembers, veterans, and their families. As a member of the Senate Veterans’ Affairs Committee, I’ll keep fighting to ensure all of our veterans and their loved ones receive the support they deserve.”
According to Sen. Hirono, The Fairness for Servicemembers and their Families Act would help ensure the maximum group insurance available to servicemembers and veterans account for increases in cost of living.
From 2006 to 2023, the maximum insurance value available for servicemembers and veterans remained static, lagging far behind inflation rates, according to the news release.
This bill seeks to improve the financial safety net for veterans, servicemembers, and their families by helping to ensure coverage amounts don’t remain static when cost of living goes up. It would also improve reporting requirements to prevent the US Veterans Affairs Department, the Senate Committee on Veterans’ Affairs, and the House Committee on Veterans’ Affairs from going years without assessing inflation rates.
In addition to Senator Hirono, the legislation was also cosponsored by US Senators John Cornyn (R-TX), Maggie Hassan (D-NH), Mike Braun (R-IN), Ted Cruz (R-TX), Angus King (I-ME), and Mark Kelly (D-AZ). Companion legislation was introduced in the House by Representatives Don Bacon (R-NE) and Marilyn Strickland (D-WA).
Original source: https://mauinow.com/2023/05/01/hirono-introduces-bipartisan-bill-to-help-adjust-military-life-insurance-for-inflation/