Tricare is a health insurance program available to veterans, and it comes in four varieties: Tricare Prime, Tricare Extra, Tricare Standard, and Tricare for Life. Veterans Benefits For Dummies. By Rod Powers. Tricare is the military's health insurance program, and it comes in four varieties: Tricare Prime, Tricare Extra, . TRICARE provides health coverage for active duty and retired service members, . In some cases veterans may look to be eligible for both programs on paper. TRICARE is health insurance provided by the Department of Defense for active . For veterans who have both private employment-based insurance and VA, the .