The Medal of Honor is the highest military decoration awarded by the US government. Each branch of the armed forces has their own version of the Medal of Honor, but all are given to the recipient by the President on behalf of congress in honor of extremely heroic acts that go above and beyond the call of duty. Therefore, it’s often given posthumously.
Actually, more than half of all the Medal of Honors given after 1941 have been posthumously. By law, recipients of the Medal of Honor have special privileges. Each recipient can have their name on the Medal of Honor Roll and are entitled to a pension above all others in the military. Right now the pension is at $1,237 per month.
They also receive a 10% increase in retired pay and are eligible to be buried at Arlington National Cemetery. They are invited to all future presidential inaugurations and inaugural balls.
Their children are allowed in military academies with no restrictions and they can receive special license plates. They also receive the privilege of being saluted by outranking servicemen.