Long term care
I'm retired Air Force and the wife and I are now looking into long term care insurance as we're both turning 65. I know some will say that it may not be necessary but there's no way the wife is going without.
I'm just getting started reading up on the FLTCIP site.
I'm curious what others have found or are using.
Thanks,
Tom
Over the years the VA has been GREAT !!!!!!!!!!! for me .
Agreed! The VA has been great here too, but, that doesn't help my wife. LOLOriginally Posted by wwc3
Tom
That's very true about your spouse. We are just now starting to look into this.
I'm not worried about myself. But my wife is now 62 and having some health issues, not life threatening but could be dibalatating.
Can she not use the VA through Tricare for Life?Agreed! The VA has been great here too, but, that doesn't help my wife. LOL
Tom
\"Andy\", EM1 USN, Ret.
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Everybody has a purpose in life... It\'s just that your sole purpose in life may be to simply serve as a warning to others.
I was looking at long term through state farm. The one thing that caused me not to sign up is the policy wasn't transferable. She is now 71. Lets say she lives to be 80 and dies of a heart attack. The policy was never used and it's not transferable to another family member. That is 9 years of making payments with zero benefits. I passed.
That’s long term care insurance in a nutshell. Most end up giving things to the state (if they actually own anything) and then pickup Medicaid. The facility takes their SS check and Medicaid. My mom went through a 100K spend down in less than a year. When you and your spouse are gone the state can come in and sell off your estate to try and re-coupe their money. LTC ranges from 7-9,000 a month in my neck of the woods. Medicare does not pay for nursing homes.
Find an elder attorney in your area. Hypoxia we use Attorney John Crowe here in Clarksville.
My wife and I are in our early 60s. Last year, we purchased a long-term care annuity through Merrill Lynch. Short version is that it is like an investment. It provides a bucket of payout, depending on the amount of your investment, that either or both spouses can use. If you do not use all of it, then the full premium / investment is returned to you with a small amount of interest.
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