allencunningham
New Member
- 11
Can anybody tell me if the federal long-term care insurance is a good option.I wanted to get it for my wife who is 65 years old. She has type 2 diabetes and hypertension both controlled.
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I am retired military, I could go to the VA Retirement home in Yountville in northern California. It's spectacular, and nearby where I live
I think they said they would take 30% of my retirement income, so that would be $3k per month. I am now 72 and say when I turned 82 I would have to go into LTC. If I buy a policy now and pay 10 yrs of premiums for a 72 y/o, assuming they would cost me ~$500-$600 per month and don't increase I would have spent approx 70k on premiums. And I expect premiums to more than double in 10 years, given that baby-boomers are just now hitting their 70's.
I would rather go into VA care and pay when needed. The Yountville VA home is in the mountains of Napa county and beautiful
I read it again, it's actually 47% of your income