What are people doing? Opting out or going with the WA trust act? If opting out- what insurance are you purchasing?
Bankers life
TransAmerica, about $300/yr
How much coverage
$50k TBH, it doesn't matter since you most likely will not keep this plan. Most people get LTC in their 50s at the earliest so I chose the bare minimum.
Following
How does it work if you change jobs? If you opt out and then drop the insurance later, don’t you eventually need to prove that you’re still covered?
I heard they don't check it every year so you can drop it after a year.
Unum $9.50/month or $114.00/year. Can't complain haha.
What insurance is that?
LTC though employer.
What is this?
Washington democrats want to steal more of your money so they passed an unconstitutional income tax without the consent of voters disguised as a long-term care tax of $0.58 per $100 earned. The law is poorly written so you have until November to enroll in a private plan to opt out and then you can just drop that private plan to avoid the tax altogether
What do you mean private plan? Health insurance? I thought WA has no income tax
What if I am moving to CA in August, do I still have to get insurance?
No, but if you plan on returning to Washington state in the future be sure to buckle up
So do I need whole or term insurance to avoid paying the New payroll tax?
You need long term care insurance, there is a WA state statute that defines what qualifies. Life insurance doesn't necessarily qualify.
Does it have to adjust to Inflation? Does it have a waiting period? Must it be 100/yr? Premium triples with these :(
When does the coverage have to begin from?
Make a poll
Updated