So I have heard of this LTC thing and it's essentially another tax added on to your paycheck for them to take. you can opt out if you prove you have an existing insurance/coverage and can be exempt from them taking the %age from your check. Question: Typically how much does this cost for folks who took a private insurance? My cash compensation is not great (around the 140K mark before taxes) and the quote I got was about $300 quarterly for the insurance. Should I take the insurance or is it too costly to do that? Trying to think better alternatives and maximize my take home pay since initially, this is really going to be a total struggle for me to the point where I need to make ends meet (Story for another day) Thank you for your valuable input.
I’m around $155k base cash compensation and I got quoted $44/mo so around $553/yr but I took the most basic option with Trustmark
How?? New York life quoted me around 280/qtr!
Only on blind. “My cash compensation is not great, only 140k”. You realize 140k is more than double the median household income in this country?
Everyone's circumstances are different. And try living in Redmond. Clearly your privileged and got hundreds of thousands handed to you
I live within 10 miles of Redmond and my compensation is less than yours. It’s not difficult to live on far less than 140k in the suburbs of Seattle. You just have to compromise on quality of house and live without some luxuries. Clearly you can’t live below your means.
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I guess I can opt out/cancel the open market insurance after the cut off date?
Take anything you can right now so you can opt out. Then silently drop it later. There is no annual attestation clause, so you don't need to prove continuous coverage for future years. Although they might change that later once they see all the wealthy people opted out. The private insurance companies will probably lobby for it too, because it'll line their pockets