WA LTC exemption
Now that WA LTC tax is delayed until further notice, have people already started cancelling their private LTC insurance? I dont want to pay for benfits that I might not use in near future. TC: 280k #insurance #health
This state is a mess. The LTC tax is terribly written and probably just a cash grab for insurance companies. So many people bought useless plans
So I didn’t buy anything because I’m lazy. Did my lazy just saved me money? Tell me how many $$$ we are looking at
I did, although it’s because I’m moving out of state later this year. I already got my exemption letter, so I’m hoping it’s all I need in case I ever move back here. I did hear in other threads that people were saying they might institute some requirement around showing proof of coverage regularly, once they roll it out again. My guess is when they do announce a new date, the major employers will have contracted with a few companies to provide guaranteed and discounted coverage to their employees, like what they did this time around.
the real challenge is if the tax is brought back again, can you again enroll into another private insurance plan? With so much uncertainity, I feel its so hard to cancel the private policy.
Yeah I think it’s probably best to keep the policy if you have it and wait to see if under the new rules they’ll do any sort of monitoring of coverage. If not then you can cancel. But yeah probably safer to pay for now to ensure you don’t get screwed later.
Given the amount of troubles people went to get the LTC through private companies, cancelling and getting it back would be not easy ride
Yeah if I weren’t moving out of WA, I’d probably just hold onto my policy until they come out with the new rules, and if there’s no requirement to show proof of coverage after getting the exemption, I’d definitely cancel.
I will keep the policy since I am not sure I can get a new one later
Can we not get another policy from a different insurance provider?
I know it was difficult to get a new policy close to November last time
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