I moved to Austin early this year from Seattle. I have enrolled into LTC in WA via Transamerica last year and my account was deducted around ~$307 in Nov. I read somewhere that WA has paused this until April 2022. So I reached out to them to cancel my insurance. They mentioned that I can use it even in Texas. Can someone from Texas confirm if there is any LTC here and is it a good option to continue the plan. #ltc #texas #austin #dallas #insurance #medical
Cancel it. You're in Austin now
If you ever might go back to Washington I would keep it. There’s no way to buy back in later.
What am I missing here? You can get LTC insurance in any state. What does it matter where they are living?
In Washington, if you didn’t have long term care insurance on 11/1, you have to pay a 0.58% tax on all your wages (including stocks, no cap). Law is currently paused but who knows what they’ll do.
Well that's an interesting way to motivate people into a product they may or may not need.
For those who don’t care, just wait. California and other states are already talking about doing the same thing.
I'm curious to see how these are going to hold up against lawsuits. I can see requiring automotive insurance because of the associated liability... But not everyone needs long-term care insurance. But I'm guessing the financial burden that places on the States is enough for them to try to justify this.
It’s a major expense for state Medicaid systems
If you find value in what the policy offers you, keep it. If you don’t, cancel it. This isn’t that complicated.