While this program may be appropriate for many washington state residents, such as those with average. The program (rcw chapter 50b.04) will be funded with a.0058 (0.58 percent) payroll tax on all employee wages, beginning january 1, 2022.
The average length of time people need long term care services is 3 years.
Long term care insurance washington state law. While the aforementioned article lays out the facts regarding the new law, this article presents my professional opinion and. The wa cares fund website now has a page clearly titled “exemptions,” pointing washingtonians to a new section on the state’s office of the insurance. En español | washington gov.
For more information please visit washington state’s department of social and health services website. Window for individual exemptions opens (available for those with ltc. The law’s purpose is twofold:
That cost is projected to be $711,969 ($237,323 per year) in 2040. With the world on its ear though, if you missed the news, you’re not alone. Jay inslee recently signed it into law, creating the “washington cares fund.”.
For details, please refer to our financial plan, inc. Blog post authored by our own justin gross, cfp® entitled what to know and how to plan for washington state’s ltss trust act. Participation is mandated unless an employee opts out, which must happen before november 1, 2021.
In washington state, the average cost for 3 years of long term care is $394,200 ($131,400 per year) at 2020 rates.