According to this LTCI brokerKookaburra wrote: ↑Wed May 12, 2021 11:21 amYea, it’s almost like they know it’s a raw deal with lots of strings attached, and that it wouldn’t self-sustain if people actually knew about it.Bmac wrote: ↑Wed May 12, 2021 11:16 amCall me naive, but I would think it would be incumbent upon, if not mandatory for, HR/Payroll departments to notify all employees of this legislation. I can confirm what others have said previously that I have not heard a single person I know mention this whatsoever. I’ve only learned of it via this thread on Bogleheads. It appears to WA best kept secret.Whakamole wrote: ↑Wed May 12, 2021 10:53 amThe state hasn't been communicating out the tax and the opt-out. Why would they?Bmac wrote: ↑Tue May 11, 2021 5:41 pm When does the opt out occur? I’m retired, basically, but my spouse still works (UW). I don’t believe she has received any information regarding the new tax and opt out options so far from HR/payroll. She pretty much always forwards those kinds of communications to me.
Some workplaces (think large tech) are telling their employees about the tax and opt-out - along with a LTCI plan that employees can easily apply for.
"The State must create an educational outreach program to employers to ensure employees are aware of the WA Cares Fund (and that payroll deductions are imminent) by October 1, 2021"
As a result, there are many people in Washington State who have never heard of this plan. Even those who think that a state-run LTCI program is a good idea shake their heads at all the restrictions.
I'm not even sure it's a good deal for many poor-middle class residents; there are the minimum working hours, minimum years paying a premium, minimum years paying without a break, and the requirement that they still be in Washington State to even collect - not a guarantee due to many reasons (moving due to family, the high cost of living and long-term care in the state, etc.)
The broker above has an estimate on how much Washington State is expected to be collecting in taxes vs. paying out. Even mob-run casinos have better payouts.