Big enough to not want to be part of this for the rest of my working life. My wife luckily had a group policy to enroll so I had her do that last week. If you know anyone at MSFT, their best group option (Transamerica) expires on June 10th. Same for AMZN, except they have until the 18th. Crazy thing is, or maybe not so crazy, Transamerica is hitting the eject button when it comes to both individual and group LTC on June 30, 2021.Soon2BXProgrammer wrote: ↑Wed Jun 09, 2021 1:47 pmThere is no guarantee what the tax will be in the future to keep the program solvent. If you don't want to pay the tax, the best?? option is to get a small LTCi policy. The largest deciding factor is how large is your income.RoyHobbs9 wrote: ↑Wed Jun 09, 2021 1:13 pm "The initial premium rate is fifty-eight hundredths of one percent of the individual's wages. Beginning January 1, 2024, and biennially thereafter, the premium rate shall be set by the pension funding council at a rate no greater than fifty-eight hundredths of one percent." -- RCW 50B.04.080
I know there is a small panel in charge of making sure this remains solvent that is supposed to review it every 2 years. Could that panel recommend to the lawmakers that the tax needs to be increased (every 2 years)? I read somewhere that analysts thought the tax needed to start at .66% so I'm worried that it will increase in the future despite what is in the RCW. What is stopping that from being revised?
Thanks in advance,
Healthy 45 year-old
I'm a 1099, but I do W2 myself. Do you see this current administration eventually targeting S-Corps and distributions to and try and address the silver tsunami? I can't believe there is an opt-in program for the self-employed. I'm definitely looking at private LTC, but didn't want to be looking at it until I was in my mid-50s.
I'm leaning toward a hybrid IUL/LTC product due to price and if I don't use the LTC, at least my family gets it when I eventually croak. The Return of Premium Riders on the traditional LTC policies take them from pricy to too pricey for my taste.