Nope. I think that's an open question, unless the state has answered it. Officially, it does sound like any plan just needs to meet the requirements of RCW 48.83.020 (https://app.leg.wa.gov/rcw/default.aspx?cite=48.83.020), which does not detail out minimum benefit amount.
Washington State Long Term Care Trust Act - 0.58% payroll tax - $36,500 lifetime maximum benefit
Re: Washington State Long Term Care Trust Act - 0.58% payroll tax - $36,500 lifetime maximum benefit
Re: Washington State Long Term Care Trust Act - 0.58% payroll tax - $36,500 lifetime maximum benefit
Just wanted to make sure the NYL Asset flex LTC rider qualifies for the exemption:
Asset Flex (ICC20-AF-MP)
Initial Face Amount: $25,000
Total Long-Term Care (LTC) Benefit Amount: $77,000
Total LTC Benefit Duration: 6 years
Monthly Benefit for LTC: $1,000
LTC Acceleration Benefit: $25,000
LTC Acceleration Benefit Duration: 2 years
Extension of Benefits (EOB) for Long-Term Care Rider (ICC20-AF-MEOB):
Selected
EOB Benefit: $52,000
EOB Benefit Duration: 4 years
Return of Premium Rider (ICC20-AF-ROP): 80%
Could you guys please weigh in? We're being offered a reasonable premium (~400-500/year)
Asset Flex (ICC20-AF-MP)
Initial Face Amount: $25,000
Total Long-Term Care (LTC) Benefit Amount: $77,000
Total LTC Benefit Duration: 6 years
Monthly Benefit for LTC: $1,000
LTC Acceleration Benefit: $25,000
LTC Acceleration Benefit Duration: 2 years
Extension of Benefits (EOB) for Long-Term Care Rider (ICC20-AF-MEOB):
Selected
EOB Benefit: $52,000
EOB Benefit Duration: 4 years
Return of Premium Rider (ICC20-AF-ROP): 80%
Could you guys please weigh in? We're being offered a reasonable premium (~400-500/year)
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Re: Washington State Long Term Care Trust Act - 0.58% payroll tax - $36,500 lifetime maximum benefit
Are any companies selling LTC policies to twenty-somethings at this point?
Re: Washington State Long Term Care Trust Act - 0.58% payroll tax - $36,500 lifetime maximum benefit
Nationwide just approved a LTC rider with my H1B client. I wrote a cover letter for her that included length of time in US, having a kid born here, a second mortgage on their forever home, husband most likely to get his green card in the fall (after being on the waitlist for 14 years), etc. I also included testimonies from their employers who plan on keeping them employed as both are highly-valued and highly-compensated employees. Finally, I had their immigration attorney send a letter on their behalf as well.BruDude wrote: ↑Tue Jul 20, 2021 2:29 pm Update for anyone with an H1B visa (or other visas):
Nationwide will not sell the LTC rider to someone on a visa. John Hancock requires a minimum of $1M policy size for visa holders. That does not leave many (any?) options. Currently checking on Omaha's guidelines for visa holders...
Approved, and now in-force.
Last edited by RoyHobbs9 on Thu Jul 22, 2021 4:05 pm, edited 1 time in total.
Re: Washington State Long Term Care Trust Act - 0.58% payroll tax - $36,500 lifetime maximum benefit
Transamerica age 20+it'smyjob? wrote: ↑Thu Jul 22, 2021 3:12 pm Are any companies selling LTC policies to twenty-somethings at this point?
AXA age 21+
Re: Washington State Long Term Care Trust Act - 0.58% payroll tax - $36,500 lifetime maximum benefit
Transamerica stopped selling long-term care insurance.RoyHobbs9 wrote: ↑Thu Jul 22, 2021 4:05 pmTransamerica age 20+it'smyjob? wrote: ↑Thu Jul 22, 2021 3:12 pm Are any companies selling LTC policies to twenty-somethings at this point?
AXA age 21+
Are you referring to a life insurance policy with an LTC rider?
Disclaimer: I am a licensed insurance professional and am certified as a long-term care insurance specialist.
Re: Washington State Long Term Care Trust Act - 0.58% payroll tax - $36,500 lifetime maximum benefit
That's great but their underwriting guide clearly states LTC rider not available for anyone that isn't a US citizen or green card holder. I spoke with a Nationwide underwriter and they confirmed. Glad you were able to get it through but I wouldn't expect them to open the floodgates for all "desirable" H1B clients. I had the same thing happen with Mass Mutual disability insurance where they approved a few of my clients without a foreign travel exclusion even though they were supposed to get one, then they put their foot down and said no more of that allowed.RoyHobbs9 wrote: ↑Thu Jul 22, 2021 4:00 pmNationwide just approved a LTC rider with my H1B client. I wrote a cover letter for her that included length of time in US, having a kid born here, a second mortgage on their forever home, husband most likely to get his green card in the fall (after being on the waitlist for 14 years), etc. I also included testimonies from their employers who plan on keeping them employed as both are highly-valued and highly-compensated employees. Finally, I had their immigration attorney send a letter on their behalf as well.BruDude wrote: ↑Tue Jul 20, 2021 2:29 pm Update for anyone with an H1B visa (or other visas):
Nationwide will not sell the LTC rider to someone on a visa. John Hancock requires a minimum of $1M policy size for visa holders. That does not leave many (any?) options. Currently checking on Omaha's guidelines for visa holders...
Approved, and now in-force.
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Re: Washington State Long Term Care Trust Act - 0.58% payroll tax - $36,500 lifetime maximum benefit
Update for folks still looking:
New York Life offered $300/year for LTC that qualifies for the exemption. Mid-40s. Application submitted.
Nationwide said the best they could do was $125/month for $60K benefit, and the ability to receive a portion of your premiums back when you cancel.
New York Life offered $300/year for LTC that qualifies for the exemption. Mid-40s. Application submitted.
Nationwide said the best they could do was $125/month for $60K benefit, and the ability to receive a portion of your premiums back when you cancel.
Re: Washington State Long Term Care Trust Act - 0.58% payroll tax - $36,500 lifetime maximum benefit
Thx for sharing. Is it traditional LTCi or hybrid/asset-based LTCi? What's the daily/mthly benefit?LeftCoastIV wrote: ↑Fri Jul 23, 2021 7:02 pm Update for folks still looking:
New York Life offered $300/year for LTC that qualifies for the exemption. Mid-40s. Application submitted.
Nationwide said the best they could do was $125/month for $60K benefit, and the ability to receive a portion of your premiums back when you cancel.
Re: Washington State Long Term Care Trust Act - 0.58% payroll tax - $36,500 lifetime maximum benefit
WA doesn't require any minimum. It doesn't have to be as good as or better. Put benefits aside, WA's plan's elimination is 45-day, most LTCi's is 90-day. If one has to be as good or better, most of us won't qualify even though the total benefit far exceeds the $36500 offered by WA.
Their website says exemption requirements are: age 18+ , purchase before 11/1/21, a qualifying plan from the state insurance commissioner's list.
http://www.wacaresfund.wa.gov/private-insurance/
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Re: Washington State Long Term Care Trust Act - 0.58% payroll tax - $36,500 lifetime maximum benefit
Thank you. I need to look into this right away as I'm way behind the ballgame.LeftCoastIV wrote: ↑Fri Jul 23, 2021 7:02 pm Update for folks still looking:
New York Life offered $300/year for LTC that qualifies for the exemption. Mid-40s. Application submitted.
Nationwide said the best they could do was $125/month for $60K benefit, and the ability to receive a portion of your premiums back when you cancel.
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Re: Washington State Long Term Care Trust Act - 0.58% payroll tax - $36,500 lifetime maximum benefit
Are you sure the minimum is enough to get the exemption though? The last thing we want is to go super cheap and the state rejects your exemption claim later.
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Re: Washington State Long Term Care Trust Act - 0.58% payroll tax - $36,500 lifetime maximum benefit
Why are they stopping to offer coverage? Isn't it like free business they didn't have before?jemscreen392 wrote: ↑Thu Jun 24, 2021 6:12 pm Hi folks. I was in a building that happened to have a Banker's Life office so I wandered in and asked about policies. I was told that I got lucky - TOMORROW is the last day they are accepting anyone under 50 in the state of WA. As has been discussed, many other companies are cutting back offers to WA residents.
Data point:
My wife and I can get $120/day 2-year coverage ($87,600) for $59/month. 30-day elimination, but no inflation coverage. You'll have to do your own math, but this is a significantly cheaper policy for better coverage for us.
So if you're under 50, your options are closing up very quickly. I suggest you move fast.
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Re: Washington State Long Term Care Trust Act - 0.58% payroll tax - $36,500 lifetime maximum benefit
I suggest reading through this thread because these questions have been answered multiple times. The law, as passed by the legislature, only requires a one-time verification that you have insurance. Therefore, many people are expected to drop coverage after the check is complete. It is costly for an insurer to onboard someone who then drops coverage after making just one or two premium payments.Marseille07 wrote: ↑Mon Jul 26, 2021 12:32 am
Why are they stopping to offer coverage? Isn't it like free business they didn't have before?
The state will not arbitrarily reject people for getting a "low" amount of coverage. The law only requires that the policy satisfies the definition of LTCI in Washington.Are you sure the minimum is enough to get the exemption though? The last thing we want is to go super cheap and the state rejects your exemption claim later.
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Re: Washington State Long Term Care Trust Act - 0.58% payroll tax - $36,500 lifetime maximum benefit
because there is a huge concern about people signing up and then cancelling once they have the opt-out. This isn't "free money" to the insurance company, its a huge headache to only get a couple of payments and cancellation.Marseille07 wrote: ↑Mon Jul 26, 2021 12:32 amWhy are they stopping to offer coverage? Isn't it like free business they didn't have before?jemscreen392 wrote: ↑Thu Jun 24, 2021 6:12 pm Hi folks. I was in a building that happened to have a Banker's Life office so I wandered in and asked about policies. I was told that I got lucky - TOMORROW is the last day they are accepting anyone under 50 in the state of WA. As has been discussed, many other companies are cutting back offers to WA residents.
Data point:
My wife and I can get $120/day 2-year coverage ($87,600) for $59/month. 30-day elimination, but no inflation coverage. You'll have to do your own math, but this is a significantly cheaper policy for better coverage for us.
So if you're under 50, your options are closing up very quickly. I suggest you move fast.
Earned 43 (and counting) credit hours of financial planning related education from a regionally accredited university, but I am not your advisor.
Re: Washington State Long Term Care Trust Act - 0.58% payroll tax - $36,500 lifetime maximum benefit
You are incorrect.paradisenostril wrote: ↑Mon Jul 26, 2021 12:44 am
The law, as passed by the legislature, only requires a one-time verification that you have insurance.
Nowhere in the law does it say there will be a "one-time verification".
If I am wrong, please show me.
Disclaimer: I am a licensed insurance professional and am certified as a long-term care insurance specialist.
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Re: Washington State Long Term Care Trust Act - 0.58% payroll tax - $36,500 lifetime maximum benefit
I don't know if you're wrong or not, but I've seen exemptions being mentioned as permanent. Here is one source: http://www.wacaresfund.wa.gov/private-insurance/WoW2012 wrote: ↑Mon Jul 26, 2021 8:20 amYou are incorrect.paradisenostril wrote: ↑Mon Jul 26, 2021 12:44 am
The law, as passed by the legislature, only requires a one-time verification that you have insurance.
Nowhere in the law does it say there will be a "one-time verification".
If I am wrong, please show me.
If your application is approved
You’ll get an exemption approval letter from ESD, at which point you’ll be:
Expelled from the program with no option to re-enroll.
Disqualified from accessing WA Cares benefits in your lifetime.
Re: Washington State Long Term Care Trust Act - 0.58% payroll tax - $36,500 lifetime maximum benefit
Marseille07 wrote: ↑Mon Jul 26, 2021 10:58 amI don't know if you're wrong or not, but I've seen exemptions being mentioned as permanent. Here is one source: http://www.wacaresfund.wa.gov/private-insurance/WoW2012 wrote: ↑Mon Jul 26, 2021 8:20 amYou are incorrect.paradisenostril wrote: ↑Mon Jul 26, 2021 12:44 am
The law, as passed by the legislature, only requires a one-time verification that you have insurance.
Nowhere in the law does it say there will be a "one-time verification".
If I am wrong, please show me.
If your application is approved
You’ll get an exemption approval letter from ESD, at which point you’ll be:
Expelled from the program with no option to re-enroll.
Disqualified from accessing WA Cares benefits in your lifetime.
You are conflating the "attestation" and the "verification".
They are two different things.
Disclaimer: I am a licensed insurance professional and am certified as a long-term care insurance specialist.
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Re: Washington State Long Term Care Trust Act - 0.58% payroll tax - $36,500 lifetime maximum benefit
I'm not confusing anything. This one-time deal is what everyone is talking about.WoW2012 wrote: ↑Mon Jul 26, 2021 11:10 amMarseille07 wrote: ↑Mon Jul 26, 2021 10:58 amI don't know if you're wrong or not, but I've seen exemptions being mentioned as permanent. Here is one source: http://www.wacaresfund.wa.gov/private-insurance/WoW2012 wrote: ↑Mon Jul 26, 2021 8:20 amYou are incorrect.paradisenostril wrote: ↑Mon Jul 26, 2021 12:44 am
The law, as passed by the legislature, only requires a one-time verification that you have insurance.
Nowhere in the law does it say there will be a "one-time verification".
If I am wrong, please show me.
If your application is approved
You’ll get an exemption approval letter from ESD, at which point you’ll be:
Expelled from the program with no option to re-enroll.
Disqualified from accessing WA Cares benefits in your lifetime.
You are conflating the "attestation" and the "verification".
They are two different things.
Obviously if someone moves to Washington State in 2025, their process will be different.
Re: Washington State Long Term Care Trust Act - 0.58% payroll tax - $36,500 lifetime maximum benefit
Marseille07 wrote: ↑Mon Jul 26, 2021 11:13 am
I'm not confusing anything. This one-time deal is what everyone is talking about.
Obviously if someone moves to Washington State in 2025, their process will be different.
You are conflating the attestation and the verification.
The attestation is what you need to do only once.
You'll do it sometime between 10/1/2021 and 12/31/2022.
As long as you're 18 or over and attest to owning long-term care insurance by 11/1/2021, your opt-out will be approved.
The verification by ESD is not done at the time that you attest.
The verification can be done whenever the ESD decides to do it.
The ESD has provided no details about the verification.
Per the law, they do not have to verify, but they can.
Disclaimer: I am a licensed insurance professional and am certified as a long-term care insurance specialist.
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Re: Washington State Long Term Care Trust Act - 0.58% payroll tax - $36,500 lifetime maximum benefit
But you realize opt-out is permanent in your lifetime right? There is nothing to verify. Once you're out, you can't re-enroll.WoW2012 wrote: ↑Mon Jul 26, 2021 11:27 am You are conflating the attestation and the verification.
The attestation is what you need to do only once.
You'll do it sometime between 10/1/2021 and 12/31/2022.
As long as you're 18 or over and attest to owning long-term care insurance by 11/1/2021, your opt-out will be approved.
The verification by ESD is not done at the time that you attest.
The verification can be done whenever the ESD decides to do it.
The ESD has provided no details about the verification.
Per the law, they do not have to verify, but they can.
Re: Washington State Long Term Care Trust Act - 0.58% payroll tax - $36,500 lifetime maximum benefit
Being unable to re-enroll is not the same as ESD revoking someone's opt-out. The law gives the ESD the right to verify. They knew people would try to skirt the law.Marseille07 wrote: ↑Mon Jul 26, 2021 11:46 amBut you realize opt-out is permanent in your lifetime right? There is nothing to verify. Once you're out, you can't re-enroll.WoW2012 wrote: ↑Mon Jul 26, 2021 11:27 am You are conflating the attestation and the verification.
The attestation is what you need to do only once.
You'll do it sometime between 10/1/2021 and 12/31/2022.
As long as you're 18 or over and attest to owning long-term care insurance by 11/1/2021, your opt-out will be approved.
The verification by ESD is not done at the time that you attest.
The verification can be done whenever the ESD decides to do it.
The ESD has provided no details about the verification.
Per the law, they do not have to verify, but they can.
50B.04.085 (3): The employment security department is not required to verify the attestation of an employee that the employee has long-term care insurance.
Disclaimer: I am a licensed insurance professional and am certified as a long-term care insurance specialist.
Re: Washington State Long Term Care Trust Act - 0.58% payroll tax - $36,500 lifetime maximum benefit
I think there is “reading between the lines” on both sides. The law does not state anything about the verification process. After an application is approved, it’s not clear if they can or cannot verify or audit after the fact. (They probably can, but this could be an expensive process)WoW2012 wrote: ↑Mon Jul 26, 2021 11:27 amMarseille07 wrote: ↑Mon Jul 26, 2021 11:13 am
I'm not confusing anything. This one-time deal is what everyone is talking about.
Obviously if someone moves to Washington State in 2025, their process will be different.
You are conflating the attestation and the verification.
The attestation is what you need to do only once.
You'll do it sometime between 10/1/2021 and 12/31/2022.
As long as you're 18 or over and attest to owning long-term care insurance by 11/1/2021, your opt-out will be approved.
The verification by ESD is not done at the time that you attest.
The verification can be done whenever the ESD decides to do it.
The ESD has provided no details about the verification.
Per the law, they do not have to verify, but they can.
My guess is the application will be rigorous in the sense that you’ll need to upload documentation. If that documentation isn’t sufficient, you won’t get approved and that this will be their main verification process.
Re: Washington State Long Term Care Trust Act - 0.58% payroll tax - $36,500 lifetime maximum benefit
Everyone is saying "permanent opt-out" too as if the law can't be changed in a future year. If this ends up being a disaster with the majority of higher income people opting out, there may be enough pressure to alter the deal.
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Re: Washington State Long Term Care Trust Act - 0.58% payroll tax - $36,500 lifetime maximum benefit
You're right. At this point no one knows what the verification process will be, if the ESD will verify anyone at all.WoW2012 wrote: ↑Mon Jul 26, 2021 12:00 pm Being unable to re-enroll is not the same as ESD revoking someone's opt-out. The law gives the ESD the right to verify. They knew people would try to skirt the law.
50B.04.085 (3): The employment security department is not required to verify the attestation of an employee that the employee has long-term care insurance.
Re: Washington State Long Term Care Trust Act - 0.58% payroll tax - $36,500 lifetime maximum benefit
I will be very surprised if they don't put any future verification system in place. Dropping the policy right after getting the exemption could be a huge mistake as a future verification system would likely be based on the policy date and if you drop the existing one, you may be forced into paying the tax forever. If I lived in WA I'd plan on keeping it for at least 5 years to see what future changes are made. Worth the few bucks to make sure you don't shoot yourself in the foot and wind up paying the tax every year for life, IMO.
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Re: Washington State Long Term Care Trust Act - 0.58% payroll tax - $36,500 lifetime maximum benefit
It's a tough call. Carrying a policy you don't need / want for 5 years ain't cheap either. Effectively you're taking the tax hit for 5 years in a different form.BruDude wrote: ↑Mon Jul 26, 2021 2:11 pm I will be very surprised if they don't put any future verification system in place. Dropping the policy right after getting the exemption could be a huge mistake as a future verification system would likely be based on the policy date and if you drop the existing one, you may be forced into paying the tax forever. If I lived in WA I'd plan on keeping it for at least 5 years to see what future changes are made. Worth the few bucks to make sure you don't shoot yourself in the foot and wind up paying the tax every year for life, IMO.
I'll continue shopping for coverage, but if it doesn't work out then I might simply look to move elsewhere, like Texas.
Re: Washington State Long Term Care Trust Act - 0.58% payroll tax - $36,500 lifetime maximum benefit
Better to take a $300-500 hit for a few years than wind up paying thousands in tax every year forever. I'd rather be safe than sorry when it comes to dealing with the government and tax laws.Marseille07 wrote: ↑Mon Jul 26, 2021 2:20 pmIt's a tough call. Carrying a policy you don't need / want for 5 years ain't cheap either. Effectively you're taking the tax hit for 5 years in a different form.BruDude wrote: ↑Mon Jul 26, 2021 2:11 pm I will be very surprised if they don't put any future verification system in place. Dropping the policy right after getting the exemption could be a huge mistake as a future verification system would likely be based on the policy date and if you drop the existing one, you may be forced into paying the tax forever. If I lived in WA I'd plan on keeping it for at least 5 years to see what future changes are made. Worth the few bucks to make sure you don't shoot yourself in the foot and wind up paying the tax every year for life, IMO.
I'll continue shopping for coverage, but if it doesn't work out then I might simply look to move elsewhere, like Texas.
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Re: Washington State Long Term Care Trust Act - 0.58% payroll tax - $36,500 lifetime maximum benefit
Oh, if your premium is $300-500 then no doubt. I was looking at NGL who demands at least $2K, or so I read.BruDude wrote: ↑Mon Jul 26, 2021 2:24 pmBetter to take a $300-500 hit for a few years than wind up paying thousands in tax every year forever. I'd rather be safe than sorry when it comes to dealing with the government and tax laws.Marseille07 wrote: ↑Mon Jul 26, 2021 2:20 pmIt's a tough call. Carrying a policy you don't need / want for 5 years ain't cheap either. Effectively you're taking the tax hit for 5 years in a different form.BruDude wrote: ↑Mon Jul 26, 2021 2:11 pm I will be very surprised if they don't put any future verification system in place. Dropping the policy right after getting the exemption could be a huge mistake as a future verification system would likely be based on the policy date and if you drop the existing one, you may be forced into paying the tax forever. If I lived in WA I'd plan on keeping it for at least 5 years to see what future changes are made. Worth the few bucks to make sure you don't shoot yourself in the foot and wind up paying the tax every year for life, IMO.
I'll continue shopping for coverage, but if it doesn't work out then I might simply look to move elsewhere, like Texas.
Re: Washington State Long Term Care Trust Act - 0.58% payroll tax - $36,500 lifetime maximum benefit
Correct, NGL is minimum $2k/year premium now. Nationwide and NYL still have options that are dirt cheap though depending on your age and health....for now.Marseille07 wrote: ↑Mon Jul 26, 2021 2:25 pmOh, if your premium is $300-500 then no doubt. I was looking at NGL who demands at least $2K, or so I read.BruDude wrote: ↑Mon Jul 26, 2021 2:24 pmBetter to take a $300-500 hit for a few years than wind up paying thousands in tax every year forever. I'd rather be safe than sorry when it comes to dealing with the government and tax laws.Marseille07 wrote: ↑Mon Jul 26, 2021 2:20 pmIt's a tough call. Carrying a policy you don't need / want for 5 years ain't cheap either. Effectively you're taking the tax hit for 5 years in a different form.BruDude wrote: ↑Mon Jul 26, 2021 2:11 pm I will be very surprised if they don't put any future verification system in place. Dropping the policy right after getting the exemption could be a huge mistake as a future verification system would likely be based on the policy date and if you drop the existing one, you may be forced into paying the tax forever. If I lived in WA I'd plan on keeping it for at least 5 years to see what future changes are made. Worth the few bucks to make sure you don't shoot yourself in the foot and wind up paying the tax every year for life, IMO.
I'll continue shopping for coverage, but if it doesn't work out then I might simply look to move elsewhere, like Texas.
Nationwide is currently 3 weeks behind on processing any apps so anyone on the fence better apply ASAP if they want their policy approved before the November 1 deadline. It will only get worse from here as more people find out about this.
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Re: Washington State Long Term Care Trust Act - 0.58% payroll tax - $36,500 lifetime maximum benefit
I am waiting for NYL "financial professional" or whatever to call me back, though there is an office 20 minutes away. Can I just walk in and talk to someone there instead?BruDude wrote: ↑Mon Jul 26, 2021 2:28 pmCorrect, NGL is minimum $2k/year premium now. Nationwide and NYL still have options that are dirt cheap though depending on your age and health....for now.Marseille07 wrote: ↑Mon Jul 26, 2021 2:25 pmOh, if your premium is $300-500 then no doubt. I was looking at NGL who demands at least $2K, or so I read.BruDude wrote: ↑Mon Jul 26, 2021 2:24 pmBetter to take a $300-500 hit for a few years than wind up paying thousands in tax every year forever. I'd rather be safe than sorry when it comes to dealing with the government and tax laws.Marseille07 wrote: ↑Mon Jul 26, 2021 2:20 pmIt's a tough call. Carrying a policy you don't need / want for 5 years ain't cheap either. Effectively you're taking the tax hit for 5 years in a different form.BruDude wrote: ↑Mon Jul 26, 2021 2:11 pm I will be very surprised if they don't put any future verification system in place. Dropping the policy right after getting the exemption could be a huge mistake as a future verification system would likely be based on the policy date and if you drop the existing one, you may be forced into paying the tax forever. If I lived in WA I'd plan on keeping it for at least 5 years to see what future changes are made. Worth the few bucks to make sure you don't shoot yourself in the foot and wind up paying the tax every year for life, IMO.
I'll continue shopping for coverage, but if it doesn't work out then I might simply look to move elsewhere, like Texas.
Nationwide is currently 3 weeks behind on processing any apps so anyone on the fence better apply ASAP if they want their policy approved before the November 1 deadline. It will only get worse from here as more people find out about this.
Nationwide I wasn't aware and I need to start looking into them, thanks.
Re: Washington State Long Term Care Trust Act - 0.58% payroll tax - $36,500 lifetime maximum benefit
Hi folks, I'm comparing two products and they both seem to have some advantages to me.
They are both qualified for opt out and they are both the cheapest policy being offered.
I have no plan to leave WA so I'm also thinking long term. Which one looks better to you?
1) Universal Life product + LTC rider negotiated by my company ($40/month, $80,000 benefit),
Pros:
Pros:
They are both qualified for opt out and they are both the cheapest policy being offered.
I have no plan to leave WA so I'm also thinking long term. Which one looks better to you?
1) Universal Life product + LTC rider negotiated by my company ($40/month, $80,000 benefit),
Pros:
- Premium is fixed
- No underwriting. Guaranteed.
- Some negligible cash value
- More expensive
Pros:
- Cheaper
- Underwriting could take forever and it's not guaranteed
- Premium can go up
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Re: Washington State Long Term Care Trust Act - 0.58% payroll tax - $36,500 lifetime maximum benefit
Nationwide is offering something called Long-Term Care Rider II, which seems like an add-on on top of life insurance. Does this mean I need to purchase a Nationwide life + LTC rider combo?
I guess I might need a standalone policy as my life insurance is through employer not Nationwide.
I guess I might need a standalone policy as my life insurance is through employer not Nationwide.
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Re: Washington State Long Term Care Trust Act - 0.58% payroll tax - $36,500 lifetime maximum benefit
My interpretation is that ESD could "verify" as much as they want but they are limited to only verifying whether the attestation is accurate ("The employment security department is not required to verify the attestation"). In other words, whether the individual had coverage before 11/1/21. Whether you call that a one-time attestation vs one-time verification is a matter of semantics because the attestation and verification are part of the same process. Personally, I will be keeping my policy for a longer period of time in case the law is changed and as a courtesy to my agent so he doesn't get a chargeback.WoW2012 wrote: ↑Mon Jul 26, 2021 8:20 amYou are incorrect.paradisenostril wrote: ↑Mon Jul 26, 2021 12:44 am
The law, as passed by the legislature, only requires a one-time verification that you have insurance.
Nowhere in the law does it say there will be a "one-time verification".
If I am wrong, please show me.
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Re: Washington State Long Term Care Trust Act - 0.58% payroll tax - $36,500 lifetime maximum benefit
Does anyone know if we can just walk into NYL's General Office or whatever? There's one about 20 minutes away from my place, but I've never been to a big insurance office without an appointment.
Re: Washington State Long Term Care Trust Act - 0.58% payroll tax - $36,500 lifetime maximum benefit
Take the policy from your company and then apply with NYL. You can always keep the group one if the NYL policy doesn't work out for whatever reason, but if you don't opt into the group one and then get declined for some reason, you'll be in a difficult spot.softmax wrote: ↑Mon Jul 26, 2021 2:35 pm Hi folks, I'm comparing two products and they both seem to have some advantages to me.
They are both qualified for opt out and they are both the cheapest policy being offered.
I have no plan to leave WA so I'm also thinking long term. Which one looks better to you?
1) Universal Life product + LTC rider negotiated by my company ($40/month, $80,000 benefit),
Pros:
- Premium is fixed
- No underwriting. Guaranteed.
Cons:
- Some negligible cash value
2) NY Life ($25/month, $36,500 benefit)
- More expensive
Pros:Cons:
- Cheaper
- Underwriting could take forever and it's not guaranteed
- Premium can go up
The LTC rider has to be attached to a UL policy, it can't be purchased standalone or with term insurance. The no-lapse UL guaranteed to age 70 only (instead of age 120) with the LTC rider will be the cheapest option.Marseille07 wrote: ↑Mon Jul 26, 2021 2:57 pm Nationwide is offering something called Long-Term Care Rider II, which seems like an add-on on top of life insurance. Does this mean I need to purchase a Nationwide life + LTC rider combo?
I guess I might need a standalone policy as my life insurance is through employer not Nationwide.
Re: Washington State Long Term Care Trust Act - 0.58% payroll tax - $36,500 lifetime maximum benefit
Marseille07 wrote: ↑Mon Jul 26, 2021 3:18 pm Does anyone know if we can just walk into NYL's General Office or whatever? There's one about 20 minutes away from my place, but I've never been to a big insurance office without an appointment.
Fortune favors the bold.
Disclaimer: I am a licensed insurance professional and am certified as a long-term care insurance specialist.
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Re: Washington State Long Term Care Trust Act - 0.58% payroll tax - $36,500 lifetime maximum benefit
Thank you. I guess it kind of sucks in that I have life insurance through employer...I'll figure out what my options are. NYL seems like the best option still.
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Re: Washington State Long Term Care Trust Act - 0.58% payroll tax - $36,500 lifetime maximum benefit
I'm doing whatever I can. Waiting for a NYL call-back (48-hour window), got contact info of an agent via FB whom I just emailed. If neither option goes anywhere then I'll rush to the office.WoW2012 wrote: ↑Mon Jul 26, 2021 3:46 pmFortune favors the bold.Marseille07 wrote: ↑Mon Jul 26, 2021 3:18 pm Does anyone know if we can just walk into NYL's General Office or whatever? There's one about 20 minutes away from my place, but I've never been to a big insurance office without an appointment.
Re: Washington State Long Term Care Trust Act - 0.58% payroll tax - $36,500 lifetime maximum benefit
Why does it suck?Marseille07 wrote: ↑Mon Jul 26, 2021 3:47 pmThank you. I guess it kind of sucks in that I have life insurance through employer...I'll figure out what my options are. NYL seems like the best option still.
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Re: Washington State Long Term Care Trust Act - 0.58% payroll tax - $36,500 lifetime maximum benefit
If I understand correctly, I need to take out Nationwide UL in order to do Nationwide LTC rider. That means I'd be paying an extra life insurance policy out of pocket, when I don't really need the product.tj wrote: ↑Mon Jul 26, 2021 3:52 pmWhy does it suck?Marseille07 wrote: ↑Mon Jul 26, 2021 3:47 pmThank you. I guess it kind of sucks in that I have life insurance through employer...I'll figure out what my options are. NYL seems like the best option still.
Re: Washington State Long Term Care Trust Act - 0.58% payroll tax - $36,500 lifetime maximum benefit
What does need have to do with it? Aren't you just trying to avoid a tax?Marseille07 wrote: ↑Mon Jul 26, 2021 3:54 pmIf I understand correctly, I need to take out Nationwide UL in order to do Nationwide LTC rider. That means I'd be paying an extra life insurance policy out of pocket, when I don't really need the product.tj wrote: ↑Mon Jul 26, 2021 3:52 pmWhy does it suck?Marseille07 wrote: ↑Mon Jul 26, 2021 3:47 pmThank you. I guess it kind of sucks in that I have life insurance through employer...I'll figure out what my options are. NYL seems like the best option still.
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Re: Washington State Long Term Care Trust Act - 0.58% payroll tax - $36,500 lifetime maximum benefit
I love how you phrased it...made it sound like I'm doing something illegaltj wrote: ↑Mon Jul 26, 2021 3:55 pmWhat does need have to do with it? Aren't you just trying to avoid a tax?Marseille07 wrote: ↑Mon Jul 26, 2021 3:54 pmIf I understand correctly, I need to take out Nationwide UL in order to do Nationwide LTC rider. That means I'd be paying an extra life insurance policy out of pocket, when I don't really need the product.tj wrote: ↑Mon Jul 26, 2021 3:52 pmWhy does it suck?Marseille07 wrote: ↑Mon Jul 26, 2021 3:47 pmThank you. I guess it kind of sucks in that I have life insurance through employer...I'll figure out what my options are. NYL seems like the best option still.
Re: Washington State Long Term Care Trust Act - 0.58% payroll tax - $36,500 lifetime maximum benefit
Nothing illegal about avoiding taxes.Marseille07 wrote: ↑Mon Jul 26, 2021 4:04 pmI love how you phrased it...made it sound like I'm doing something illegaltj wrote: ↑Mon Jul 26, 2021 3:55 pmWhat does need have to do with it? Aren't you just trying to avoid a tax?Marseille07 wrote: ↑Mon Jul 26, 2021 3:54 pmIf I understand correctly, I need to take out Nationwide UL in order to do Nationwide LTC rider. That means I'd be paying an extra life insurance policy out of pocket, when I don't really need the product.tj wrote: ↑Mon Jul 26, 2021 3:52 pmWhy does it suck?Marseille07 wrote: ↑Mon Jul 26, 2021 3:47 pm
Thank you. I guess it kind of sucks in that I have life insurance through employer...I'll figure out what my options are. NYL seems like the best option still.
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Re: Washington State Long Term Care Trust Act - 0.58% payroll tax - $36,500 lifetime maximum benefit
Yeah, to the original question, I guess we'd be looking for the cheapest option out there. I don't know the pricing of UL + rider, but it might be more expensive than a standalone LTCI policy. I'm still gathering agents; so far NGL offering $2000/year minimum and I'm looking for other options.
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Re: Washington State Long Term Care Trust Act - 0.58% payroll tax - $36,500 lifetime maximum benefit
Marseille07 wrote: ↑Mon Jul 26, 2021 3:50 pm I'm doing whatever I can. Waiting for a NYL call-back (48-hour window), got contact info of an agent via FB whom I just emailed. If neither option goes anywhere then I'll rush to the office.
Just to follow up, the person on FB gave me a NYL contact who's been responding via email and I made an appointment for next week at the NYL general office. No need to rush in any more
Re: Washington State Long Term Care Trust Act - 0.58% payroll tax - $36,500 lifetime maximum benefit
You might need to rush if they change their underwriting guidelines, product benefit minimums, or institute other new requirements. Companies have been pulling products with no warning and raising minimum benefit levels. NYL might be the last company left other than Nationwide that hasn't done it yet.Marseille07 wrote: ↑Mon Jul 26, 2021 4:40 pmMarseille07 wrote: ↑Mon Jul 26, 2021 3:50 pm I'm doing whatever I can. Waiting for a NYL call-back (48-hour window), got contact info of an agent via FB whom I just emailed. If neither option goes anywhere then I'll rush to the office.Just to follow up, the person on FB gave me a NYL contact who's been responding via email and I made an appointment for next week at the NYL general office. No need to rush in any more
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Re: Washington State Long Term Care Trust Act - 0.58% payroll tax - $36,500 lifetime maximum benefit
I'm fully aware of the urgency. I pretty much spent 2~3 hours yesterday on this, understanding the situation as I'm way late to the game. I asked the NYL agent if they can expedite the appointment from next week. My appointment is now later this week.BruDude wrote: ↑Mon Jul 26, 2021 5:09 pmYou might need to rush if they change their underwriting guidelines, product benefit minimums, or institute other new requirements. Companies have been pulling products with no warning and raising minimum benefit levels. NYL might be the last company left other than Nationwide that hasn't done it yet.Marseille07 wrote: ↑Mon Jul 26, 2021 4:40 pmMarseille07 wrote: ↑Mon Jul 26, 2021 3:50 pm I'm doing whatever I can. Waiting for a NYL call-back (48-hour window), got contact info of an agent via FB whom I just emailed. If neither option goes anywhere then I'll rush to the office.Just to follow up, the person on FB gave me a NYL contact who's been responding via email and I made an appointment for next week at the NYL general office. No need to rush in any more
Re: Washington State Long Term Care Trust Act - 0.58% payroll tax - $36,500 lifetime maximum benefit
Thank you. This is also my plan. I confirmed that the policy negotiated by my company can be cancelled at any time so the highest priority is to secure the opt-out.
Re: Washington State Long Term Care Trust Act - 0.58% payroll tax - $36,500 lifetime maximum benefit
Yes. Transamerica LI with LTC Rider is still available, but paper only, and no expedited underwriting.WoW2012 wrote: ↑Thu Jul 22, 2021 4:19 pmTransamerica stopped selling long-term care insurance.RoyHobbs9 wrote: ↑Thu Jul 22, 2021 4:05 pmTransamerica age 20+it'smyjob? wrote: ↑Thu Jul 22, 2021 3:12 pm Are any companies selling LTC policies to twenty-somethings at this point?
AXA age 21+
Are you referring to a life insurance policy with an LTC rider?