Washington State Long Term Care Trust Act - 0.58% payroll tax - $36,500 lifetime maximum benefit

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jer99
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Joined: Sat Oct 23, 2021 6:44 pm

Re: Washington State Long Term Care Trust Act - 0.58% payroll tax - $36,500 lifetime maximum benefit

Post by jer99 »

WoW2012 wrote: Sat Oct 23, 2021 10:00 pm
jer99 wrote: Sat Oct 23, 2021 6:59 pm Help! Believe it or not I just found out about the WA LTC Trust Act (just received an email from company HR).
Is it still possible to obtain a private LTC policy by Nov 1 deadline?
Can you suggest any companies or someone to contact?
I'm 61 year old male residing in WA state.

Your help would be greatly appreciated!

Go to your nearest Bankers Life & Casualty office, walk in, and ask to apply for their "LTC Fundamental" policy.

It has 365 days of benefits.
up to $250 daily benefit.

If you can qualify for the "simplified underwriting" you can get approved in 1 to 2 business days.

CAVEAT: applicants must be age 50 and over.
WoW... it worked! I walked into Banker's Life this morning and have a quote in hand (with some options) for their LTC Fundamental policy. They say they can get approval tomorrow if I let them know desired options and pull the trigger in the AM. Many thanks to WoW2012 for suggestion!!!

By the way, for anyone in Seattle area trying to do the same, the Lynnwood office is closed due to Covid, so you need to call or walk into Bellevue Office. I walked in, but had to finish up over Zoom because they were just starting a meeting. Calling may work also if you can get through, and then get an appointment. But it all worked out for me. Again, as mentioned above by WoW2012, you must be 50 or over.

Quick follow-up questions for you LTC experts out there...

Q1: If Premium is roughly the same, would you recommend the $100 daily benefit with 5% annual compounding increase, or would you go for $250 "fixed" daily benefit? Or something else?? I'm 61 years of age.

Q2: Should I consider the Nonforfeiture Benefit Rider? (retain some of the Premium $'s paid after stopping Premium payments).

Q3: Any other tips, variations or options I should consider?

Your expert guidance is greatly appreciated!
WoW2012
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Joined: Sun Dec 23, 2012 10:28 am

Re: Washington State Long Term Care Trust Act - 0.58% payroll tax - $36,500 lifetime maximum benefit

Post by WoW2012 »

jer99 wrote: Mon Oct 25, 2021 9:17 pm
WoW2012 wrote: Sat Oct 23, 2021 10:00 pm
jer99 wrote: Sat Oct 23, 2021 6:59 pm Help! Believe it or not I just found out about the WA LTC Trust Act (just received an email from company HR).
Is it still possible to obtain a private LTC policy by Nov 1 deadline?
Can you suggest any companies or someone to contact?
I'm 61 year old male residing in WA state.

Your help would be greatly appreciated!

Go to your nearest Bankers Life & Casualty office, walk in, and ask to apply for their "LTC Fundamental" policy.

It has 365 days of benefits.
up to $250 daily benefit.

If you can qualify for the "simplified underwriting" you can get approved in 1 to 2 business days.

CAVEAT: applicants must be age 50 and over.
WoW... it worked! I walked into Banker's Life this morning and have a quote in hand (with some options) for their LTC Fundamental policy. They say they can get approval tomorrow if I let them know desired options and pull the trigger in the AM. Many thanks to WoW2012 for suggestion!!!

By the way, for anyone in Seattle area trying to do the same, the Lynnwood office is closed due to Covid, so you need to call or walk into Bellevue Office. I walked in, but had to finish up over Zoom because they were just starting a meeting. Calling may work also if you can get through, and then get an appointment. But it all worked out for me. Again, as mentioned above by WoW2012, you must be 50 or over.

Quick follow-up questions for you LTC experts out there...

Q1: If Premium is roughly the same, would you recommend the $100 daily benefit with 5% annual compounding increase, or would you go for $250 "fixed" daily benefit? Or something else?? I'm 61 years of age.

Q2: Should I consider the Nonforfeiture Benefit Rider? (retain some of the Premium $'s paid after stopping Premium payments).

Q3: Any other tips, variations or options I should consider?

Your expert guidance is greatly appreciated!

Thanks for sharing your success story.'
I'd buy the $250 daily with no inflation for two reasons:

1) the $100 daily benefit takes about 19 years to grow to $250.
2) the next policy you buy (and you should buy one to supplement this one) can have a 365 day elimination period and a 3% compound inflation protection (which is a much better value than the 5% compound). I'm sure your Bankers agent can help you with that after the mad rush is over.

And, I would probably pass on the nonforfeiture. It adds 15% to the cost of the policy and it doesn't really give you much in terms of overall benefits.
Disclaimer: I am a licensed insurance professional and am certified as a long-term care insurance specialist.
jer99
Posts: 3
Joined: Sat Oct 23, 2021 6:44 pm

Re: Washington State Long Term Care Trust Act - 0.58% payroll tax - $36,500 lifetime maximum benefit

Post by jer99 »

WoW2012 wrote: Mon Oct 25, 2021 10:15 pm
jer99 wrote: Mon Oct 25, 2021 9:17 pm
WoW2012 wrote: Sat Oct 23, 2021 10:00 pm
jer99 wrote: Sat Oct 23, 2021 6:59 pm Help! Believe it or not I just found out about the WA LTC Trust Act (just received an email from company HR).
Is it still possible to obtain a private LTC policy by Nov 1 deadline?
Can you suggest any companies or someone to contact?
I'm 61 year old male residing in WA state.

Your help would be greatly appreciated!

Go to your nearest Bankers Life & Casualty office, walk in, and ask to apply for their "LTC Fundamental" policy.

It has 365 days of benefits.
up to $250 daily benefit.

If you can qualify for the "simplified underwriting" you can get approved in 1 to 2 business days.

CAVEAT: applicants must be age 50 and over.
WoW... it worked! I walked into Banker's Life this morning and have a quote in hand (with some options) for their LTC Fundamental policy. They say they can get approval tomorrow if I let them know desired options and pull the trigger in the AM. Many thanks to WoW2012 for suggestion!!!

By the way, for anyone in Seattle area trying to do the same, the Lynnwood office is closed due to Covid, so you need to call or walk into Bellevue Office. I walked in, but had to finish up over Zoom because they were just starting a meeting. Calling may work also if you can get through, and then get an appointment. But it all worked out for me. Again, as mentioned above by WoW2012, you must be 50 or over.

Quick follow-up questions for you LTC experts out there...

Q1: If Premium is roughly the same, would you recommend the $100 daily benefit with 5% annual compounding increase, or would you go for $250 "fixed" daily benefit? Or something else?? I'm 61 years of age.

Q2: Should I consider the Nonforfeiture Benefit Rider? (retain some of the Premium $'s paid after stopping Premium payments).

Q3: Any other tips, variations or options I should consider?

Your expert guidance is greatly appreciated!

Thanks for sharing your success story.'
I'd buy the $250 daily with no inflation for two reasons:

1) the $100 daily benefit takes about 19 years to grow to $250.
2) the next policy you buy (and you should buy one to supplement this one) can have a 365 day elimination period and a 3% compound inflation protection (which is a much better value than the 5% compound). I'm sure your Bankers agent can help you with that after the mad rush is over.

And, I would probably pass on the nonforfeiture. It adds 15% to the cost of the policy and it doesn't really give you much in terms of overall benefits.
Thank you so much for the kind response. Being last minute I have not had time to do proper research on my own so I really appreciate the advise.
One more... Would you go for 15 day or 30 day elimination period on this first policy?
WoW2012
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Re: Washington State Long Term Care Trust Act - 0.58% payroll tax - $36,500 lifetime maximum benefit

Post by WoW2012 »

jer99 wrote: Mon Oct 25, 2021 10:41 pm
WoW2012 wrote: Mon Oct 25, 2021 10:15 pm
jer99 wrote: Mon Oct 25, 2021 9:17 pm
WoW2012 wrote: Sat Oct 23, 2021 10:00 pm
jer99 wrote: Sat Oct 23, 2021 6:59 pm Help! Believe it or not I just found out about the WA LTC Trust Act (just received an email from company HR).
Is it still possible to obtain a private LTC policy by Nov 1 deadline?
Can you suggest any companies or someone to contact?
I'm 61 year old male residing in WA state.

Your help would be greatly appreciated!

Go to your nearest Bankers Life & Casualty office, walk in, and ask to apply for their "LTC Fundamental" policy.

It has 365 days of benefits.
up to $250 daily benefit.

If you can qualify for the "simplified underwriting" you can get approved in 1 to 2 business days.

CAVEAT: applicants must be age 50 and over.
WoW... it worked! I walked into Banker's Life this morning and have a quote in hand (with some options) for their LTC Fundamental policy. They say they can get approval tomorrow if I let them know desired options and pull the trigger in the AM. Many thanks to WoW2012 for suggestion!!!

By the way, for anyone in Seattle area trying to do the same, the Lynnwood office is closed due to Covid, so you need to call or walk into Bellevue Office. I walked in, but had to finish up over Zoom because they were just starting a meeting. Calling may work also if you can get through, and then get an appointment. But it all worked out for me. Again, as mentioned above by WoW2012, you must be 50 or over.

Quick follow-up questions for you LTC experts out there...

Q1: If Premium is roughly the same, would you recommend the $100 daily benefit with 5% annual compounding increase, or would you go for $250 "fixed" daily benefit? Or something else?? I'm 61 years of age.

Q2: Should I consider the Nonforfeiture Benefit Rider? (retain some of the Premium $'s paid after stopping Premium payments).

Q3: Any other tips, variations or options I should consider?

Your expert guidance is greatly appreciated!

Thanks for sharing your success story.'
I'd buy the $250 daily with no inflation for two reasons:

1) the $100 daily benefit takes about 19 years to grow to $250.
2) the next policy you buy (and you should buy one to supplement this one) can have a 365 day elimination period and a 3% compound inflation protection (which is a much better value than the 5% compound). I'm sure your Bankers agent can help you with that after the mad rush is over.

And, I would probably pass on the nonforfeiture. It adds 15% to the cost of the policy and it doesn't really give you much in terms of overall benefits.
Thank you so much for the kind response. Being last minute I have not had time to do proper research on my own so I really appreciate the advise.
One more... Would you go for 15 day or 30 day elimination period on this first policy?

coin toss.
Disclaimer: I am a licensed insurance professional and am certified as a long-term care insurance specialist.
chance
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Re: Washington State Long Term Care Trust Act - 0.58% payroll tax - $36,500 lifetime maximum benefit

Post by chance »

Anyone get their letter yet? How long did it take to arrive after approval?
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willthrill81
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Re: Washington State Long Term Care Trust Act - 0.58% payroll tax - $36,500 lifetime maximum benefit

Post by willthrill81 »

chance wrote: Wed Oct 27, 2021 5:23 pm Anyone get their letter yet? How long did it take to arrive after approval?
I got mine a little more than a week after I completed the exemption form online.
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StoopieHippo
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Re: Washington State Long Term Care Trust Act - 0.58% payroll tax - $36,500 lifetime maximum benefit

Post by StoopieHippo »

chance wrote: Wed Oct 27, 2021 5:23 pm Anyone get their letter yet? How long did it take to arrive after approval?
I submitted my application on Oct 2nd, was approved Oct 6th, had my approval letter uploaded on the site on Oct 8th, and received the letter in the mail on Oct 14th.

If you get approved, just check online for the approval letter a few business days later to download it and submit it to your HR. :)
chance
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Re: Washington State Long Term Care Trust Act - 0.58% payroll tax - $36,500 lifetime maximum benefit

Post by chance »

StoopieHippo wrote: Wed Oct 27, 2021 7:12 pm
chance wrote: Wed Oct 27, 2021 5:23 pm Anyone get their letter yet? How long did it take to arrive after approval?
I submitted my application on Oct 2nd, was approved Oct 6th, had my approval letter uploaded on the site on Oct 8th, and received the letter in the mail on Oct 14th.

If you get approved, just check online for the approval letter a few business days later to download it and submit it to your HR. :)
Thanks, just checked the website again and it looks like it just showed up. :sharebeer
EnerJi
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Re: Washington State Long Term Care Trust Act - 0.58% payroll tax - $36,500 lifetime maximum benefit

Post by EnerJi »

Application for exemption has been in "submitted" status for 11 days. Anyone else experiencing the same thing? Does it need to be approved by November 1st?
WoW2012
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Re: Washington State Long Term Care Trust Act - 0.58% payroll tax - $36,500 lifetime maximum benefit

Post by WoW2012 »

EnerJi wrote: Thu Oct 28, 2021 3:14 am Application for exemption has been in "submitted" status for 11 days. Anyone else experiencing the same thing? Does it need to be approved by November 1st?

The November 1st deadline is for purchasing long-term care insurance.
You have until December 31st, 2022 to request the exemption.
Disclaimer: I am a licensed insurance professional and am certified as a long-term care insurance specialist.
Marseille07
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Re: Washington State Long Term Care Trust Act - 0.58% payroll tax - $36,500 lifetime maximum benefit

Post by Marseille07 »

EnerJi wrote: Thu Oct 28, 2021 3:14 am Application for exemption has been in "submitted" status for 11 days. Anyone else experiencing the same thing? Does it need to be approved by November 1st?
Same boat here, still in submitted.

While we have until Dec 2022, we will get taxed starting Jan 2022, so we need to let our employers know before that. I'm pretty sure we'll make it by then.
chance
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Re: Washington State Long Term Care Trust Act - 0.58% payroll tax - $36,500 lifetime maximum benefit

Post by chance »

Just came across an article with the following statistics:
Washington Policy Center wrote:Exemption Statistics as of Oct. 21, 2021

Total exemption applications received: 227,402

Approved applications: 61,785

Incomplete applications: 624

Total applications processed: 62,409

Applications processed as percentage of total: 27.4%
So far, more than 200,000 apply for exemption from the state’s long-term-care fund
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Soon2BXProgrammer
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Re: Washington State Long Term Care Trust Act - 0.58% payroll tax - $36,500 lifetime maximum benefit

Post by Soon2BXProgrammer »

Interesting twist:

https://wacaresfund.wa.gov/learn-more/#exemptions
Do my VA benefits qualify me for the exemption?
To qualify for an exemption, you must:

Have long-term care insurance in place or purchased before 11/1/2021
Be at least 18
Apply to ESD for an exemption.
VA benefits aren’t a ‘one-size fits all’ type of benefit. Not everyone who’s eligible for VA benefits may be eligible for long-term care services. To find out if your benefits include long-term care, please go to the U.S. Department of Veterans Affairs and Veterans Homes | WDVA (wa.gov) where long-term care is referenced for veterans who are rated 70 to 100 percent Service Connected Disabled. If you have long-term care available to you through the VA, you may qualify for an exemption.
Looks like all 70%+ disabled veterans qualify for an opt out.
Earned 43 (and counting) credit hours of financial planning related education from a regionally accredited university, but I am not your advisor.
corpgator
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Re: Washington State Long Term Care Trust Act - 0.58% payroll tax - $36,500 lifetime maximum benefit

Post by corpgator »

I guess today was the last day to get approved for a private plan correct? The exemption says you needed to have a plan "before" Nov 1, which is Monday, so that's it for me. I had an app in for 3 months and they didn't make the deadline.
tomsense76
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Re: Washington State Long Term Care Trust Act - 0.58% payroll tax - $36,500 lifetime maximum benefit

Post by tomsense76 »

corpgator wrote: Fri Oct 29, 2021 7:46 pm I guess today was the last day to get approved for a private plan correct? The exemption says you needed to have a plan "before" Nov 1, which is Monday, so that's it for me. I had an app in for 3 months and they didn't make the deadline.
Did you already pay them for the plan? Sometimes they set the effective date of coverage based on when payment was received. Am not in insurance. So not an expert, but that is what they did with my plan even though it took longer to process everything.

Have you been in contact with the company to figure out what is going on?
"Anyone who claims to understand quantum theory is either lying or crazy" -- Richard Feynman
Cicero123
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Re: Washington State Long Term Care Trust Act - 0.58% payroll tax - $36,500 lifetime maximum benefit

Post by Cicero123 »

Seattle Times has an article this am on the problems with the law:

https://www.seattletimes.com/seattle-ne ... yroll-tax/
BruDude
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Re: Washington State Long Term Care Trust Act - 0.58% payroll tax - $36,500 lifetime maximum benefit

Post by BruDude »

I don’t know about other companies but Nationwide is issuing all remaining policies that haven’t been approved yet with an October 28 policy date. They have started that they cannot confirm or deny whether this is acceptable to Washington state and for people to check with a CPA. I have two applications that were submitted in July which haven’t been approved yet, so 16/18 that I sent to Nationwide were done in time. Pretty good but there’s still going to be a lot of unhappy people. Only 2 of those policies have actually been issued and signed even though they were almost all approved 3-5 weeks ago.
asdfgf
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Re: Washington State Long Term Care Trust Act - 0.58% payroll tax - $36,500 lifetime maximum benefit

Post by asdfgf »

How long is it taking everyone here to get an exemption. I applied over a week ago and on the website it still says "submitted". Should I be worried yet?
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willthrill81
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Re: Washington State Long Term Care Trust Act - 0.58% payroll tax - $36,500 lifetime maximum benefit

Post by willthrill81 »

asdfgf wrote: Sat Oct 30, 2021 9:45 pm How long is it taking everyone here to get an exemption. I applied over a week ago and on the website it still says "submitted". Should I be worried yet?
It took me over a week to get my letter. I wouldn't be worried at all yet. You don't have to submit the letter to your employer until Dec. 31st in order to avoid paying the tax.
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asdfgf
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Re: Washington State Long Term Care Trust Act - 0.58% payroll tax - $36,500 lifetime maximum benefit

Post by asdfgf »

willthrill81 wrote: Sat Oct 30, 2021 10:03 pm
asdfgf wrote: Sat Oct 30, 2021 9:45 pm How long is it taking everyone here to get an exemption. I applied over a week ago and on the website it still says "submitted". Should I be worried yet?
It took me over a week to get my letter. I wouldn't be worried at all yet. You don't have to submit the letter to your employer until Dec. 31st in order to avoid paying the tax.
Thanks. I thought that they were basically just rubber stamping these things, so a week had me a bit worried.
corpgator
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Re: Washington State Long Term Care Trust Act - 0.58% payroll tax - $36,500 lifetime maximum benefit

Post by corpgator »

tomsense76 wrote: Fri Oct 29, 2021 8:09 pm
corpgator wrote: Fri Oct 29, 2021 7:46 pm I guess today was the last day to get approved for a private plan correct? The exemption says you needed to have a plan "before" Nov 1, which is Monday, so that's it for me. I had an app in for 3 months and they didn't make the deadline.
Did you already pay them for the plan? Sometimes they set the effective date of coverage based on when payment was received. Am not in insurance. So not an expert, but that is what they did with my plan even though it took longer to process everything.

Have you been in contact with the company to figure out what is going on?
Didn't pay yet. They said they'll back date it if I get approved. We'll see.
pasadena
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Re: Washington State Long Term Care Trust Act - 0.58% payroll tax - $36,500 lifetime maximum benefit

Post by pasadena »

asdfgf wrote: Sat Oct 30, 2021 10:08 pm
willthrill81 wrote: Sat Oct 30, 2021 10:03 pm
asdfgf wrote: Sat Oct 30, 2021 9:45 pm How long is it taking everyone here to get an exemption. I applied over a week ago and on the website it still says "submitted". Should I be worried yet?
It took me over a week to get my letter. I wouldn't be worried at all yet. You don't have to submit the letter to your employer until Dec. 31st in order to avoid paying the tax.
Thanks. I thought that they were basically just rubber stamping these things, so a week had me a bit worried.
They've approved about 30-40% of 200k+ applications so far. You're not alone, and you still have 2 months.
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Re: Washington State Long Term Care Trust Act - 0.58% payroll tax - $36,500 lifetime maximum benefit

Post by LadyGeek »

I removed a post and reply regarding WA Cares Fund committee recommendations to change existing law (proposed legislation). See: Politics and Religion
In order to avoid the inevitable frictions that arise from these topics, political or religious posts and comments are prohibited. The only exceptions to this rule are:
  • Common religious expressions such as sending your prayers to an ailing member.
  • Usage of factual and non-derogatory political labels when necessary to the discussion at hand.
  • Discussions about enacted laws or regulations that affect the individual investor. Note that discussions of proposed legislation are prohibited.
  • Proposed regulations that are directly related to investing may be discussed if and when they are published for public comments.
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Marseille07
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Re: Washington State Long Term Care Trust Act - 0.58% payroll tax - $36,500 lifetime maximum benefit

Post by Marseille07 »

I applied for exemption early Oct and finally got approved. Still waiting for documents online and offline.
asdfgf
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Re: Washington State Long Term Care Trust Act - 0.58% payroll tax - $36,500 lifetime maximum benefit

Post by asdfgf »

Marseille07 wrote: Fri Nov 05, 2021 2:34 pm I applied for exemption early Oct and finally got approved. Still waiting for documents online and offline.
Congrats! So it took a month for you?
Marseille07
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Re: Washington State Long Term Care Trust Act - 0.58% payroll tax - $36,500 lifetime maximum benefit

Post by Marseille07 »

asdfgf wrote: Fri Nov 05, 2021 11:36 pm
Marseille07 wrote: Fri Nov 05, 2021 2:34 pm I applied for exemption early Oct and finally got approved. Still waiting for documents online and offline.
Congrats! So it took a month for you?
Just about under a month, yeah. The e-copy just got uploaded today. I have to submit it at my work next week.
bryanm
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Re: Washington State Long Term Care Trust Act - 0.58% payroll tax - $36,500 lifetime maximum benefit

Post by bryanm »

Adding my two cents: I applied around October 10th or so, got approved November 5th. The website now indicates that the state "guarantee[s] we’ll process your application before the end of the year if you submit on or before Dec. 1."
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Re: Washington State Long Term Care Trust Act - 0.58% payroll tax - $36,500 lifetime maximum benefit

Post by ladders11 »

.....
Last edited by ladders11 on Sat Jan 21, 2023 12:51 pm, edited 1 time in total.
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Re: Washington State Long Term Care Trust Act - 0.58% payroll tax - $36,500 lifetime maximum benefit

Post by LadyGeek »

I removed an off-topic post commenting on the lawsuit. As a reminder, see: Politics and Religion
In order to avoid the inevitable frictions that arise from these topics, political or religious posts and comments are prohibited. The only exceptions to this rule are:
  • Common religious expressions such as sending your prayers to an ailing member.
  • Usage of factual and non-derogatory political labels when necessary to the discussion at hand.
  • Discussions about enacted laws or regulations that affect the individual investor. Note that discussions of proposed legislation are prohibited.
  • Proposed regulations that are directly related to investing may be discussed if and when they are published for public comments.
Wiki To some, the glass is half full. To others, the glass is half empty. To an engineer, it's twice the size it needs to be.
asdfgf
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Re: Washington State Long Term Care Trust Act - 0.58% payroll tax - $36,500 lifetime maximum benefit

Post by asdfgf »

Just got mine. 4 weeks to the day.
RoyHobbs9
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Re: Washington State Long Term Care Trust Act - 0.58% payroll tax - $36,500 lifetime maximum benefit

Post by RoyHobbs9 »

It took mine just over 3 weeks. Was worried for a bit. . .

Still not sure what to think about the Nationwide "issued with a policy date of 10/28," and their advice to talk to your CPA about whether or not that would satisfy the state's requirements to opt-out. My CPA called me asking the same question. I'm keeping my Trustmark policy in-force until my CPA or I get confirmation that the state will accept the "back-dated" Nationwide policy.

While dealing with my aging and ailing parents this past year, I might just keep both LTC policies, and max-Non-Mec the Nationwide policy. . .
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willthrill81
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Re: Washington State Long Term Care Trust Act - 0.58% payroll tax - $36,500 lifetime maximum benefit

Post by willthrill81 »

RoyHobbs9 wrote: Mon Nov 22, 2021 5:02 pm It took mine just over 3 weeks. Was worried for a bit. . .

Still not sure what to think about the Nationwide "issued with a policy date of 10/28," and their advice to talk to your CPA about whether or not that would satisfy the state's requirements to opt-out. My CPA called me asking the same question. I'm keeping my Trustmark policy in-force until my CPA or I get confirmation that the state will accept the "back-dated" Nationwide policy.

While dealing with my aging and ailing parents this past year, I might just keep both LTC policies, and max-Non-Mec the Nationwide policy. . .
If the policy is a long-term care insurance policy, and it was in force on 11/1/2021, then you qualify for the opt-out per the law.
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Kookaburra
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Re: Washington State Long Term Care Trust Act - 0.58% payroll tax - $36,500 lifetime maximum benefit

Post by Kookaburra »

I applied for exemption in early October and received my approval letter in mid October. Today at 4 am, out of the blue, I received an email saying that “your exemption status has changed. Log into your account.” So I logged into my account and fortunately it all looks fine - still says “approved” with the original letter from mid October. It appears to be a realllly delayed email. Has anyone else experienced this?
Marseille07
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Re: Washington State Long Term Care Trust Act - 0.58% payroll tax - $36,500 lifetime maximum benefit

Post by Marseille07 »

Kookaburra wrote: Tue Nov 23, 2021 10:32 am I applied for exemption in early October and received my approval letter in mid October. Today at 4 am, out of the blue, I received an email saying that “your exemption status has changed. Log into your account.” So I logged into my account and fortunately it all looks fine - still says “approved” with the original letter from mid October. It appears to be a realllly delayed email. Has anyone else experienced this?
I have. I didn't see anything changed either.
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Ben Mathew
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Re: Washington State Long Term Care Trust Act - 0.58% payroll tax - $36,500 lifetime maximum benefit

Post by Ben Mathew »

Kookaburra wrote: Tue Nov 23, 2021 10:32 am I applied for exemption in early October and received my approval letter in mid October. Today at 4 am, out of the blue, I received an email saying that “your exemption status has changed. Log into your account.” So I logged into my account and fortunately it all looks fine - still says “approved” with the original letter from mid October. It appears to be a realllly delayed email. Has anyone else experienced this?
I received the e-mail too. Logged in and didn't see any status change. Their website had this statement posted:
Email notification from ESD?
Over the weekend, Employment Security Department’s system automatically generated email notifications to many customers who’ve applied for exemption from WA Cares Fund.

We’re looking into this issue and will communicate directly with customers if they need to take any action. For now, customers will see the most current and accurate information about their application in their exemptions account.
So seems like a technical glitch.
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Re: Washington State Long Term Care Trust Act - 0.58% payroll tax - $36,500 lifetime maximum benefit

Post by willthrill81 »

Ben Mathew wrote: Tue Nov 23, 2021 12:41 pm
Kookaburra wrote: Tue Nov 23, 2021 10:32 am I applied for exemption in early October and received my approval letter in mid October. Today at 4 am, out of the blue, I received an email saying that “your exemption status has changed. Log into your account.” So I logged into my account and fortunately it all looks fine - still says “approved” with the original letter from mid October. It appears to be a realllly delayed email. Has anyone else experienced this?
I received the e-mail too. Logged in and didn't see any status change. Their website had this statement posted:
Email notification from ESD?
Over the weekend, Employment Security Department’s system automatically generated email notifications to many customers who’ve applied for exemption from WA Cares Fund.

We’re looking into this issue and will communicate directly with customers if they need to take any action. For now, customers will see the most current and accurate information about their application in their exemptions account.
So seems like a technical glitch.
I got the email too.
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RoyHobbs9
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Re: Washington State Long Term Care Trust Act - 0.58% payroll tax - $36,500 lifetime maximum benefit

Post by RoyHobbs9 »

willthrill81 wrote: Tue Nov 23, 2021 12:43 pm
Ben Mathew wrote: Tue Nov 23, 2021 12:41 pm
Kookaburra wrote: Tue Nov 23, 2021 10:32 am I applied for exemption in early October and received my approval letter in mid October. Today at 4 am, out of the blue, I received an email saying that “your exemption status has changed. Log into your account.” So I logged into my account and fortunately it all looks fine - still says “approved” with the original letter from mid October. It appears to be a realllly delayed email. Has anyone else experienced this?
I received the e-mail too. Logged in and didn't see any status change. Their website had this statement posted:
Email notification from ESD?
Over the weekend, Employment Security Department’s system automatically generated email notifications to many customers who’ve applied for exemption from WA Cares Fund.

We’re looking into this issue and will communicate directly with customers if they need to take any action. For now, customers will see the most current and accurate information about their application in their exemptions account.
So seems like a technical glitch.
I got the email too.
Same here.
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Re: Washington State Long Term Care Trust Act - 0.58% payroll tax - $36,500 lifetime maximum benefit

Post by StoopieHippo »

RoyHobbs9 wrote: Tue Nov 23, 2021 1:52 pm
willthrill81 wrote: Tue Nov 23, 2021 12:43 pm
Ben Mathew wrote: Tue Nov 23, 2021 12:41 pm
Kookaburra wrote: Tue Nov 23, 2021 10:32 am I applied for exemption in early October and received my approval letter in mid October. Today at 4 am, out of the blue, I received an email saying that “your exemption status has changed. Log into your account.” So I logged into my account and fortunately it all looks fine - still says “approved” with the original letter from mid October. It appears to be a realllly delayed email. Has anyone else experienced this?
I received the e-mail too. Logged in and didn't see any status change. Their website had this statement posted:
Email notification from ESD?
Over the weekend, Employment Security Department’s system automatically generated email notifications to many customers who’ve applied for exemption from WA Cares Fund.

We’re looking into this issue and will communicate directly with customers if they need to take any action. For now, customers will see the most current and accurate information about their application in their exemptions account.
So seems like a technical glitch.
I got the email too.
Same here.
I saw on Reddit that no action is needed, but that they just updated their system which resulted in duplicate notifications. Glitch it is!
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Re: Washington State Long Term Care Trust Act - 0.58% payroll tax - $36,500 lifetime maximum benefit

Post by Marseille07 »

I received the following notification from the ESD:
CORRECTION: Notification from ESD
Over the weekend, Employment Security Department’s system automatically generated email notifications to many customers who’ve applied for exemptions from WA Cares Fund.

We have investigated the issue and determined the notification you received was sent in error. Your account status has not changed and you do not need to take any additional action. If you have questions about the status of your application, you can view the most current and accurate information in your exemptions account.
This confirms that it was indeed sent in error.
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Re: Washington State Long Term Care Trust Act - 0.58% payroll tax - $36,500 lifetime maximum benefit

Post by BoglerAnon »

Was out of town for a bit and returned home to a surprise, not one, but two LTCI policy packets in the mail - Transamerica and Trustmark. Both via one of the large tech employers in the state. Hadn't heard a thing from Transamerica, but I guess it went through all the same. Already applied and got my exemption letter, so now I have to figure out which policy to keep and could some some help confirming my choice.

The Transamerica policy is roughly half the price annually vs. Trustmark. I am leaning towards keeping Transamerica as the amount of insurance I'd get from either would not make a dent in any actual LTC needs so might as well keep building assets for better self-insurance. Absent the law I'd continue to self-insure.

The only reason I'm questioning my plan to keep Transamerica that is that Trustmark seems to have some language surrounding rate guarantees and some small amount of value as it's also a life insurance policy. I don't think either of these is valuable enough to be worth almost double the price, however I could use some validation on this choice and my reading of the documents as I'm inexperienced in this area (No kids and no existing life insurance policy / related experience). I read the docs over twice yesterday and felt like I understood even less after a re-read. I'm thinking my simple first take to go cheaper is best, but could use the internet hive mind's help.
RoyHobbs9
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Re: Washington State Long Term Care Trust Act - 0.58% payroll tax - $36,500 lifetime maximum benefit

Post by RoyHobbs9 »

BoglerAnon wrote: Sat Nov 27, 2021 1:51 pm Was out of town for a bit and returned home to a surprise, not one, but two LTCI policy packets in the mail - Transamerica and Trustmark. Both via one of the large tech employers in the state. Hadn't heard a thing from Transamerica, but I guess it went through all the same. Already applied and got my exemption letter, so now I have to figure out which policy to keep and could some some help confirming my choice.

The Transamerica policy is roughly half the price annually vs. Trustmark. I am leaning towards keeping Transamerica as the amount of insurance I'd get from either would not make a dent in any actual LTC needs so might as well keep building assets for better self-insurance. Absent the law I'd continue to self-insure.

The only reason I'm questioning my plan to keep Transamerica that is that Trustmark seems to have some language surrounding rate guarantees and some small amount of value as it's also a life insurance policy. I don't think either of these is valuable enough to be worth almost double the price, however I could use some validation on this choice and my reading of the documents as I'm inexperienced in this area (No kids and no existing life insurance policy / related experience). I read the docs over twice yesterday and felt like I understood even less after a re-read. I'm thinking my simple first take to go cheaper is best, but could use the internet hive mind's help.
My wife has both in place, as well. She is sticking with her Transamerica policy, and dropping Trustmark, since she already has private life insurance in place. I also have a Trustmark policy in-force as well. I plan on dropping it once my Nationwide policy is put in-force (with a back date of 10/28).

I'd go with Trustmark if you don't have any private life insurance in place. If you don't end up needing the LTC insurance, at least the money will come back to your intended beneficiaries (once you have them), tax-free, if you were to be hit by the proverbial bus.

Depending on how you fund it and the timing there are living benefits with Trustmark that would allow you to accelerate 75% of the death benefit if you were to be diagnosed with a terminal illness. Obviously, there is the long-term care rider as well. It's not much, but it buys you a little bit of time to help avoid liquidating assets in a down market/fire sale. . . or to take the family to Disneyland, etc.

2.4 years is the average length of stay in the tech industry (I'm guessing you are at MSFT/AMZN) so relying on group insurance to protect assets could be a bit dicey which is why I think a private policy is a good idea even though you don't currently have a spouse or kids. You may not be insurable down the road at a Preferred Rating, and who knows what the long-term impacts of COVID-era underwriting will be on the insurance industry down the road.

In that scenario, if it makes sense, you'd have the ability to fully-fund the policy (it's a "flexible premium") to make the benefits a bit more robust in the end, rather than going through underwriting when you are older and or less healthy. From a tax-planning perspective, especially in arguably the worst state in the nation to die in, this could be a nice tool to have in your back pocket.

I'm currently dealing with ailing parents, and I wish they had something in place like LTC. Liquidating annuities and land to cover bills and get them the help they need has not been cost or time efficient even in good market conditions. The new capital gains tax has compounded the inefficiency, and dealing with the VA and Medicare has been a nightmare. Leaving their financial futures up to chance and good luck is what my parents did, and they have run out of luck (other than having me around).

I'm assuming a lot here. Even if the plan is to stay single with no kids, I think having something in place is better than not.

Just my anecdotal 2 cents. . .
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Re: Washington State Long Term Care Trust Act - 0.58% payroll tax - $36,500 lifetime maximum benefit

Post by BoglerAnon »

@RoyHobbs9 thanks so much for the consideration.

Very good assumptions. No kids. Tax status is single. My partner is on solid financial footing regardless of marriage. I carry minimal employer-associated life insurance and max disability. That minimum life is more than what Trustmark provides, and the max disability is better than either LTC.

Do all the Trustmark funds really come back? I'll have to re-read it yet again... I've failed that reading comprehension test so many times already. :D It seemed like the life insurance component was pretty weak.

I'm having a bit of a hard time squaring the amount of the benefit offered by the policy as it's fairly immaterial relative to my assets (in the $3-4mm range, early 40s). Main reason I've been leaning cheaper is that if anything does go awry dealing with the policy might just be a bit of a pain in the neck for limited benefit.

On an unrelated note my parents keep their LTC funds in annuities (not yet annuitized, if that's the word). Good to have a chat with them.
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Re: Washington State Long Term Care Trust Act - 0.58% payroll tax - $36,500 lifetime maximum benefit

Post by RoyHobbs9 »

BoglerAnon wrote: Tue Nov 30, 2021 12:07 am @RoyHobbs9 thanks so much for the consideration.

Very good assumptions. No kids. Tax status is single. My partner is on solid financial footing regardless of marriage. I carry minimal employer-associated life insurance and max disability. That minimum life is more than what Trustmark provides, and the max disability is better than either LTC.

Do all the Trustmark funds really come back? I'll have to re-read it yet again... I've failed that reading comprehension test so many times already. :D It seemed like the life insurance component was pretty weak.

I'm having a bit of a hard time squaring the amount of the benefit offered by the policy as it's fairly immaterial relative to my assets (in the $3-4mm range, early 40s). Main reason I've been leaning cheaper is that if anything does go awry dealing with the policy might just be a bit of a pain in the neck for limited benefit.

On an unrelated note my parents keep their LTC funds in annuities (not yet annuitized, if that's the word). Good to have a chat with them.
By max disability, do you mean you have 69% of your income protected? If so, good work! Disability isn't LTC, though.

The hard copy that Trustmark sent out is indeed confusing. They sent out ledgers for accelerating the death benefits, but not ledgers if you didn't.
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Re: Washington State Long Term Care Trust Act - 0.58% payroll tax - $36,500 lifetime maximum benefit

Post by zzzebrab »

It's been more four weeks, still shows 'Submitted'. I am getting worried as I have to submit to the employer by Dec 20, 2021. Anyone in similar situation? Thanks
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Re: Washington State Long Term Care Trust Act - 0.58% payroll tax - $36,500 lifetime maximum benefit

Post by BoglerAnon »

RoyHobbs9 wrote: Wed Dec 01, 2021 8:25 pm By max disability, do you mean you have 69% of your income protected? If so, good work! Disability isn't LTC, though.

The hard copy that Trustmark sent out is indeed confusing. They sent out ledgers for accelerating the death benefits, but not ledgers if you didn't.
60%, which is decently sufficient for me. Definitely not the same thing, but covers risks of issues earlier in life. What Trustmark sent me makes me feel dumb. To the point that I'll cancel it as it's hard to understand the benefits :annoyed
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Re: Washington State Long Term Care Trust Act - 0.58% payroll tax - $36,500 lifetime maximum benefit

Post by Cicero123 »

Changes may be coming:

https://www.seattletimes.com/seattle-ne ... yroll-tax/

Note to moderators: I am not speculating here on proposed legislation; merely pointing to reports of speculation.
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Re: Washington State Long Term Care Trust Act - 0.58% payroll tax - $36,500 lifetime maximum benefit

Post by Kookaburra »

Cicero123 wrote: Fri Dec 03, 2021 10:44 am Changes may be coming:

https://www.seattletimes.com/seattle-ne ... yroll-tax/

Note to moderators: I am not speculating here on proposed legislation; merely pointing to reports of speculation.
This is a great reminder why folks shouldn’t cancel their policies too quickly. The goal posts can move.
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Re: Washington State Long Term Care Trust Act - 0.58% payroll tax - $36,500 lifetime maximum benefit

Post by LadyGeek »

I removed a post and reply conjecturing on a possible delay in the long-term care payroll tax. As a reminder, see: Politics and Religion
In order to avoid the inevitable frictions that arise from these topics, political or religious posts and comments are prohibited. The only exceptions to this rule are:
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  • Usage of factual and non-derogatory political labels when necessary to the discussion at hand.
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Re: Washington State Long Term Care Trust Act - 0.58% payroll tax - $36,500 lifetime maximum benefit

Post by chance »

Looks like Governor Inslee is considering a delay until January 1, 2023 for implementation of the WA Cares tax.

https://www.usnews.com/news/best-states ... considered

I've secured a LTC policy at a one year cost of around $1800 to obtain an exemption, but now that may not have been necessary? :annoyed
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