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
FWIW our quotes from NYL are twice as much as our previous ones from bankers before they stopped accepting applications for those of us under 40.
Is anyone concerned about whether the asset flex program with New York life would qualify? The monthly limit amount seems lower then the wa program if I am reading it right. (I know there is no wording from the state regarding which specific plans will qualify at this time).
Is anyone concerned about whether the asset flex program with New York life would qualify? The monthly limit amount seems lower then the wa program if I am reading it right. (I know there is no wording from the state regarding which specific plans will qualify at this time).
Last edited by AndMan on Mon Jul 12, 2021 1:50 pm, edited 2 times in total.
Re: Washington State Long Term Care Trust Act - 0.58% payroll tax - $36,500 lifetime maximum benefit
Edit 7/13: Went with the NY Life plan. Application submitted today.
Any thoughts on this plan from Nationwide? Talking to NY Life this week as well.
Nationwide No-Lapse Guaranteed UL w/Long-Term Care Rider
LTC Benefit Pool / Death Benefit: $100,000 (minimum)
Maximum LTC Benefi:t $4,000 per month
Minimum LTC Benefit Duration: 25 months / 2 years, 1 month
Benefit Type: Indemnity; No inflation protection; 90 day elimination period
Return of Premium Benefit: Available for additional cost
Guarantees: Benefits and Premium Guaranteed
Premium Amount: $154/mo
Premium Paying Duration: Paid to age 120 with flexibility available
Alternate Premium Option: $223/mo to age 65 only
Disability waiver rider: Available for additional cost
Any thoughts on this plan from Nationwide? Talking to NY Life this week as well.
Nationwide No-Lapse Guaranteed UL w/Long-Term Care Rider
LTC Benefit Pool / Death Benefit: $100,000 (minimum)
Maximum LTC Benefi:t $4,000 per month
Minimum LTC Benefit Duration: 25 months / 2 years, 1 month
Benefit Type: Indemnity; No inflation protection; 90 day elimination period
Return of Premium Benefit: Available for additional cost
Guarantees: Benefits and Premium Guaranteed
Premium Amount: $154/mo
Premium Paying Duration: Paid to age 120 with flexibility available
Alternate Premium Option: $223/mo to age 65 only
Disability waiver rider: Available for additional cost
Last edited by intendi on Tue Jul 13, 2021 10:29 am, edited 1 time in total.
Re: Washington State Long Term Care Trust Act - 0.58% payroll tax - $36,500 lifetime maximum benefit
For those that have looked at New York Life asset flex, what are your thoughts on it compared to a traditional long-term care plan? Struggling to decide which is right for my wife and I.
Re: Washington State Long Term Care Trust Act - 0.58% payroll tax - $36,500 lifetime maximum benefit
I've only recently learned about all of this and I'm trying to figure out what to do. Fortunately, our company's benefit broker is hosting some webinars about this, one today at noon. But here's what our company has said about all of this in an emai:
So we'll see what comes from this webinar and follow-ups from my company. Fingers crossed!Because you can apply for an exemption if you own a long-term care policy, $COMPANY will be offering a voluntary plan for employees and their spouses. To avoid the new payroll tax being taken out effective January 1st, you need to opt out prior to November 1st. The enrollment period will begin on July 12th and information on how to apply for the coverage is attached to this email.
If you purchase an LTC policy, either through $COMPANY or on your own, you can apply for an exemption from the state tax between October 1, 2021, through December 31, 2022, attesting that you have long-term-care insurance at the time of your application. Once your opt-out application is approved, your exemption will be effective starting the next quarter. Please be aware that the tax will be deducted from your paycheck until you provide proof of your exemption to Payroll. The State's opt-out form and instructions for opting out is not expected to be available until the enrollment window's opening date of October 1st.
This new tax can be confusing so that is why we recommend attending one of the webinars, reading the material provided and if you have one, going over this with your Financial Planner or Personal Insurance Broker
Re: Washington State Long Term Care Trust Act - 0.58% payroll tax - $36,500 lifetime maximum benefit
Not worth it unless you're making over $300k/year, plus, you will have to continue paying the premiums into retirement to actually get the benefit.intendi wrote: ↑Mon Jul 12, 2021 12:10 am Edit 7/13: Went with the NY Life plan. Application submitted today.
Any thoughts on this plan from Nationwide? Talking to NY Life this week as well.
Nationwide No-Lapse Guaranteed UL w/Long-Term Care Rider
LTC Benefit Pool / Death Benefit: $100,000 (minimum)
Maximum LTC Benefi:t $4,000 per month
Minimum LTC Benefit Duration: 25 months / 2 years, 1 month
Benefit Type: Indemnity; No inflation protection; 90 day elimination period
Return of Premium Benefit: Available for additional cost
Guarantees: Benefits and Premium Guaranteed
Premium Amount: $154/mo
Premium Paying Duration: Paid to age 120 with flexibility available
Alternate Premium Option: $223/mo to age 65 only
Disability waiver rider: Available for additional cost
On the other hand, might be worth it to get the policy and then cancel it.
My company is giving a 1 week window to sign up at the end of this month, and have no preview of the rates.
However, many companies are jacking up the rates in WA.
Re: Washington State Long Term Care Trust Act - 0.58% payroll tax - $36,500 lifetime maximum benefit
Similar situation. But I have a preview on the rates. They aren't great. I was working with an independent broker and liked their "nobody would buy this policy" quote better. But that quote evaporated because I didn't get in the application fast enough (and I'm in my early 50s).
I'm probably going to sign up for an employer group policy that costs around $1800/yr for $3k/month benefit with lifetime cap of $225k. No inflation adjustments. So that's a breakeven income of around $335k / year. And the premiums are not fixed. It makes sense for me. But obviously isn't universally applicable.
I'll drop it if I can get a better policy next year on the free market. Due to personality issues, I can't opt-out then drop all coverage - wouldn't feel good about myself. Which is a little irrational since the $36,500 benefit is under 1% of my net worth, so "self insuring" to the level of the state benefit is trivial. But whatever.
Re: Washington State Long Term Care Trust Act - 0.58% payroll tax - $36,500 lifetime maximum benefit
Since you're over 40 check the Minnesota Life/Securian Life UL/LTC hybrid product. It will be more expensive since it's a 15-pay policy but you can get 80% of your premiums back after year 1 if you cancel, up to 100% of your premiums back after year 15.milktoast wrote: ↑Wed Jul 14, 2021 2:54 pmSimilar situation. But I have a preview on the rates. They aren't great. I was working with an independent broker and liked their "nobody would buy this policy" quote better. But that quote evaporated because I didn't get in the application fast enough (and I'm in my early 50s).
I'm probably going to sign up for an employer group policy that costs around $1800/yr for $3k/month benefit with lifetime cap of $225k. No inflation adjustments. So that's a breakeven income of around $335k / year. And the premiums are not fixed. It makes sense for me. But obviously isn't universally applicable.
I'll drop it if I can get a better policy next year on the free market. Due to personality issues, I can't opt-out then drop all coverage - wouldn't feel good about myself. Which is a little irrational since the $36,500 benefit is under 1% of my net worth, so "self insuring" to the level of the state benefit is trivial. But whatever.
Re: Washington State Long Term Care Trust Act - 0.58% payroll tax - $36,500 lifetime maximum benefit
I'm in my 30s and am stuck between two Assetflex plans with NY Life. Any thoughts about which to go for?
A) $1000 monthly benefit for 3 years, total $39k benefits. 3% inflation
Premium about $700 a year
B) $3000 monthly benefit for 2 years, total $73k benefits. 3% inflation
Premium about $1400 a year
The agent assures me that both plans would qualify for state exemption due to 7702B designation, and that many clients are signing up for similar plans like A) for opt out. She points out the total benefits exceeds the state plan's, however I am concerned whether the monthly benefit not matching the state's $3000 monthly would be an issue
Unfortunately it seems that minimum duration for Assetflex benefits is 2 years so could not do a quote for a 1 year plan.
Personally I'm leaning towards B) after reading thoughts in this thread about paying for better coverage to avoid any potential barriers for exemption application. However, I hate to pay double the cost for a plan that I don't even want or need, especially when the agent herself is telling me it's unnecessary
A) $1000 monthly benefit for 3 years, total $39k benefits. 3% inflation
Premium about $700 a year
B) $3000 monthly benefit for 2 years, total $73k benefits. 3% inflation
Premium about $1400 a year
The agent assures me that both plans would qualify for state exemption due to 7702B designation, and that many clients are signing up for similar plans like A) for opt out. She points out the total benefits exceeds the state plan's, however I am concerned whether the monthly benefit not matching the state's $3000 monthly would be an issue
Unfortunately it seems that minimum duration for Assetflex benefits is 2 years so could not do a quote for a 1 year plan.
Personally I'm leaning towards B) after reading thoughts in this thread about paying for better coverage to avoid any potential barriers for exemption application. However, I hate to pay double the cost for a plan that I don't even want or need, especially when the agent herself is telling me it's unnecessary
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Re: Washington State Long Term Care Trust Act - 0.58% payroll tax - $36,500 lifetime maximum benefit
Short of the legislature reconvening early and changing the law there will be no issue with option A for the current opt-out window. There is currently no requirement to match WA Cares benefits in any way - monthly benefit, total benefit, inflation, etc... - just that you have a LTC policy in place by the deadline that meets the State's definition (https://www.insurance.wa.gov/what-quali ... -insurance).oakleyram wrote: ↑Wed Jul 14, 2021 7:40 pm I'm in my 30s and am stuck between two Assetflex plans with NY Life. Any thoughts about which to go for?
A) $1000 monthly benefit for 3 years, total $39k benefits. 3% inflation
Premium about $700 a year
B) $3000 monthly benefit for 2 years, total $73k benefits. 3% inflation
Premium about $1400 a year
The agent assures me that both plans would qualify for state exemption due to 7702B designation, and that many clients are signing up for similar plans like A) for opt out. She points out the total benefits exceeds the state plan's, however I am concerned whether the monthly benefit not matching the state's $3000 monthly would be an issue
Unfortunately it seems that minimum duration for Assetflex benefits is 2 years so could not do a quote for a 1 year plan.
Personally I'm leaning towards B) after reading thoughts in this thread about paying for better coverage to avoid any potential barriers for exemption application. However, I hate to pay double the cost for a plan that I don't even want or need, especially when the agent herself is telling me it's unnecessary
Re: Washington State Long Term Care Trust Act - 0.58% payroll tax - $36,500 lifetime maximum benefit
Ok that makes me feel better, thanks
Re: Washington State Long Term Care Trust Act - 0.58% payroll tax - $36,500 lifetime maximum benefit
A traditional plan could mean 40+ years of payments. 15 years is better.
Last edited by Forthewin on Wed Jul 14, 2021 9:52 pm, edited 1 time in total.
Re: Washington State Long Term Care Trust Act - 0.58% payroll tax - $36,500 lifetime maximum benefit
I am interested in this Minnesota Life/Securian Life UL/LTC hybrid product, but couldn't even find out how to get a quote or contact them via their website. Do you happen to know how to get in touch with them to get a quote? Thank you!!BruDude wrote: ↑Wed Jul 14, 2021 3:40 pmSince you're over 40 check the Minnesota Life/Securian Life UL/LTC hybrid product. It will be more expensive since it's a 15-pay policy but you can get 80% of your premiums back after year 1 if you cancel, up to 100% of your premiums back after year 15.milktoast wrote: ↑Wed Jul 14, 2021 2:54 pmSimilar situation. But I have a preview on the rates. They aren't great. I was working with an independent broker and liked their "nobody would buy this policy" quote better. But that quote evaporated because I didn't get in the application fast enough (and I'm in my early 50s).
I'm probably going to sign up for an employer group policy that costs around $1800/yr for $3k/month benefit with lifetime cap of $225k. No inflation adjustments. So that's a breakeven income of around $335k / year. And the premiums are not fixed. It makes sense for me. But obviously isn't universally applicable.
I'll drop it if I can get a better policy next year on the free market. Due to personality issues, I can't opt-out then drop all coverage - wouldn't feel good about myself. Which is a little irrational since the $36,500 benefit is under 1% of my net worth, so "self insuring" to the level of the state benefit is trivial. But whatever.
Re: Washington State Long Term Care Trust Act - 0.58% payroll tax - $36,500 lifetime maximum benefit
Here's the find an agent near you link - https://www.securian.com/contact-us/fin ... visor.html
On a side note, I was playing around with the Nationwide life insurance/LTC software this morning and there is an option to guarantee the policy only to age 70 instead of through age 120. This drastically reduces the cost of coverage and should still meet the WA state definition of an LTC policy. It's the exact same product structure/benefits, just not guaranteed for life. For a 41 year old female in Preferred Plus health it reduced the cost from $85/month to $26/month and for a 42 year old male in P+ health it reduced it from $102/month to $31/month. So anyone looking at the Nationwide product may want to check into that option. You don't see a UL policy with a guarantee-to-age-70 option very often...they certainly don't promote it!
Re: Washington State Long Term Care Trust Act - 0.58% payroll tax - $36,500 lifetime maximum benefit
This is probably a very silly question, but all of this insurance stuff is frying my brain...
My wife and I opted to go with the NY Life (the My Care LTC Silver plan), and have submitted our application. What I am trying to understand is how long we are obligated to keep the plan for. I don't mind keeping it for a couple years if necessary, but want to know what my obligation is up front... I worry that asking a question to that effect of the agent could be a red flag.
Any help would be much appreciated!
My wife and I opted to go with the NY Life (the My Care LTC Silver plan), and have submitted our application. What I am trying to understand is how long we are obligated to keep the plan for. I don't mind keeping it for a couple years if necessary, but want to know what my obligation is up front... I worry that asking a question to that effect of the agent could be a red flag.
Any help would be much appreciated!
Re: Washington State Long Term Care Trust Act - 0.58% payroll tax - $36,500 lifetime maximum benefit
As written there is no requirement for you to keep it after you get the exemption but if it were me, I'd probably wait a year or two before canceling just to make sure no other legislation is passed requiring proof of coverage every year going forward. Your agent would greatly appreciate if you keep the policy for at least one year too so they don't get charged back for the commission that was paid.cysewr wrote: ↑Thu Jul 15, 2021 2:46 pm This is probably a very silly question, but all of this insurance stuff is frying my brain...
My wife and I opted to go with the NY Life (the My Care LTC Silver plan), and have submitted our application. What I am trying to understand is how long we are obligated to keep the plan for. I don't mind keeping it for a couple years if necessary, but want to know what my obligation is up front... I worry that asking a question to that effect of the agent could be a red flag.
Any help would be much appreciated!
Re: Washington State Long Term Care Trust Act - 0.58% payroll tax - $36,500 lifetime maximum benefit
Thanks for the reply. That makes sense - I wouldn't want the agent to have a charge back. Keeping it for a year or two seems like a small price to pay.BruDude wrote: ↑Thu Jul 15, 2021 4:53 pmAs written there is no requirement for you to keep it after you get the exemption but if it were me, I'd probably wait a year or two before canceling just to make sure no other legislation is passed requiring proof of coverage every year going forward. Your agent would greatly appreciate if you keep the policy for at least one year too so they don't get charged back for the commission that was paid.cysewr wrote: ↑Thu Jul 15, 2021 2:46 pm This is probably a very silly question, but all of this insurance stuff is frying my brain...
My wife and I opted to go with the NY Life (the My Care LTC Silver plan), and have submitted our application. What I am trying to understand is how long we are obligated to keep the plan for. I don't mind keeping it for a couple years if necessary, but want to know what my obligation is up front... I worry that asking a question to that effect of the agent could be a red flag.
Any help would be much appreciated!
Re: Washington State Long Term Care Trust Act - 0.58% payroll tax - $36,500 lifetime maximum benefit
Great finding! Thank you so much for sharing! Where did you find the software to get quotes?BruDude wrote: ↑Thu Jul 15, 2021 1:38 pmHere's the find an agent near you link - https://www.securian.com/contact-us/fin ... visor.html
On a side note, I was playing around with the Nationwide life insurance/LTC software this morning and there is an option to guarantee the policy only to age 70 instead of through age 120. This drastically reduces the cost of coverage and should still meet the WA state definition of an LTC policy. It's the exact same product structure/benefits, just not guaranteed for life. For a 41 year old female in Preferred Plus health it reduced the cost from $85/month to $26/month and for a 42 year old male in P+ health it reduced it from $102/month to $31/month. So anyone looking at the Nationwide product may want to check into that option. You don't see a UL policy with a guarantee-to-age-70 option very often...they certainly don't promote it!
Re: Washington State Long Term Care Trust Act - 0.58% payroll tax - $36,500 lifetime maximum benefit
I'm an agent so I have access to the software, it's not available to consumers but you can always call Nationwide and ask. The product name is No-Lapse Guarantee UL II and the LTC coverage is an optional rider.CloveLeaf wrote: ↑Thu Jul 15, 2021 8:38 pmGreat finding! Thank you so much for sharing! Where did you find the software to get quotes?BruDude wrote: ↑Thu Jul 15, 2021 1:38 pmHere's the find an agent near you link - https://www.securian.com/contact-us/fin ... visor.html
On a side note, I was playing around with the Nationwide life insurance/LTC software this morning and there is an option to guarantee the policy only to age 70 instead of through age 120. This drastically reduces the cost of coverage and should still meet the WA state definition of an LTC policy. It's the exact same product structure/benefits, just not guaranteed for life. For a 41 year old female in Preferred Plus health it reduced the cost from $85/month to $26/month and for a 42 year old male in P+ health it reduced it from $102/month to $31/month. So anyone looking at the Nationwide product may want to check into that option. You don't see a UL policy with a guarantee-to-age-70 option very often...they certainly don't promote it!
Re: Washington State Long Term Care Trust Act - 0.58% payroll tax - $36,500 lifetime maximum benefit
Thank you!!BruDude wrote: ↑Thu Jul 15, 2021 8:57 pmI'm an agent so I have access to the software, it's not available to consumers but you can always call Nationwide and ask. The product name is No-Lapse Guarantee UL II and the LTC coverage is an optional rider.CloveLeaf wrote: ↑Thu Jul 15, 2021 8:38 pmGreat finding! Thank you so much for sharing! Where did you find the software to get quotes?BruDude wrote: ↑Thu Jul 15, 2021 1:38 pmHere's the find an agent near you link - https://www.securian.com/contact-us/fin ... visor.html
On a side note, I was playing around with the Nationwide life insurance/LTC software this morning and there is an option to guarantee the policy only to age 70 instead of through age 120. This drastically reduces the cost of coverage and should still meet the WA state definition of an LTC policy. It's the exact same product structure/benefits, just not guaranteed for life. For a 41 year old female in Preferred Plus health it reduced the cost from $85/month to $26/month and for a 42 year old male in P+ health it reduced it from $102/month to $31/month. So anyone looking at the Nationwide product may want to check into that option. You don't see a UL policy with a guarantee-to-age-70 option very often...they certainly don't promote it!
Re: Washington State Long Term Care Trust Act - 0.58% payroll tax - $36,500 lifetime maximum benefit
Thx for sharing. How long do you need to pay those monthly premiums? 5 yrs, 10 yrs, etc.?BruDude wrote: ↑Thu Jul 15, 2021 1:38 pmHere's the find an agent near you link - https://www.securian.com/contact-us/fin ... visor.html
On a side note, I was playing around with the Nationwide life insurance/LTC software this morning and there is an option to guarantee the policy only to age 70 instead of through age 120. This drastically reduces the cost of coverage and should still meet the WA state definition of an LTC policy. It's the exact same product structure/benefits, just not guaranteed for life. For a 41 year old female in Preferred Plus health it reduced the cost from $85/month to $26/month and for a 42 year old male in P+ health it reduced it from $102/month to $31/month. So anyone looking at the Nationwide product may want to check into that option. You don't see a UL policy with a guarantee-to-age-70 option very often...they certainly don't promote it!
Re: Washington State Long Term Care Trust Act - 0.58% payroll tax - $36,500 lifetime maximum benefit
For those thinking about the Nationwide policy, get your applications in now. They are planning to hit the eject button on their LTC rider in WA at any moment. If you decide to go with someone else, you can always just not put the Nationwide policy in-force (by not paying).
Transamerica left the traditional LTC market all together, but still has a competitive IUL (Financial Foundation) with a LTC rider. Only issue with them is they are in the dark ages with paper apps and no expedited underwriting.
United of Omaha's LTC rider can be added to their Income Advantage and Life Protection Advantage products and has expedited underwriting. No idea how long they are going to continue offering it as Mutual of Omaha has pulled out of traditional LTC in WA.
Minn Life/Securian LTC benefit can be added to their SecureCare Universal Life policies. Limited to premium pay periods of 5, 7, 10, 15. We've been having a smooth application and underwriting experience with them.
John Hancock's LTC rider can be added to their Indexed UL and Protection UL, but the min death benefit is $250K in WA. The other negative is that it is a reimbursement pay out, not an indemnity (no direct cash pay out).
Mass Mutual has a Whole Life with LTCi rider. Negative is that it is a reimbursement pay out.
95% of my cases have been through Nationwide, so I will be sad when they bail.
Transamerica left the traditional LTC market all together, but still has a competitive IUL (Financial Foundation) with a LTC rider. Only issue with them is they are in the dark ages with paper apps and no expedited underwriting.
United of Omaha's LTC rider can be added to their Income Advantage and Life Protection Advantage products and has expedited underwriting. No idea how long they are going to continue offering it as Mutual of Omaha has pulled out of traditional LTC in WA.
Minn Life/Securian LTC benefit can be added to their SecureCare Universal Life policies. Limited to premium pay periods of 5, 7, 10, 15. We've been having a smooth application and underwriting experience with them.
John Hancock's LTC rider can be added to their Indexed UL and Protection UL, but the min death benefit is $250K in WA. The other negative is that it is a reimbursement pay out, not an indemnity (no direct cash pay out).
Mass Mutual has a Whole Life with LTCi rider. Negative is that it is a reimbursement pay out.
95% of my cases have been through Nationwide, so I will be sad when they bail.
Re: Washington State Long Term Care Trust Act - 0.58% payroll tax - $36,500 lifetime maximum benefit
Those are for lifetime pay policies but it would expire at age 70 if set up the way I mentioned.phmbz wrote: ↑Fri Jul 16, 2021 12:57 amThx for sharing. How long do you need to pay those monthly premiums? 5 yrs, 10 yrs, etc.?BruDude wrote: ↑Thu Jul 15, 2021 1:38 pmHere's the find an agent near you link - https://www.securian.com/contact-us/fin ... visor.html
On a side note, I was playing around with the Nationwide life insurance/LTC software this morning and there is an option to guarantee the policy only to age 70 instead of through age 120. This drastically reduces the cost of coverage and should still meet the WA state definition of an LTC policy. It's the exact same product structure/benefits, just not guaranteed for life. For a 41 year old female in Preferred Plus health it reduced the cost from $85/month to $26/month and for a 42 year old male in P+ health it reduced it from $102/month to $31/month. So anyone looking at the Nationwide product may want to check into that option. You don't see a UL policy with a guarantee-to-age-70 option very often...they certainly don't promote it!
Re: Washington State Long Term Care Trust Act - 0.58% payroll tax - $36,500 lifetime maximum benefit
Figured that was coming. Did you see a date mentioned anywhere? I've been telling my clients to get their apps in ASAP. Transamerica is the absolute worst at everything so I sure hope they don't become one of the only options.RoyHobbs9 wrote: ↑Fri Jul 16, 2021 5:26 pm For those thinking about the Nationwide policy, get your applications in now. They are planning to hit the eject button on their LTC rider in WA at any moment. If you decide to go with someone else, you can always just not put the Nationwide policy in-force (by not paying).
Transamerica left the traditional LTC market all together, but still has a competitive IUL (Financial Foundation) with a LTC rider. Only issue with them is they are in the dark ages with paper apps and no expedited underwriting.
United of Omaha's LTC rider can be added to their Income Advantage and Life Protection Advantage products and has expedited underwriting. No idea how long they are going to continue offering it as Mutual of Omaha has pulled out of traditional LTC in WA.
Minn Life/Securian LTC benefit can be added to their SecureCare Universal Life policies. Limited to premium pay periods of 5, 7, 10, 15. We've been having a smooth application and underwriting experience with them.
John Hancock's LTC rider can be added to their Indexed UL and Protection UL, but the min death benefit is $250K in WA. The other negative is that it is a reimbursement pay out, not an indemnity (no direct cash pay out).
Mass Mutual has a Whole Life with LTCi rider. Negative is that it is a reimbursement pay out.
95% of my cases have been through Nationwide, so I will be sad when they bail.
Re: Washington State Long Term Care Trust Act - 0.58% payroll tax - $36,500 lifetime maximum benefit
No date. No official announcement yet. But, I'm guessing it's coming.
Re: Washington State Long Term Care Trust Act - 0.58% payroll tax - $36,500 lifetime maximum benefit
99% of my cases have been traditional long-term care insurance.
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
Coming in late on this. Called insurance broker today. Mid-40s.
Three options (pick one):
[1] LTC policy = $175/month ($2,100/yr)
[2] Universal life with LTC rider = $117/month ($1,400/yr)
[3] $19K annuity with LTC rider, w/ annuity paying 1% annual and surrender fees until 10 years.
I wouldn't buy this normally, so I'm just looking for the cheapest option, which is currently [2] above.
I would need to agree contractually not to cancel for two years.
Apparently, there is a minimum premium for WA state from the insurance company. He says this was a recent change. Not sure what insurance provider he is referring to, or if a trend.
I assume I am being ripped off.
Three options (pick one):
[1] LTC policy = $175/month ($2,100/yr)
[2] Universal life with LTC rider = $117/month ($1,400/yr)
[3] $19K annuity with LTC rider, w/ annuity paying 1% annual and surrender fees until 10 years.
I wouldn't buy this normally, so I'm just looking for the cheapest option, which is currently [2] above.
I would need to agree contractually not to cancel for two years.
Apparently, there is a minimum premium for WA state from the insurance company. He says this was a recent change. Not sure what insurance provider he is referring to, or if a trend.
I assume I am being ripped off.
Re: Washington State Long Term Care Trust Act - 0.58% payroll tax - $36,500 lifetime maximum benefit
Nationwide Life/LTC guaranteed to age 70 should cost you around $350-500LeftCoastIV wrote: ↑Mon Jul 19, 2021 5:37 pm Coming in late on this. Called insurance broker today. Mid-40s.
Three options (pick one):
[1] LTC policy = $175/month ($2,100/yr)
[2] Universal life with LTC rider = $117/month ($1,400/yr)
[3] $19K annuity with LTC rider, w/ annuity paying 1% annual and surrender fees until 10 years.
I wouldn't buy this normally, so I'm just looking for the cheapest option, which is currently [2] above.
I would need to agree contractually not to cancel for two years.
Apparently, there is a minimum premium for WA state from the insurance company. He says this was a recent change. Not sure what insurance provider he is referring to, or if a trend.
I assume I am being ripped off.
Re: Washington State Long Term Care Trust Act - 0.58% payroll tax - $36,500 lifetime maximum benefit
LeftCoastIV wrote: ↑Mon Jul 19, 2021 5:37 pm Coming in late on this. Called insurance broker today. Mid-40s.
Three options (pick one):
[1] LTC policy = $175/month ($2,100/yr)
[2] Universal life with LTC rider = $117/month ($1,400/yr)
[3] $19K annuity with LTC rider, w/ annuity paying 1% annual and surrender fees until 10 years.
I wouldn't buy this normally, so I'm just looking for the cheapest option, which is currently [2] above.
I would need to agree contractually not to cancel for two years.
Apparently, there is a minimum premium for WA state from the insurance company. He says this was a recent change. Not sure what insurance provider he is referring to, or if a trend.
I assume I am being ripped off.
That is a very odd assortment of options.
You should look for a long-term care insurance specialist.
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
Thanks. Just contacted New York Life and was informally told $400-500/year pending details at upcoming meeting.BruDude wrote: ↑Mon Jul 19, 2021 5:45 pmNationwide Life/LTC guaranteed to age 70 should cost you around $350-500LeftCoastIV wrote: ↑Mon Jul 19, 2021 5:37 pm Coming in late on this. Called insurance broker today. Mid-40s.
Three options (pick one):
[1] LTC policy = $175/month ($2,100/yr)
[2] Universal life with LTC rider = $117/month ($1,400/yr)
[3] $19K annuity with LTC rider, w/ annuity paying 1% annual and surrender fees until 10 years.
I wouldn't buy this normally, so I'm just looking for the cheapest option, which is currently [2] above.
I would need to agree contractually not to cancel for two years.
Apparently, there is a minimum premium for WA state from the insurance company. He says this was a recent change. Not sure what insurance provider he is referring to, or if a trend.
I assume I am being ripped off.
Re: Washington State Long Term Care Trust Act - 0.58% payroll tax - $36,500 lifetime maximum benefit
You were given info about Nationwide and called NYL?LeftCoastIV wrote: ↑Mon Jul 19, 2021 7:12 pmThanks. Just contacted New York Life and was informally told $400-500/year pending details at upcoming meeting.BruDude wrote: ↑Mon Jul 19, 2021 5:45 pmNationwide Life/LTC guaranteed to age 70 should cost you around $350-500LeftCoastIV wrote: ↑Mon Jul 19, 2021 5:37 pm Coming in late on this. Called insurance broker today. Mid-40s.
Three options (pick one):
[1] LTC policy = $175/month ($2,100/yr)
[2] Universal life with LTC rider = $117/month ($1,400/yr)
[3] $19K annuity with LTC rider, w/ annuity paying 1% annual and surrender fees until 10 years.
I wouldn't buy this normally, so I'm just looking for the cheapest option, which is currently [2] above.
I would need to agree contractually not to cancel for two years.
Apparently, there is a minimum premium for WA state from the insurance company. He says this was a recent change. Not sure what insurance provider he is referring to, or if a trend.
I assume I am being ripped off.
Re: Washington State Long Term Care Trust Act - 0.58% payroll tax - $36,500 lifetime maximum benefit
Question, should we keep the policy post exemption? Right now it says exemptions are permanent but once the lawmakers find out how many are getting exemptions, it might just create an insolvent program and they might revoke the exemptions.
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Re: Washington State Long Term Care Trust Act - 0.58% payroll tax - $36,500 lifetime maximum benefit
Or they raise the tax rate, making the exemption even more valuable
Re: Washington State Long Term Care Trust Act - 0.58% payroll tax - $36,500 lifetime maximum benefit
The tax rate was never advertised as being fixed anyway.LeftCoastIV wrote: ↑Mon Jul 19, 2021 11:08 pmOr they raise the tax rate, making the exemption even more valuable
Re: Washington State Long Term Care Trust Act - 0.58% payroll tax - $36,500 lifetime maximum benefit
Society certainly needs much of this and it's interesting that anyone is trying to address it - the long term care industry has been broken for some time since insurers lost their shirts for underestimating the risk. That said this does seem like a raw deal and not the best way to solve the issue. For those of us not high income earners (I'd pay $600 a year) the products available don't seem to be much of a savings and more about "I don't want to pay a tax." But if your income increases over the years its a different story. I listened to our benefits guy at work (large fortune 500) talk to this and how for most people buying insurance won't lead you to come out ahead and was not going to do anything. Reading comments from BH folks on NY life I'm tempted to call and see if something might make sense.
Re: Washington State Long Term Care Trust Act - 0.58% payroll tax - $36,500 lifetime maximum benefit
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...
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...
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Re: Washington State Long Term Care Trust Act - 0.58% payroll tax - $36,500 lifetime maximum benefit
In a strange twist of events, apparently my work extended the open enrollment period and went ahead and enrolled me for LTC + Life w/Chubb at the same time as I've been applying for a LTC + Life w/NY Life. The work plan is significantly cheaper (at least for now not sure if that changes in the future). The NY Life plan provides redemption of premiums in the future that Chubb's plan does not AFAIK. Think I have a little bit of time to get out of either (though not lots). Curious if anyone has thoughts on how best to proceed.
"Anyone who claims to understand quantum theory is either lying or crazy" -- Richard Feynman
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Re: Washington State Long Term Care Trust Act - 0.58% payroll tax - $36,500 lifetime maximum benefit
For those of you who are catholic males, I was able to get an application in for LTC for $31 a month. Age 24. Will update when completed.
Knights of Columbus insurance
Knights of Columbus insurance
Re: Washington State Long Term Care Trust Act - 0.58% payroll tax - $36,500 lifetime maximum benefit
Last edited by orsetto on Wed Sep 15, 2021 4:29 pm, edited 1 time in total.
Re: Washington State Long Term Care Trust Act - 0.58% payroll tax - $36,500 lifetime maximum benefit
Is everyone with NYL assettflex just doing the bare minimum to avoid the tax or is there any merit to these plans as part of a diversified portfolio? I would have never considered on these as part of our portfolio but of course our agent is pushing hard for higher value plans. His quotes entail premiums of $7000/year which is about 10x what I am seeing mention here. He has scoffed at going any lower.
Re: Washington State Long Term Care Trust Act - 0.58% payroll tax - $36,500 lifetime maximum benefit
whenever an insurance agent starts to frame life insurance as an investment, it's time to walk away.AndMan wrote: ↑Wed Jul 21, 2021 12:19 am Is everyone with NYL assettflex just doing the bare minimum to avoid the tax or is there any merit to these plans as part of a diversified portfolio? I would have never considered on these as part of our portfolio but of course our agent is pushing hard for higher value plans. His quotes entail premiums of $7000/year which is about 10x what I am seeing mention here. He has scoffed at going any lower.
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
Thx for sharing. How many years of payments does this quote require? 5-pay? 10-pay? And what's the monthly benefit and max lifetime benefit?AndMan wrote: ↑Wed Jul 21, 2021 12:19 am Is everyone with NYL assettflex just doing the bare minimum to avoid the tax or is there any merit to these plans as part of a diversified portfolio? I would have never considered on these as part of our portfolio but of course our agent is pushing hard for higher value plans. His quotes entail premiums of $7000/year which is about 10x what I am seeing mention here. He has scoffed at going any lower.
Re: Washington State Long Term Care Trust Act - 0.58% payroll tax - $36,500 lifetime maximum benefit
Just talked to United of Omaha and they are raising the minimum benefit to $250k tomorrow. They also will not sell the LTC rider to anyone in the US on a visa.
Re: Washington State Long Term Care Trust Act - 0.58% payroll tax - $36,500 lifetime maximum benefit
Hi everyone.
Late to the game but any more companies that are still offering to <40yr?
Late to the game but any more companies that are still offering to <40yr?
Re: Washington State Long Term Care Trust Act - 0.58% payroll tax - $36,500 lifetime maximum benefit
Another update - Mass Mutual won’t allow visa holders either. So if you’re not a US resident or have a green card, you are probably out of luck
Re: Washington State Long Term Care Trust Act - 0.58% payroll tax - $36,500 lifetime maximum benefit
Hello!
Does anyone know if term life insurance policy can have a LTC rider? I'm trying to figure the most affordable way to get private LTC coverage, so that I can avoid the WA payroll tax. Thanks!
Does anyone know if term life insurance policy can have a LTC rider? I'm trying to figure the most affordable way to get private LTC coverage, so that I can avoid the WA payroll tax. Thanks!
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Re: Washington State Long Term Care Trust Act - 0.58% payroll tax - $36,500 lifetime maximum benefit
no.
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
It can be done. But, I don't know of any insurance company that offers it.
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
FWIW: I live just outside of Seattle and just signed up for an optional LTCI policy offered through my employer so I can opt out of the WA State program. The policy is with LifeSecure and costs me $340/yr to get a benefit of up to $1k/mo with a $50k max payout. I am a 45 y/o male in good health. I’ll probably cancel it after about a year.
Re: Washington State Long Term Care Trust Act - 0.58% payroll tax - $36,500 lifetime maximum benefit
Are you sure that will be eligible to get exempted from the tax? Supposedly you have to have a same or better plan as the state plan ($100/day benefit, $3000/month).WGP3 wrote: ↑Wed Jul 21, 2021 10:03 pm FWIW: I live just outside of Seattle and just signed up for an optional LTCI policy offered through my employer so I can opt out of the WA State program. The policy is with LifeSecure and costs me $340/yr to get a benefit of up to $1k/mo with a $50k max payout. I am a 45 y/o male in good health. I’ll probably cancel it after about a year.
Re: Washington State Long Term Care Trust Act - 0.58% payroll tax - $36,500 lifetime maximum benefit
Have you seen this fact posted some place definitive?Are you sure that will be eligible to get exempted from the tax? Supposedly you have to have a same or better plan as the state plan ($100/day benefit, $3000/month).