Guest contributor Ken Diltz is a director, national accounts at Crump Life Insurance Services.
This summer, most Washington state residents will face a mandatory employee payroll deduction (0.58% tax on gross wages) put into place by The Washington Cares Act. The new law has created a state-run fund to help state residents pay for the cost of long-term care if they need it someday. Throughout 2021, while the WA Cares Act was still under the proposal, Washington state announced that its workers with private long-term care insurance could apply for an exemption from the WA Cares Fund, but only if a policy was issued prior to Nov. 1, 2021. This opt-out provision was for a limited time only and is currently no longer available. More>>