To take advantage of this time sensitive opportunity, please follow the steps below.
Feel free to email us or call (631) 730-8262 with any questions.
Click here to view the WA LTC Bill
WA LTC Trust Act
The passage of The Long-Term Care Trust Act, effective January 1, 2022, makes Washington the first state in the nation to create a publicly funded insurance program that will provide working residents of Washington an opportunity to vest into a basic level of LTC benefits. The program will be funded by Washington workers who will pay premium assessments (a tax) through payroll deductions. There is also a window of opportunity for residents who own “long-term care insurance” to apply for an exemption from the premium tax. As of this writing, it is currently unclear whether the insurance policy must have been in-force by the effective date of the legislation - July 28, 2019 - or whether a date as late as December 2022 will be applied.
- Beginning January 1, 2022 each W-2 employee will pay a premium tax through payroll deduction.
- An initial premium rate will be 0.58% of the individual’s wages (or $0.58 for each $100 earned).
- Wages will be taxed without limitation or capped amount.
- There is an option for self-employed individuals to elect coverage and be part of the program.
- If qualified to be exempted from the payroll tax, the resident must apply during the short timeframe spanning from October 1, 2021 and December 31, 2022.
- Benefits for approved services will become available starting on January 1, 2025.
- Maximum lifetime benefits are $36,500 per person (adjusted annually) for vested individuals.
- An “eligible beneficiary” of the program is a qualified individual who: is age 18 years or older, o was not disabled before the age of 18, o meets the requirement for assistance with ADLs, and o has not exhausted their lifetime benefits.
- Benefits will not be available to individuals who: o have already permanently retired, thus are unable to vest into the program, o are not residing in Washington state when qualified to receive benefits - even if vested in the program.
You must have completed the LTC training to sell. Do not proceed without completing the licensing courses. Applications can not be accepted without this certifcate.
|Course Name||Course Number||Training Firm||Course Credits|
|WA LTC Initial 8 Hour Course||618989||RegEd||8|
|WA LTC Refresher 4 Hour Course||618770||RegEd||4|
We have modeled the following income levels at a tax rate of .58 per $100. for various age brackets for Male/Female (age 35-50 in 5 yr increments)
Got questions? Email us
|35 Female 250k - 1M Income||40 Female 250k - 1M Income||45 Female 250k - 1M Income||50 Female 250k - 1M Income|
|35 Male 250k - 1M Income||40 Male 250k - 1M Income||45 Male 250k - 1M Income||50 Male 250k - 1M Income|