The Washington state legislature passed the Long-Term Care Trust Act and Gov. Jay Inslee recently signed it into law, creating the “Washington Cares Fund.” The purpose of the new law, fund, and worker-funded tax is to help
ensure the state's aging population will have access to long-term care (LTC) services like lengthy hospital stays, assisted living, rehab facilities, and skilled nursing care if and when they need such services in the future.
*For full details and exemptions regarding the Long-Term Care Trust Act, refer to the Washington Cares Fund website.
Contributions
Beginning January 2022, Washington workers will pay up to $0.58 per $100 of earnings. Every employee contributes – employers do not. If you are self-employed, you can opt-in to the Trust.
Benefits
Beginning January 2025, each person who is eligible to receive the benefit can access services and supports costing up to $36,500.
Eligibility
People who have a need for long-term services and supports may begin applying for benefits in January 2025. To qualify for benefits, you must have met the Washington Cares contribution requirements by the time you apply. You must also need help with activities
of daily living.
Exemptions
Workers who hold existing long-term care insurance or purchase a new private policy before November 1, 2021 can apply for an exemption from Washington Cares coverage. If approved, your exemption will mean that you aren’t required to pay premiums
and will be permanently excluded from Washington Care benefits.
More Information
For more detailed information, visit the Washington Cares Fund website.
How we can help
Our financial professionals are available and ready to speak with you about this and any other investment questions you may have.
The information above was sourced from the Washington Cares Fund website (July 2021)