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Washington State Delays Long-Term Care Program Launch | ThinkAdvisor
Washington state leaders say they will delay the start of a public long-term benefits program until the end of the state’s 2023 legislative session, to give state lawmakers time to adjust it.
The Washington Cares Fund program is supposed to use revenue from a 0.58% payroll tax to provide up to $36,500 in long-term care benefits for eligible program participants starting in 2025.
The state had planned to start collecting the payroll tax in January 2022. Workers could opt out by buying private long-term care insurance by Nov. 1.
One problem with the program was that so many workers applied for private LTCI that they swamped the LTCI issuers underwriting teams.
Washington state leaders say they will delay the start of a public long-term benefits program until the end of the state’s 2023 legislative session, to give state lawmakers time to adjust it.
The Washington Cares Fund program is supposed to use revenue from a 0.58% payroll tax to provide up to $36,500 in long-term care benefits for eligible program participants starting in 2025.
The state had planned to start collecting the payroll tax in January 2022. Workers could opt out by buying private long-term care insurance by Nov. 1.
One problem with the program was that so many workers applied for private LTCI that they swamped the LTCI issuers underwriting teams.