Who gets to escape the LTC payroll tax
September 22, 2022
Right now, the only people who can opt out of the WA Cares Fund, a new long-term-care (LTC) program that is supposed to be fueled by a payroll tax on workers, are those who had private long-term-care insurance (LTCI) purchased by Nov. 1, 2021. Their numbers are below.
Our 2019 study on the then-proposed law found that between 2022 and 2053, taxpayers would pay more than $30 billion for the state to realize net savings of just over $1.2 billion. We look forward to a new actuarial report that will be featured at a Nov. 10 Long-Term Services and Supports Trust Commission meeting for another l...