Washington State has passed a new tax which is to start 1/1/2022 for all W-2 Employees.

• Tax Amount: .58% of gross wages ($580 per year for $100,000 Wage)
• Benefit: $36,500 in lifetime benefit that begins once can't perform 3 Activities of Daily Living
• Eligibility: Paid into either 3 of past 6 years -OR- 10 years without a break of 5 or more years
• Portability: Must stay WA resident to access benefits

If you have Long Term Care insurance "before 11/1/2021", you can file for an EXEMPTION with the Employment Security Department between 10/1/2021 and 12/31/2022. 

Often times, purchasing Long Term Care insurance (either as a traditional policy or hybrid) will afford you broader coverage and could be less expensive depending on your situation. Schedule an appointment today to review how this tax will affect you and prepare for a potential need of Long Term Care. 

To see the entirety of SBH 1323 click here.