You might wanna double check what happened after everyone made their choice. I believe the whole thing fell apart in the legislature and we are not required to carry LTC at this time. We made the choice to not opt in - hoping it would fail in the end.

Technically, you can just cancel without a new policy and keep your exemption. They could change the law but that’s how it works today

The current law is a mess.

It will probably change. But if it doesn't, there is no policy that you can currently purchase that grants an exemption. To qualify for an exemption, you must have purchased the coverage prior to November 1, 2021.

However, the law also doesn't require you to maintain coverage, so technically you could cancel and keep your exemption. I think this part is one of the most likely to change, so I wouldn't do that until July at earliest (when payroll deductions start).

Just wait a few months before you change anything.

Was on webinar with an insurance employee who keeps track of this topic in the WA legislature and they said that lawmakers are currently aware of the loophole that people could have signed up for a private LTC policy, gotten the exemption, and then cancelled the policy. Lawmakers are aware of this and it seems very likely that they will plug the loophole in the future by requiring some sort of ongoing proof that you have an active policy.

Got it, thanks. Given the high price I'm paying currently for the LTC, I'd like to switch ASAP to some cheap insurance and just cancel it if the law change confirms one can drop it.

This is a common misunderstanding. The WA Cares law has not been repealed. It is on the books and is not likely to go anywhere. What was delayed was the collecting of the LTC tax from peoples paychecks. That tax collection was delayed, but it is scheduled to begin in 2023.

Thanks, they are still planning to implement that tax, from July 2023 last time I heard about it but the state legislators keep changing their minds.

When, though?

> ongoing proof that you have an active policy.

Can one change one's LTC insurance and still be tax exempt? I'm guessing so but I couldn't see the info in the law.

Depending on how much you earn, it is likely cheaper just to stick with the WA Cares fund, than to go with LTC insurance. It's $0.58 per $100 earned, that's about $25 a month for the average worker in the state.

If the law changes, you might find yourself without a valid exemption, as you won't have a policy purchased before 2021. It's a gamble.

When I shopped around State Farm was the cheapest for me.

Got it, thanks!

thanks, how much is it?

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I have Chubb and it costs me $8 per pay period (biweekly)

Nice, thanks!

One can get insurance for less than 25 USD/month, eg https://www.reddit.com/r/Washington/comments/112ejat/whats_the_cheapest_longterm_care_insurance_that/j8kayl0

Oh yes. I should have said that more clearly. At this time it is not required, but it is still on the burner. I personally think that the “plan” will not come together any better in 2023, than it did the last time around. So, personally I am still waiting to see if opting out in the first place was the correct decision. We will see what happens.

That Opt out option has Sunset. If you have a policy prior to Nov 1, 2021 then hold onto it.

There was a ton of policies sold during that time frame and several states are moving forward with their programs.

When I talked to the legislatures in January there was no plans to make a change even though the taxes start being collected July 1st. The other option that you have is going self employed as we have to opt in if we want it.

Thanks!

> then hold onto it.

so it means one can't change one's policy?

Interesting, that would be by far the cheapest I've heard for stand-alone LTC insurance. I wonder if that's just the cost of the rider. The lowest cost I've heard is $79 a month. And like I said, it depends on how much you make, $25 a month is just the average cost for Washington residents.

Yeah I wish we had a clear table of prices for each qualifying LTC insurance. This law and its implementation are very poorly thought-out. Policymakers were either bribed by insurers or profoundly stupid.

Interested in this as well. Currently paying $33/month with TransAmerica.

I'm paying 33/month.

For stand-alone LTC insurance, or with a rider on life insurance?

Probably once the program is struggling financially in a few years

Technically true, however when you went to sign up for the exception you only needed to “affirm that you could provide proof” to receive the exception. I know a lot of people who did that and have that exception from the state of WA.

Microsoft employee?

Yes this does work if you're comfortable commiting tax fraud. Although the odds anyone will ever be investigated for it is near zero.

Thats a pretty good price. What I'm going to end up paying with the payroll deduction is something like $65 a month. Because I make a little more, I pay more. Which I think is bs because the health care I would receive doesn't cost any more for me than someone that pays less than me. That's another flaw in this plan. It should be a flat rate. Also I'll never see it because I'll retire before its funded and they still haven't fixed that.

This might be the most boring post in the history of Reddit.

Not my fault if policymakers are publishing stupid laws.

Just continue with the boring, please.

If you want to use the exclusion then I would keep the policy with that date. You can always have multiple policies.

> If you want to use the exclusion then I would keep the policy with that date.

Got it, thanks

>You can always have multiple policies.

No thanks, my goal is minimizing expenses.

I have heard this from the legislature as well. They are working on a re-certification process to make sure people are keeping their private policies.