Has it been a year already? Here once again, October is Long-Term Care Planning Month. And this year, workers in Washington State must make an important long-term care decision.
Beginning January 2022, Washington workers will begin paying up to $0.58 per $100 of earnings to fund Washington Cares, a new program designed to fund basic long-term care assistance. However, workers who purchase their own long-term care insurance by the end of October will be exempt from paying the new tax.
Many employers offer optional employee benefit plans that may qualify for the tax exemption. But it is important to act soon; when Long-Term Planning Month ends, so may your opportunity for a tax exemption.
If you or someone you know have questions, we’re happy to help. Please contact us if you’d like to schedule a time to talk or download our guide to long-term care insurance for more information.
Sources
LPL Tracking #1-05024150
LPL Tracking #1-05197455