Update on Long Term Care Legislation in Washington
Written by: Kelli Young, Longevity Wealth
There has been much debate over the legislation enacted in 2019, House Bill 1087. The intent is to provide limited long-term care benefits for residents, funded through a mandatory payroll tax, with the ability to “opt-out” if equivalent coverage was in place by November 1, 2021.
The bill is complicated with many details in question. On November 9, 2021 a lawsuit was filed by several companies and individuals to stop the payroll tax beginning in January 1, 2022.
I attended the monthly LTSS Trust Program Commission meeting on November 10, 2021 and they voted to prepare a report for the legislators outlining issues brought to their attention and possible solutions. The list is long, and it will be up to the legislators to address or repeal the bill in its current state when they reconvene early next year.
For the time being, I recommend residents submit their opt-out requirements by early December 2021 as its unlikely any decision to repeal or amend will take place this year. I also recommend you reach out to your representatives and share your opinion.
If you have additional questions or would like more information, I am happy to help.
Live On and Live Well!
Investment advisory services are offered through Golden State Equity Partners, LLC (“GSEP”), an investment adviser registered with the U.S. Securities and Exchange Commission. Longevity Wealth is a DBA of GSEP. CA Insurance Lic# OH03261