About Us
Everyone needs effective and affordable Life insurance or Long term Care. Let us do the analysis to figure out what plan is the most suitable and beneficial for you. We can help you discover a plan that fits your lifestyle and budget.
You will find Life and LTC insurance plans for the entire family to protect your family and asset. We can help you to find the right solution options for your Long Term Care, Supplemental Retirement Income, Living Benefits, Estate Planning, and Death Benefit.
Information on the WA payroll tax and who is subject to it
WHAT IS THE WASHINGTON STATE LONG TERM CARE TRUST ACT or WA LONG TERM SERVICES & SUPPORTS TRUST PROGRAM:
As a first-of-its-kind program in the nation, a compulsory short-term care benefit was signed into law by Governor Jay Inslee (D-WA) effective July 28th, 2019 following approval in the House (55-41) and Senate (26-22). Around 2.5 mil workers in Washington will be impacted by this act!
What this Means: The short-term care benefit will be publicly funded by a 0.58% payroll tax on all wages and remuneration, it will be withheld quarterly by employers. For every $100,000 of compensation, you will pay $580 of additional tax with no income cap.
How does the Washington State Trust Act work for Long Term Care (LTC): Benefits are paid in $100 "stackable" units, up to a $36,500 lifetime maximum. Contact us for more information on the WA State program from LTC/payroll tax.
WHO and WHEN?
- Starting January 1, 2022, all W-2 employees in Washington State will be subject to this new payroll tax. This tax will be paid by employees through mandatory employer paycheck withholdings.
- To opt-out in time, you must have your own individual long-term care insurance policy in place before November 1st, 2021. (We can help you with that!)
getting personal Long Term care insurance policy right for you
- Yes, If you are :
- NOT a low-income W-2 earner, OR
- Not sure if you will stay in Washington State for your retirement
You need to CONTACT US now to understand why it might be better to opt-out and not to pay LTC tax in WA. Time is running out! See the important dates section.
Book an appointment to discuss options or get Private LTC quotes : https://calendly.com/yakkalisk
Who will benefit from Opt-in to Washington State Trust Act LTC Program
- If one of the following applies to you
- Low wage earner, OR
- You can't get private insurance based on health issues
Important dates
- 10/1/2021 - Private LTC insurance opt-out requests can start
- 10/1/2021 - ESD & DSHS to conduct education outreach to employers
- 11/1/2021 - Deadline to purchase private LTC insurance for opt-out
- 1/1/2022 - Payroll tax on wages begins to accrue
- 1/1/2022 - Self-employed and independent contractor opt-ins can start
- 12/31/2022 - Last day to apply for private LTC insurance opt-out for policies purchased by Nov 1, 2021
- 1/1/2025 - Eligible beneficiaries can apply for benefits
Contact us
Personalized LTC or Life Insurance Coverage for You
Please send us a message if you have any questions about the WA State LTC or alternatives for it.
Address & Contact Info:
22623 44th Drive Southeast, Bothell, Washington 98021, United States
Email: GetQuote@alternativewaltc.com Book an appointment: https://calendly.com/yakkalisk Call Us: 425-894-2704
Hours
Monday - Friday: 9am - 5pm
Saturday - Sunday: Closed
Copyright © 2021 Alternatives to WA State LTC - All Rights Reserved.
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