Making Sense of the New LTC Act on WA State
My guest this week will be Monica Blackwood, owner of WestSound Workforce in Poulsbo and Gig Harbor, WA.
We are going to tackle the very timely topic of the new Long-Term Care Act in WA State that takes effect on January 1, 2002.
Here is the big issue – there is timing involved to opt-out and it’s coming up fast and has a small window. The new act is a tax on employers that is paid by employees. There are several issues for employers and employees, including:
- Tax rate with no cap on wages – higher earners will pay more and not be able to recoup it
- Cap of $36,500 LIFETIME of benefits
- Can’t be used if one moves out of state – it can only be used in WA
- Opt out is available, but you need to have a replacement
We will talk about what employers and employees need to know, as well as how to avoid the tax with your own Long-Term Care policy.
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