Life Insurance with Long Term Care

Life Insurance with Long Term Care

Important update about the WA Cares Fund payroll tax:

 

The Washington (WA) State Legislature and Governor Inslee have announced plans to change and improve the WA Cares Fund during the 2022 legislative session, which is scheduled to conclude in March 2022. Per direction from the Governor, employers, including Disney, will not collect premiums from employers until April 2022 or until further direction is received.

 

Key things Disney employees and Cast Members need to know:

 

  • The delay is not a cancellation of the new tax. The delay is intended to allow time to revise the program to "better serve disabled veterans, military spouses, non-residents, and near retirees," as well as residents who move out of state. All these things are positive items, allowing legislators the opportunity to address and make the program better.
  • In addition, the State is likely to add a requirement to provide regular proof of coverage for those who opt out, so it is important to keep your policy somewhere safe.
  • If you enrolled in the Trustmark Universal Life plan with Long-Term Care benefits, it qualifies for you to apply for an exemption from the tax. However, this is only possible because you obtained coverage prior to November 1, 2021. The deadline for acquiring coverage has not yet changed. If you cancel your policy or allow it to lapse, you will no longer be eligible for the exemption under the current law, even if you purchase Long-Term Care coverage later.
  • If you have not yet applied for an exemption, you can visit the State's WA Cares site to apply. You must have purchased coverage prior to November 1, 2021. Exemption applications will be accepted through December 31, 2022.
  • Trustmark coverage was only available through a special enrollment offered by Disney. Employees and Cast Members will have another opportunity to enroll in Life with Long-Term Care in February 2022; however, obtaining coverage at this time will not qualify for the opt out (as it needed to be obtained prior to November 1, 2021).

 

For more information about the WA Cares Fund and to subscribe to receive email updates, visit www.wacaresfund.wa.gov.

 

Learn More or Enroll

Click the link to learn more about Life Insurance with Long-Term Care or to schedule a free consultation.

 

 

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Contact Us

Phone
1-844-999-3060
Hours
M-F 7a-4p PT
Email
info@yourcare360.com

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