WA Cares tax (buying, income, income tax)

[CalWorth]

Originally Posted by 04kL4nD

Nope, never knew anyone who used it. Under 40. Seems like BS since we won’t ever use it. 36 k and won’t actually be solvent until 2096. How bout YOU pay for it?

So, you or anyone you knew never used SDI in California? So, none of you ever were recovering from childbirth, surgery, illness, or non-work related injuries? Amazing!

[CalWorth]

From leastprime, post #18

"WA Cares Act is about funding a welfare program.

I don't particularly like welfare but not everyone is able to accumulate wealth for retirement and their care."

Boom.

[Transmition]

Isn't it an easy opt-out system? You just file the paperwork and you will never pay into the scheme or receive money from it.

[Hemlock140]

Originally Posted by Transmition

Isn't it an easy opt-out system? You just file the paperwork and you will never pay into the scheme or receive money from it.

No, to opt out as we did, you must show proof that you have already purchased LTC insurance on your own. When this first started as a requirement, the companies stopped writing new policies, for fear that people would sign up to opt out of the state program, then cancel soon after.

[Transmition]

That sounds like a yes then, if you already had LTC insurance.

Seems odd that insurance companies would stop writing new policies, introductory offers are how many businesses thrive. Even funnier since the delay of over a year so far would have meant that a lot of people may have kept up the insurance for more than that.

[rantiquity]

Originally Posted by leastprime

^ Reply to #15
Good for you, I think.
We got ours 20 years ago, for $1200/yr. It's now ~$7000/yr and I reduced my benefit [Cost is irrelevant without Details]. Suffice to say, it is our #1 expense in our retirement budget.

WA Cares Act is about funding a welfare program.

I don't particularly like welfare but not everyone is able to accumulate wealth for retirement and their care.

A further discussion should be undertaken by the general public.
YMMV

You are referring to my post #15

Our Mutual of Omaha LTC policy has only increased one time over a 30 years period. From $795 to $1070.

[Hemlock140]

Originally Posted by rantiquity

You are referring to my post #15

Our Mutual of Omaha LTC policy has only increased one time over a 30 years period. From $795 to $1070.

Ours went up for the first time just a couple of months ago. It's still only about $1,800/year for the two of us, but it's through the school district that my wife recently retired from.

[PS90]

This thing is a total joke/scam by Inslee.

Multiple issues:

1) As has already been pointed out, the total lifetime benefit will last less than a year of actual care for the people that will need it most.

2) After you pay-in for 10 years, your benefit accrues, but then you must continue to pay-into the system for X-number of years until retirement, with no further benefit.

3) As far as I know, there is no exception/reimbursement/use of the benefit for people that move out of WA at any point in the process. Basically if you move, you immediately pi$$ all this benefit away, no matter how much you've paid.

4) The reason that it was delayed from last year is because the LTC insurance exception was a complete clusterf%&k. The only way to get an exception to WA Cares was to obtain LTC insurance, but as soon as the insurance companies heard about WA Cares, they immediately ceased taking any new applicants for their policies. The insurance companies didn't want to get screwed by people applying for LTC and then immediately canceling, just to get an exception for WA Cares. I don't know, but I doubt, that this has been resolved.

[leastprime]

Originally Posted by leastprime

^ Reply to #15
Good for you, I think.
We got ours 20 years ago, for $1200/yr. It's now ~$7000/yr and I reduced my benefit [Cost is irrelevant without Details]. Suffice to say, it is our #1 expense in our retirement budget.

WA Cares Act is about funding a welfare program.

I don't particularly like welfare but not everyone is able to accumulate wealth for retirement and their care.

A further discussion should be undertaken by the general public.
YMMV

Originally Posted by rantiquity

You are referring to my post #15

Our Mutual of Omaha LTC policy has only increased one time over a 30 years period. From $795 to $1070.

Originally Posted by Hemlock140

Ours went up for the first time just a couple of months ago. It's still only about $1,800/year for the two of us, but it's through the school district that my wife recently retired from.

[quote=CalWorth;65296987]From leastprime, post #18

Boom.

Cost, is irrelevant without the Details.

so we now know that the Cost of LTCi can vary by a lot.
YMMV

[PS90]

[quote=leastprime;65301098]

Originally Posted by CalWorth

From leastprime, post #18




Cost, is irrelevant without the Details.

so we now know that the Cost of LTCi can vary by a lot.
YMMV

And sounds like all 3 of you have had your insurance for quite a while. That's great and insightful of you all, but the rest of us with less foresight have no choice but to pay into this dumpster fire of a law.