Washington State's WA Cares Fund has brought the issue of state-mandated long-term care funding to the forefront of national conversation. Other states are now watching closely and developing their own programs.
Washington State implemented a payroll tax to fund LTC benefits for residents. Employees without qualifying private LTC insurance were subject to the tax. The program demonstrated that:
The California Long Term Care Task Force, established under AB 567, is developing recommendations for a California LTC program. The Task Force is examining various funding mechanisms, including a payroll tax similar to Washington's WA Cares Fund.
Once California implements a mandate, demand for private LTC insurance will surge and premiums will increase. Purchasing a policy now — while you are younger and healthier — locks in lower premiums and may exempt you from future state taxes.
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