As we enter 2024, long-term care insurance continues to be one of the most important financial planning considerations for individuals approaching retirement age. State-level LTC mandates are gaining momentum across the country, following Washington State's lead.
California's Long Term Care Task Force, authorized by AB 567, is actively developing a state-sponsored LTC program. Similar legislative activity is underway in several other states. Employees who do not obtain qualifying private LTC coverage before mandates take effect may face payroll taxes that could have been avoided.
Every year you delay purchasing LTC insurance increases your premium costs. More importantly, as you age, you face a greater risk of becoming uninsurable due to health changes. Once a health condition disqualifies you from coverage, you may never be able to obtain it.
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