Wait… WHAT?! Yes, you read that right. Washington State has launched a long-term care Trust Fund that will be funded by an increase in your payroll deductions.
Employees in the State of Washington who are W-2 status may be taxed .58% of their annual income, with no upper income cap. This does not apply to retirees, or those without a W-2 wage. In addition, those who have a private LTC policy in place before July 1st, 2021 may file for an exemption.
Act now! If you qualify for a private LTC plan, you may be able to exempt yourself from this new tax on your income.
Mark Rogers, Certified Long-Term Care Specialist