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Preparing For Tomorrow podcast

Mar 23, 2021

Even if you don't live in the state of Washington, this is relevant as other states are watching and learning.  This is the first state to implement a mandatory tax for all w-2 employees in the entire state.  This tax will fund a trust that will pay up to $36,500 for long term care provided in the state by state approved providers.  The only way to opt out of this tax is to have your own LTC plan in place prior to July, 2021.  49 other states are watching to see if Washington's revenues increase with this new tax.  If this state found a way to increase revenue and help reduce Medicaid spending on nursing home care, you can be sure others will follow, without regard to what the people want.