If you needed long-term care, could you afford it?
For many Americans, especially those with a middle-class income and little savings, the answer to that question is absolutely not.
Washington state has done the most so far to make it accessible, but this November, state residents will vote on whether to make paying the program tax voluntary – which would essentially kill the statewide insurance program.
https://theconversation.com/us-long-term-care-costs-are-sky-high-but-washington-states-new-way-to-help-pay-for-them-could-be-nixed-228174
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US long-term care costs are sky-high, but Washington state’s new way to help pay for them could be nixed
What happens in November 2024 could influence other states weighing their own options.The Conversation
Shannon Skinner (she/her)
in reply to The Conversation U.S. • • •I live in Washington state. The state's innovative long-term care insurance tax is deducted from Washington residents' paychecks unless they prove they have purchased a long-term plan from an insurance provider.
A friend of mine who works for an insurance agent says that she sees many long-term care policy cancellations. She stated that although she believes the WA tax is well intentioned, it contains a loophole that can be exploited by those with the means to pay the high premiums for private plans.
She believes implementation of the state long-term care insurance needs more oversight. The current structure disproportionately taxes lower income workers who have the tax automatically deducted from each paycheck.
Higher income workers buy private plans to satisfy the exemption from paycheck deductions, but they later cancel the plans without penalty because no one in the WA state administration provides compliance oversight.
The plan is a good start but needs tweaking to achieve equity.
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