Washington state to delay assessing long-term care premiums

Washington state to delay assessing long-term care premiums
Gov. Jay Inslee says legislators need time to refine the program, the Washington Cares Fund.
DEC 17, 2021

Washington State Gov. Jay Inslee and the state’s legislative leaders have agreed to delay assessing premiums for the state’s long-term care fund until legislators can make refinements to the Long-Term Services and Supports Act, which created the fund in 2019.

Premium assessments for the Washington Cares Fund were supposed to begin in January.

“I am taking measures within my authority and ordering the state Employment Security Department not to collect the premiums from this program from employers before they come due in April," Inslee said in a statement. "While legislation is under consideration to pause the withholding of LTC fees, employers will not be subject to penalties and interest for not withholding fees from employees' wages during this transition."

In response to the glaring need for long-term care and many people's inability to pay for that care, Washington Cares was to collect a premium of 53 cents on every $100 earned by most workers, with the tax proceeds going to set up a fund that would start making payments in 2025. The Washington Cares fund would be available only to those who have contributed.

Latest News

Integrated Partners, Kestra welcome multigenerational advisor teams
Integrated Partners, Kestra welcome multigenerational advisor teams

Integrated Partners is adding a mother-son tandem to its network in Missouri as Kestra onboards a father-son advisor duo from UBS.

Trump not planning to fire Powell, market tension eases
Trump not planning to fire Powell, market tension eases

Futures indicate stocks will build on Tuesday's rally.

From stocks and economy to their own finances, consumers are getting gloomier
From stocks and economy to their own finances, consumers are getting gloomier

Cost of living still tops concerns about negative impacts on personal finances

Women share investing strengths, asset preferences in new study
Women share investing strengths, asset preferences in new study

Financial advisors remain vital allies even as DIY investing grows

Trump vows to 'be nice' to China, slash tariffs
Trump vows to 'be nice' to China, slash tariffs

A trade deal would mean significant cut in tariffs but 'it wont be zero'.

SPONSORED Compliance in real time: Technology's expanding role in RIA oversight

RIAs face rising regulatory pressure in 2025. Forward-looking firms are responding with embedded technology, not more paperwork.

SPONSORED Advisory firms confront crossroads amid historic wealth transfer

As inheritances are set to reshape client portfolios and next-gen heirs demand digital-first experiences, firms are retooling their wealth tech stacks and succession models in real time.