WA Cares Fund - yay or nay? (Seattle: insurance, credit)

[agaace]

I like the idea itself but not a fan of the execution.
What are your opinions? Will you be opting out?

[Hemlock140]

Originally Posted by agaace

I like the idea itself but not a fan of the execution.
What are your opinions? Will you be opting out?

We have been paying for our own long term care plan since about 20 years now, so we will opt out.

[flyingsaucermom]

Opting out. BIG TIME.

It's a horrible deal. If you can avoid it, do so.

We're paying less for a private policy and one that will give us benefits if we leave the state.

[homesinseattle]

Originally Posted by flyingsaucermom

Opting out. BIG TIME.

It's a horrible deal. If you can avoid it, do so.

We're paying less for a private policy and one that will give us benefits if we leave the state.

Mom, can you message me who you are using for this? Thanks.

[flyingsaucermom]

Originally Posted by homesinseattle

Mom, can you message me who you are using for this? Thanks.

My husband said either one, but ours is through Genworth.
[url]https://www.genworth.com/[/url]
New York Life

The reason it's cheaper (for us) is because the more you earn, the more you pay. With no cap. That's no bueno!

[homesinseattle]

Originally Posted by flyingsaucermom

My husband said either one, but ours is through Genworth.
https://www.genworth.com/
New York Life

The reason it's cheaper (for us) is because the more you earn, the more you pay. With no cap. That's no bueno!

Thank you.

[fy10fyr]

Originally Posted by flyingsaucermom

Opting out. BIG TIME.

It's a horrible deal. If you can avoid it, do so.

We're paying less for a private policy and one that will give us benefits if we leave the state.

Agreed 100%. Not only is the plan limited to use in-state, the lifetime max of just over 35K is laughable.
That might get you 6 months worth of care. Maybe.

Add in the 10-year vesting requirement and opting-out is the way to go.

We have a plan through NW Mutual and are happy with it.

FWIW, there's already a bit of buzz about lawsuits against the state over this. One thing I heard today from a friend in the biz is that a lot of the major carriers are considering, or already have placed a moratorium on writing new LTC policies in Washington until the dust settles on the legal side, so for anyone looking to set something up, the clock is ticking.

Off-topic, maybe a mod could move this to the main Washington forum, as it's not specific to Seattle?

[Procyon73]

Originally Posted by agaace

I like the idea itself but not a fan of the execution.
What are your opinions? Will you be opting out?

The idea is decades old. Private insurance has been offering cheaper and better options.

It's a total scam for practically anyone earning over $50k/year or under the age of 50.

It's a real F U for anyone under the age of 35.

Wife and I are opting out.

[jabogitlu]

I'm under 35 and not even remotely sure that I will be living in Washington State in the next 10 years, let alone the next 30 years.

Definite hard pass for me. I am not opposed to the idea of income taxes or socialized healthcare including long term care. However, this is not the way to do it.

[leastprime]

Nope.
We are long retired from that state on the otherside of the river. Of course no work history in WA.
We also paid 19 years of LTCi. Hopefully another 19 more years to pay.
The LTCi premiums, applied to Oregon Income tax, can be itemized as medical or taken as a set dollar credit on tax owed, IIRC. Since we now live in WA, Oregon lost our tax dollars.