r/SeattleWA•
Manacit

What is everyone doing about their LTC policy?

Government

I just got the bill for another year of the unnecessary life insurance that I took out last year for the LTC tax that was delayed. I 100% do not need the $50k in coverage OR the LTC rider. The year comes out to around $500 in premiums, though it accrues a diminished cash value.

People that are in the same situation: are you going to keep your policy? I’m thinking this isn’t going away, and the state will probably get harsher on verification given the number of opt-outs they received - I believe on the order of 12% of WA workers.

Unless I’m missing something, continuing to pay until it’s clear that the plan is in motion and the opt-out is final seems like the smart move. I have too many wage-earning years in WA left for the tax to come close to making sense, and by the time I could even use the benefits it’s unclear the plan will be solvent.

Posted Sep 2, 2022, 11:29 PM UTC

6251
Loading comments…