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

Which technology providers stood out in 2026?
Which technology providers stood out in 2026?

See which platforms and providers earned 5-Star recognition this year

Advisor moves: $1.3B advisor team joins Wells Fargo FiNet practice in Ohio
Advisor moves: $1.3B advisor team joins Wells Fargo FiNet practice in Ohio

Meanwhile, a multigenerational Cambridge team has hopped to LPL in Michigan, and Cetera's run of Commonwealth recruitment continues in New Jersey.

Clients fear outliving savings as AI and longevity upend retirement math
Clients fear outliving savings as AI and longevity upend retirement math

TIAA survey finds 53% of Americans worry about running out of money, as AI and medical advances scramble retirement income planning.

Morgan Stanley advisor with $1B pedigree joins upstate New York RIA
Morgan Stanley advisor with $1B pedigree joins upstate New York RIA

Two wirehouse veterans choose advisor-owned model as independents target ultra-high-net-worth clients beyond portfolio management.

Why advisors must close the retirement longevity gap now
Why advisors must close the retirement longevity gap now

Guardian's Nancy DeRusso tells InvestmentNews how advisors can help close the 'longevity gap'.

SPONSORED In the Age of AI, Trust Becomes the Advisor's Greatest Asset

As AI makes financial information more accessible than ever, Lana Hock explains why human judgment, trust, and empathy remain the qualities clients value most in a financial advisor

SPONSORED Direct indexing webinar targets tax-loss harvesting amid market swings

Northern Trust’s Ken Lassner shows advisors how to convert volatility into after-tax portfolio gains