Below are some frequently asked questions about pending legislation in California.
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Is California launching a LTC payroll tax for employees?
California is considering the impact of imposing a payroll tax on employees to fund a modest LTC benefit.
What else should I know about the California plan currently being studied?
Although nothing has been finalized, a task force has recommended California implement a program similar to the Washington Cares Fund. With that program, many working Washingtonians were required to pay 0.58% of their income as a payroll tax in exchange for an LTC benefit of $36,500, adjusted for inflation.
The main exemption from the Washington Cares Fund was if an employee already had eligible LTC insurance in place.
Where can I learn more about legislative activity on LTC in California?
Detailed information from California’s Long Term Care Insurance Taskforce can be found here.
What other states are considering long term care (LTC) legislation?
Although nothing has been finalized, certain states are considering programs similar to the Washington Cares Fund.
Where can I find more information about my state?
The best practice is to refer directly to information published by your state government. However, high level summaries can also be found with news resources such as LTCnews.com or insurance carriers, such as the updates published by Trustmark.
How much should I consider any pending state legislation?
The legislative process is far from predictable. Regardless of whether your state passes legislation, it is important to consider LTC planning.
The LTC with Life Insurance benefit offered during this enrollment period may provide an affordable foundation of coverage to build on later.