Ashira Financial, LLC
What Can You Do About the New Long Term Care Payroll Tax? Sign Initiative-1436…and get others to do the same!
Washingtonians are waking up to their new payroll tax starting January 1, 2022.
Too many are scrambling too late to initiate an alternative plan to qualify for the State’s one-time opt-out option that must be in place by November 1, 2021.
Insurance carriers have been overwhelmed by applicants and consequently have pulled their products from being offered in the state of Washington.
Businesses can still put in place a Voluntary Worksite option if they have 5 employees (or 10% of eligible employees) that will enroll (NOTE: these plans also allow employee spouses to enroll). Be aware, although these insurance companies have “fast tracked” applications, they are entering “triage mode” and it’s now first come first served…meaning, you may have another week or two to initiate the plan, but any day it could become too late…and it takes some lead time to activate these plans and inform your employees.
As for individual opt-out options…at this time, there are slim pickings. There are still a few quality products available, but they only make sense if someone is interested in proper Long Term Care planning in addition to initiating an opt-out option, as they are expensive compared to the new tax. And again, time is running out to put these plans in place.
So, what seems to be the only remaining option? Take political action. Not only contact Governor Inslee and your state representatives, but also get out and sign initiative I-1436. This measure would allow employees to opt-out of coverage at any time for any reason. Also get others to sign this initiative – be aware, when you print this Initiative Form, it must be on 11x17 paper. Go to restorewashington.com or https://www.washingtonpetitions.com/i1436-petition/p/initiative-1436-free-pdf-emailed-to-you