Lunch + Learn: What you need to know NOW about the Long Term Care Act

19225 8th Avenue Northeast,Poulsbo WA 98370

12 September, 2021

Description

Bring your lunch and join us for a lunch + learn packed with all you need to know NOW about the Long Term Care Act. The Washington State Cares Act goes into effect on January 1, 2022 for all W-2 employees in the state. Known previously as the Long-Term Care Act, this tax will levy a .58 per $100 of income on all W-2 employees, including owners and entrepreneurs who have that tax status. This tax was not widely announced until this year due to the pandemic. Timelines are quickly approaching for those who wish to opt-out. This is the only opportunity people will have to opt out. The Lunch + Learn will be lead by Vibist Dan Weedin, who is an insurance broker and specializing in Long-Term Care insurance. He will share information on the new tax, including who specifically is required to pay it. He will also provide the important deadlines, and how one can opt out with personal Long-Term Care insurance. This event is FREE and open to everyone, whether you're a member of Vibe, or not. Added bonus: it falls on Free 1st Friday! Feel free to come early or stay late and enjoy a free day of coworking on the house. UPDATE from Dan (8/2): This has been a volatile insurance market for the past several months. Most carriers have made decisions to either drop out of the market in the state for new business until 2022, or have made significant restrictions on age requirements or minimum first-year premium increases. The last insurance company I represent that offers a hybrid plan that guarantees full return of premium is Nationwide. While Lincoln still has a program, they now require a $7,500 minimum first year premium with flex payments after. For most of my clients, this is too much to commit. Last Friday, we received a notification from Nationwide that with the huge number of applications they've received, the backlog has created a significant slowdown in the process. They advised that the only way they can guarantee that a new application would be underwritten in time to meet the state's November 1 deadline for new policies is if they receive submissions no later than Friday, August 6th. After that, while they still will issue policies, they can't promise that it will be done in time for the opt-out requirement. Timing, right? I've blocked out my entire afternoon post lunch + learn to meet with any of you who want to move forward with an application after hearing my presentation. There is no obligation; no money required. After the underwriting is completed and you are given an offer, you can at that point accept, change, or decline it. The advantage of this is that you still have options. While I'm only one broker, based on what I know of the situation, there are very few other carriers available and they are all in the same situation. Bottom line, come prepared to ask questions and get educated on the new tax and Long-Term Care insurance. If you are interested afterwards, I will make time available for you. Thanks and see you on Friday! Vibe Coworks is Kitsap's premier shared workspace and coworking community. We support the West Sound region's modern professionals in their quest to commute less, connect more and find an escape from their home offices, by offering vibrant community, together with on-demand desk space, private offices, meeting rooms, workshops and event space. Learn more at vibecoworks.com or follow us on Facebook at facebook.com/VibeCoworks.