Whole Life + Long-Term Care Rider
Enrollment Period: 9/9/21 - 9/29/2021
IMPORTANT ANNOUNCEMENT CONCERNING THE LONG-TERM CARE PAYROLL TAX FOR WASHINGTON STATE WA CARES FUND
At EBS we have been providing custom solutions to Union Member benefit needs since 1997. We pride ourselves on educating IAM members on legislation that will impact them, as well as offering information to help them navigate available options. With that in mind, please see important overview of the WA Cares Fund that was signed into law by Gov. Inslee April, 2021. This legislation impacts everyone employed in the state of Washington.
The Facts:
- The law imposes a new employee-paid premium of $0.58 per $100 of earnings (premiums are uncapped). There is no employer-paid portion of the premium. Employers are responsible for collecting, remitting, and reporting these premiums, and employers will face penalties if they do not.
- The benefits offered under the WA Cares Fund are limited and subject to a $36,500 lifetime cap. Other limitations apply.
- Employees can opt out of the WA Cares Fund only if they secure their own private long-term care insurance by Nov. 1, 2021, and then apply for and receive an exemption by Dec. 31, 2022.
While the mandatory Long Term Care Tax is coming to workers in Washington state, Machinists Custom Choices is offering a Long-Term Care Alternative during Open Enrollment: Sep 8th - Sep 29th
