In our latest podcast, I am joined by Margie Barrie* to discuss Washington’s new long-term care insurance public option, Washington Cares. See generally Wash. Stat. 50B.04.010, et seq. As many of you know, Washington permitted a one-time opt-out from the Washington Cares program—and the associated payroll tax (effective January 1, 2022) being used to fund the program—for people who purchased qualified LTCi by November 1, 2021.
After briefly discussing the key features of the law, we discuss how the exemption to the payroll tax dramatically impacted Margie’s life as a broker selling LTCi; what we heard from our carrier contacts on how it impacted new business in Washington this year; and what we are hearing about other efforts to deploy similar legislation in other states. Margie and I also discuss our plans to continue to track this significant development in long term care. We will be focusing on the impact of the Washington legislation and other states considering LTCI public options.
*Margie has worked as an agent specializing in long-term care planning since 1990. She is a recognized expert in the industry, having been named one of the industry’s top 10 power people by Senior Market Advisor Magazine and as one of the top 25 most creative people in the insurance industry by LifeHealthPro Magazine. And since 2000, she has been writing her popular column “LTCI Insider,” which now reaches 140,000 agents. Most recently, Margie published an article on the Washington Cares legislation (subscription required).