Washington State Passes Long-Term Care Payroll Tax
- March 7, 2021
Washington State has passed a new tax on employees to fund the first public-operated, long-term care (LTC) insurance program. Effective January 1, 2022, Washington State residents who are 18 years or older and W-2 employees will be subject to a 0.58% payroll tax on all compensation.
You can opt-out and become exempt from this tax and program by having your own individual long-term care insurance policy in place before the deadline of November 1, 2021. Apart from the annual savings, the benefits of an individual policy can be far superior to those offered through the state’s LTC insurance program.
SPENCER NURSE
Title:FINANCIAL ADVISOR, MANAGING DIRECTOR-INVESTMENTS
The Nurse Team has more than 50 years of combined experience in financial planning strategies. As of May 2021, the Team manages over $200 million in client assets. The team focuses on risk-adjusted investment management when assisting clients in addressing their retirement, educational, and philanthropic goals. Spencer and his team take direct responsibility of investment management for client portfolios. In the evolving markets and changes in clients’ lives, the team focuses on creating goal based strategies that are tailored to client’s specific situation at various stages in life.
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