WA Cares Fund Update
Submitted by Kaizen Financial Advisors, LLC on February 18th, 2022
On January 27, Governor Inslee signed two bills passed by the Legislature, House Bill 1732 and House Bill 1733, delaying the long-term services and supports trust program by 18 months and implementing some key changes. Workers will now begin contributing to the WA Cares Fund on July 1, 2023.1
Key Changes:1
- Workers near retirement (born before 1968) will qualify for partial benefits on a pro-rata basis
- Workers who live outside the state of Washington, military spouses, workers on non-immigrant visas, and certain Veterans with disabilities may opt-out of the program
- Workers will begin contributing to the fund in July 2023
- Employers will refund any premiums collected in 2022
Not Changing:1
- As of this date, employees new or transferring to Washington as their work state will still pay into the WA Cares Fund when the tax resumes unless they already have a private, qualifying Long-Term Care (LTC) Policy purchased before November 1, 2021.
- The deadline to complete an exemption application online with Washington Employment Security Department is December 31, 2022.
- Your choice is permanent. If you are applying for an exemption, you will be permanently disqualified from the WA Cares benefit.
To get updates directly from the WA Cares Fund Website, please join the mailing list here. If you have questions about the WA Cares Fund, please contact us.
