So You Wanna Ditch the WA Cares Fund? Hold Your Horses...Literally, We Can't Help You Ride Away From This One
Ever feel like Washington state throws a surprise party on your paycheck every month? Yeah, that's the WA Cares Fund payroll tax – a little something extra Uncle Sam takes out to help you with future long-term care needs. But what if you've got your own rocking retirement plan (or a pet llama trained in physical therapy)? Well, then you might be wondering how to opt out of this whole WA Cares Fund shindig.
The Not-So-Great News: The Opt-Out Stable Closed in 2021
There used to be a way to waltz right out of the WA Cares Fund by having your own private long-term care insurance policy. But that loophole tighter than a jockey's silks after a big win. As of November 1, 2021, you can't opt out with new private insurance anymore. So, if you missed that deadline, you're stuck with the WA Cares Fund for now.
Don't Despair! There's Still Hope (Maybe)
Tip: Don’t skim past key examples.
While you can't exactly tap-dance your way out, there are a few situations where you might not have to pay into the WA Cares Fund:
- You're under 18 (or a very precocious child with a serious long-term care need): Congratulations, you get a free pass!
- You're already getting help from Medicaid: The WA Cares Fund is all about helping those who might not qualify for Medicaid down the line. So, if you're already covered, you're good to go.
- You're not expected to ever need long-term care (because you're a cyborg?): There's a process to opt out for medical reasons, but it involves a doctor's note that basically says you're invincible (or at least invincible to needing long-term care).
Here's the thing: These situations are specific, and navigating them can be a bureaucratic maze that would make Kafka weep. So, it's always best to check with the WA Cares Fund directly if you think you might qualify for an exemption.
"But Wait, There's More!" (Because We Promised You FAQs)
Tip: Each paragraph has one main idea — find it.
Alright, alright, buckle up for some rapid-fire WA Cares Fund knowledge:
How to Find Out More About the WA Cares Fund?
The WA Cares Fund website is your best friend: WA Cares Fund website
QuickTip: Keep going — the next point may connect.
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How to Apply for an Exemption (if you think you qualify)?
The WA Cares Fund website has all the info: WA Cares Fund website (We know, we know, not the most exciting website name).
How Much Does the WA Cares Fund Take Out of My Paycheck, Anyway?
QuickTip: Read a little, pause, then continue.
Currently, it's a scant 0.58% of your wages. But hey, every penny counts, right?
How Do I Know If My Private Long-Term Care Insurance Counts (since the opt-out is closed)?
If you had a policy before November 1, 2021, you might still be exempt. Contact the WA Cares Fund to be sure.
How Do I Lobby for Changes to the WA Cares Fund (because who doesn't love a good lobbying montage?)
Washington State Legislature website is your starting point: Washington State Legislature website
Remember, knowledge is power, even when it comes to WA Cares Fund payroll taxes. So, stay informed, and who knows, maybe someday they'll have a dance-off to determine who gets to opt out.
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