The Benefits Academy
Washington is the first State in the Nation to create a Long Term Care (LTC) Trust program, and will be funded 100% through an employee-paid payroll tax. Most working Washingtonians will be temporarily eligible for these LTC benefits once they have paid into the Trust for three years, and permanently eligible after 10 years of paying the tax. The LTC Trust does allow for individuals to apply for a waiver from the LTC Tax, but they must show that they have purchased their own LTC insurance coverage before November of this year. The onus is then on the employee to provide their employer with a copy of the State’s waiver.
Our speaker will cover a myriad of topics, including the benefits under the WA LTC Trust, typical provisions of LTC insurance, and what types of LTC insurance can qualify to opt out of the WA LTC tax. The need for LTC will be reviewed, outlining what services Medicare and Medicaid do and do not pay for with regards to LTC-type needs. And rounding out the hour will be a review of the payroll tax itself, how to document waivers, and what the options are for your non-W-2 employees (such as partners).
The session will help you be prepared for the questions your company may soon be receiving from your employees with regards to the tax, the opt out, and the benefits provided under the LTC Trust program.
- An understanding of why LTC benefits are needed, due to Medicare and Medicaid limitations
- How employees can opt out, and the self-employed can opt in
- How the new tax, as well as the State waivers, will affect your payroll processing
- LTC insurance options available to employers who want to provide employees with an option
Sandy Wood is President and Chief Benefits Consultant of The Benefits Academy. She has worked in and around the benefits field since 1990, as a benefits analyst, service representative, agency owner, operations manager, product developer for a private healthcare exchange, and benefits producer. Now she serves as a consultant to agents, brokerage firms, insurance carriers, and benefits-related vendors.
Sandy is a licensed insurance agent in the states of Washington and Oregon and holds her Certified Employee Benefits Specialist designation. She has presented educational programs at national ISCEBS Symposiums as well as locally for PNW ISCEBS, SSAHU, SHRM, and AWB. Other training has included on-site education sessions for Human Resources personnel and insurance carrier/broker training.
Approved for 1 SHRM PDC and 1 HRCI (General) Credit