Long-Term Care insurance is more important than ever with looming state mandates.

The Silent Alarm: The Urgency of Long-Term Care Decisions

Confronting the future isn’t easy, especially when it revolves around long-term care. It’s a conversation many of us postpone, shelving it and promising ourselves we’ll address it later. But time waits for no one, and certain decisions must be made before they’re chosen for us.

A Glimpse into the Reality

Statistics paint a stark picture: 70% of those aged 65 and above will need long-term care services in their lifetime. Presently, Medicaid occupies a significant portion of state budgets, second only to K-14 education. This is not just about finances; it’s about ensuring that your loved ones can manage life’s challenges when they inevitably surface. Addressing long-term care needs early can significantly ease the process.

Why Act Now?

For over three decades, we’ve guided families through the maze of long-term care events. Witnessing firsthand the emotional weight and complexity it carries, it’s clear that having a Long-Term Care policy in place makes the journey easier. Procrastinating on this decision can impact more than just your future – it can shape the legacy you leave behind for your children.

Take, for instance, California’s trajectory, mirroring the Washington State Cares Act, which initiated a 0.58% payroll tax for those without a personal Long-Term Care policy. Key insights from a recent recommendation to the California Legislature include a proposed progressive payroll tax shared by employers and employees, consideration of waivers for the economically disadvantaged, and potential scenarios where either only the employee pays or both share the tax. The 0.58% tax in Washington? It’s already proving insufficient.

A Silver Lining

There’s an OPT-OUT provision for those who own a Long-Term Care policy before such legislation is enacted. This means you could sidestep an additional payroll tax by making a decision now that provides you with personalized coverage.

And more states are on the way to legislate.  This allows you to choose the insurance coverage you want without incurring extra taxation.  And honestly, the tax is the least of a family’s concerns.  The concern is about getting the right care at the right time while affording the cost.

Take the Next Step

The journey of long-term care decisions is deeply personal and can be daunting. But time is of the essence. Our expertise can guide you, ensuring your future is decided on your terms. While you are healthy and can get coverage, the protection it gives you, your loved ones, and your pocketbook is a triple play in our book. 

Don’t wait, start planning today.

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