In this month’s webinar, the Benefits attorneys of Maynard, Cooper & Gale will review compliance considerations surrounding the required COBRA subsidies under The American Rescue Plan Act, including new guidance and model notices from the Department of Labor.
(Pre-approved for 1 SHRM credit hour. Pending approval for HRCI credit.)
Since the recording of our April 6th LTC webinar, the deadline to have an LTC policy in place to qualify for the opt-out has been pushed back from July 24, 2021 to November 1, 2021. We are finding the following people are most likely to benefit from purchasing their own LTC plan and opting out of the WA State plan/tax.
People with high W2 wages (over $70,000/year)
People retiring within the next 5-10 years
People who plan on living outside of WA State when they retire
During the webinar you will learn about the new tax, benefits, and important information about ways you may be able to opt out of the program.
To opt out of the program, those interested will need to take action no later than this July (exact date tbd). This appears to be a once in a lifetime opportunity to opt out of a tax and benefit. During the webinar, Gary Forman of LTC Associates will explain how the opt-out will work, who will want to take advantage of it, and how to apply.
The new LTC program will provide a minimal long term care benefit that many people do not currently have. However, we are finding that many who value good LTC coverage or who are high income earners will choose to either opt out of the State run program or purchase a policy to help supplement the State program.
If you are interested in learning more about opt-out policies, please email me and I will get you in touch with our Long Term Care specialists.