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.
Please note that many employees under 60 years old will qualify for vaccine based on the “High-risk critical workers” exception listed below. Among many other job types, this includes manufacturing and construction workers who work in an enclosed space and cannot maintain physical distance.
Please note that the eligibility is based on the “honor” system. Those administering the vaccine generally do not check employment details to verify eligibility.
The following summary is from the WA DOH Website linked above:
We are currently in Phase 1B tiers 3 and 4 of vaccine distribution
People, staff, and volunteers in certain congregate living settings: correctional facilities; group homes for people with disabilities; settings where people experiencing homelessness live or access services
High-risk critical workers* in certain congregate settings: agriculture, fishing vessel crews, food processing, grocery store/food bank, corrections (prisons, jails, detention centers), court of law, public transit, remaining first responders, restaurants, food services, construction, and manufacturing
People 16 years or older who are pregnant or have a disability that puts them at high risk for severe COVID-19 illness
All people 50 and older who live in a multigenerational household
All workers in health care settings
Educators and school staff for pre-kindergarten through 12th grade and child care workers
People who live or work in long-term care facilities