Opting out of Washington’s Wish Act Tax
Opting out of Washington’s Wish Act tax is only allowed if there is a privately-owned long-term care insurance plan in place as of November 1st. The opt-out timing begins today, October 1st and ends October 31st.
Because of the volume of new applications for long term care policies, many insurance companies ceased selling the contrast the first of September.
The Opting Out of the WISH Tax video/article goes into detail about the law and the effect it is having on the people in Washington state.
Why is this important: because the Long Term Care Insurance Task Force is discussing such a plan for California. There are 23 other states also watching the Washington State experience.