Why are people buying Long-Term Care in Washington State?
There have been record sales all over the industry for state of Washington. Of course, we know that the reason is the soon to be mandatory payroll deduction of .058 cents per $100 of salary that will go into effect on January 1,2022 in that state. WA State has over $3.8 million employees that will either be taxed for LTCi on their payroll checks, or can show that they have a compliant 7702b LTC plan in place by November 1, 2021.
Maybe this is a wakeup call to those of us in the LTCi sales industry. Could this be the start of things to come? Rumor has it that 9 other states are considering similar ideas to help cover the anticipated increase in care that will be necessary as the Baby Boomer population ages in. Our Medicaid system is being tested, and we realize that it needs a boost as the largest payor of LTC Benefits. The payroll tax idea is just one way that states may help to shore up the system.
A suggestion from LTC Solutions is that you gear up, and start letting your database of prospects know that you are offering LTC Insurance, and that now may be the time to consider a conversation. Please contact us to request one of the 4 marketing pieces you are welcome to use to help you market to your prospects. We also suggest you read the Hearts and Minds piece distributed by Mutual of Omaha, the number 1 carrier in the LTCi industry today.
Please call Mary, Ryan or Richard for more assistance on how to make you presence felt.