Evergreen State Long Term Care
Cool.
But what, exactly, does that mean?
Well first, let’s look at what this plan isn’t:
It is not an individually owned, Partnership Compliant long term care insurance plan (it’s not, in fact, ‘long term care‘ coverage at all, but we’ll circle back to that). That’s not to say it’s evil, fattening or carcinogenic, just noting its limitations.
On the other hand, it’s also not the late, unlamented CLASS Act, so it actually seems to have some decent value, especially relative to cost.
Okay, that’s nice, Henry, but what is it?
Pretty simple, really:
“All residents will pay 58 cents on every $100 of income into the state’s trust. After state residents have paid into the fund for ten years—three if they experience a catastrophic disabling event—they’ll be able to tap $100 a day up to a lifetime cap of $36,500 when they need help with daily activities such as eating, bathing, or dressing.”
That is, they’ll be eligible to receive up to a year of extra help with common tasks (assuming care costs $100 a day, and this amount increases each year). Which is, quite frankly, pretty remarkable. And at a tax rate of about 6/10th’s of 1%, quite affordable. Given the state’s average income of $70,000, that comes to about $400 a year per taxpayer.
So, is this a good deal?
Depends, no?
I’m ambivalent as to its likely result:
On the one hand, as it relates to encouraging folks to at least discuss the idea of long term care (and insuring it, obviously), raising awareness, I think that can be good.
What I’m afraid of, though, is that it will give folks a false sense of security as to the need to self-insure. I see this quite a bit with folks who think “oh, I don’t need LTCi, Medicare will pay for it.”
Uh, no, no it won’t.
But a lot of folks believe that it does. And I’m concerned that folks will think that this is indeed Long Term Care insurance when it’s not even really Short Term Care coverage.
On the gripping hand, it may well be all that many (most?) Washingtonians want, or need, or even qualify for.
Time will tell, no?
[Hat Tip: Bill Comfort]
Source: http://insureblog.blogspot.com/2019/05/evergreen-state-long-term-care.html
Anyone can join.
Anyone can contribute.
Anyone can become informed about their world.
"United We Stand" Click Here To Create Your Personal Citizen Journalist Account Today, Be Sure To Invite Your Friends.
Please Help Support BeforeitsNews by trying our Natural Health Products below!
Order by Phone at 888-809-8385 or online at https://mitocopper.com M - F 9am to 5pm EST
Order by Phone at 866-388-7003 or online at https://www.herbanomic.com M - F 9am to 5pm EST
Order by Phone at 866-388-7003 or online at https://www.herbanomics.com M - F 9am to 5pm EST
Humic & Fulvic Trace Minerals Complex - Nature's most important supplement! Vivid Dreams again!
HNEX HydroNano EXtracellular Water - Improve immune system health and reduce inflammation.
Ultimate Clinical Potency Curcumin - Natural pain relief, reduce inflammation and so much more.
MitoCopper - Bioavailable Copper destroys pathogens and gives you more energy. (See Blood Video)
Oxy Powder - Natural Colon Cleanser! Cleans out toxic buildup with oxygen!
Nascent Iodine - Promotes detoxification, mental focus and thyroid health.
Smart Meter Cover - Reduces Smart Meter radiation by 96%! (See Video).
| Online: | |
| Visits: | 1,599,496,467 |
| Stories: | 8,139,410 |
Whistler Blowers, Insiders
