Long-Term Care Insurance

Long-term care goes beyond medical care and nursing care to include the assistance you could need if you ever have a chronic illness or disability that leaves you unable to care for yourself for an extended period of time. Reasons for buying long-term care insurance include:

• To help avoid depending on family or friends
• To help maintain options on how & where to receive care
• To help preserve future independence
• To help avoid using retirement savings or personal assets to pay for long-term care services

At KMi, we are dedicated to helping you navigate the complicated and changing environment related to long-term care. We will begin with the basics and then move to breaking down how long-term care insurance (LTC) works, if you will qualify, and what the costs will likely be if you do.

The WA Cares Fund created a significant shift in the market for long-term care and should be taken into consideration while you plan for your future needs. While the fund may not cover the full extent of needs for most people, if you are enrolled and eligible for benefits at the time you experience circumstances triggering a need for long-term care services, it can assist in covering gaps in your private insurance such as waiting periods or meeting deductibles.

What is the WA Cares Fund?
The WA Cares Fund is a publicly funded insurance program that will provide a basic level of benefits for long term care services. With the passage of the Long-Term Services and Supports Trust Act, Washington is the first state in the nation to create such a program. Financing for the program will begin July 1, 2023 through a mandatory payroll tax. Employers are required to handle the collection and remittance of the employee-paid taxes.

How do I enroll in the WA Cares Fund?
Enrollment varies depending on your circumstances. For many workers, enrollment is automatic for anyone receiving a W-2, as employers are required to deduct the tax from payroll. Certain workers may apply for exemptions depending on their circumstances. Self-employed people or business owners may need to opt-in to the program.