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How Do You Opt Out of Washington State's Long Term Care Tax

Update as of January 25, 2021 The Washington state House has voted to delay the implementation of the WA Cares Fund. What does this mean for you? Here is what we know now: -- Employers will not begin withholding tax until July 1st, 2023. -- The tax has not been repealed it has been delayed. This means that if you purchased a private long-term care policy that you should not cancel it. -- There is no indication that the opt-out period will be extended. If you meet the opt-out criteria and purchased your LTC policy prior to Nov 1, 2021, you have until December 31, 2022, to opt-out of the tax. This video will walk you through the process. -- We will continue to monitor the situation and provide updates as we learn them. **** On October 1, 2021 the window to opt-out of Washington State’s Long-Term Care Tax opened. If you have purchased a private long-term care policy you should start the application process soon. Disclaimer: Avier Wealth Advisors is not associated with the state of Washington, the Employment Security Department or the Long Term Care Tax. This video is a tutorial of Washington state’s website for how to opt out of the tax and not a recommendation or advice as to whether it makes sense for your personal situation. ************** If you liked this video.... HIT the like button! SUBSCRIBE to our channel https://www.bitly.com/avieryoutube VISIT https://www.avieradvisors.com ************** This video contains a step-by-step guide to help you with the opt-out process Step One: Create a SecureAccess Washington (SAW) Account Visit: https://secureaccess.wa.gov/myAccess/... and select the “Sign Up” button. If you already have an existing SAW account, enter your information and hit submit. After entering your first and last names and your email address, you should receive an email with a link to activate your account. Once your account is active, you’ll need to add “Paid Family and Medical Leave” to your SAW services. Step Two: Add Paid Family and Medical Leave to your SAW services Log-in to your SAW account at secureaccess.wa.gov, -- Select “Add A New Service” -- Select “I would like to browse a list of services.” -- Scroll through the list to “Employment Security Department” and select “Paid Family and Medical Leave” from the drop-down menu. -- When you see the confirmation screen that lets you know the service has been added to your list, click “OK”, then select “Paid Family and Medical Leave” from your list of services to access your account. Step Three: Create Your Exemption Account -- Once you’ve logged in and selected Paid Family and Medical Leave from your list of services in SAW, you’ll click “Continue” to proceed to creating your WA Cares Exemption account. -- Under My WA Cares Exemption, click on Apply for an Exemption -- On the “Create an Account” page, select the “Create an Account” button to the right of “WA Cares Exemption”. -- Complete the necessary information to create your exemption account -- Upon completion you'll receive a "customer ID" Step Four: Apply for Your Exemption -- Enter your current age -- Attest that you are: ------ At least 18 years of age ------ Have long-term care insurance purchased before 11/1/2021 ------ Wish to opt-out of participating in the WA Cares Fund Program You may need to upload proof of identity if you have not done so in the past under the Secure Access WA system. You have Submitted Your Application – What’s Next? To see the status of your application -- Under the Paid Family and Medical leave area click on Access Now -- Hit Continue -- Your application status will be listed, and any correspondence the state has sent to you Final Step – Provide Exemption Approval to Employer If your application is approved, you’ll get an exemption approval letter from ESD, at which point you’ll be: -- Expelled from the program with no option to re-enroll. -- Disqualified from accessing WA Cares benefits in your lifetime. -- Required to present your exemption approval letter to all current and future employers. Present your exemption approval letter to all current and future employers! The exemption will take effect the quarter after your application is approved. If you fail to present your ESD approval letter, employers will withhold NON-REFUNDABLE WA Cares premiums. ****** Avier Wealth Advisors 425-467-1011 10655 NE 4th Street, Suite 508 Bellevue, WA 98004 [email protected] Website: https://avieradvisors.com/ We focus on providing comprehensive financial planning and investment advisory strategies for tech professionals and their families.