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Long-term Care Payroll Taxes Coming Soon
January 25 @ 2:00 pm - 3:00 pm
January 25, 2023, at 2:00 PM – 3:00 PM ET
The state of Washington is the first state to establish a social insurance program to fund long-term care. On July 1st, 2023, a .58% payroll deduction will begin to be taken from each employee’s earnings. This amounts to $5.80 for every $1,000 an employee earns. These funds will be put into a trust to pay for future long-term care needs. Once vested an employee can receive up to $36,500 of long-term care benefits over their lifetime (adjusted for inflation). Thirteen other states are in the process of implementing similar programs, including Alaska, California, Colorado, Hawaii, Illinois, Michigan, Minnesota, Missouri, New York, North Carolina, Oregon, Pennsylvania, and Utah. These new programs will impact every employer in these states. Why did Washington state create this program? How has this impacted Washington state employers and employees? When will similar programs be implemented in other states? What can we learn from Washington state’s mistakes?