What to know about the WA Cares Fund payroll tax and why you should keep your policy
You’ve made a wise decision to protect your family and your paycheck, and we’re here to help.
Here are a few things to know if you live in the State of Washington and have a Trustmark Universal Life policy with long-term care benefits:
January 2022 Amendments
- Changed the implementation date of the tax to July 1, 2023
- Included exemption opportunities for specific groups (i.e. for disabled veterans and out of state employees)
- The November 1, 2021 deadline to obtain coverage has not changed. If you cancel your Trustmark policy now, you may no longer have credible coverage for the exemption if proof of coverage is required in the future.
- One of the legislative changes being discussed is an ongoing requirement to prove active coverage in order to maintain exemption.
- Trustmark coverage is only available during a special enrollment and you may not have access to it again. You cannot reinstate cancelled coverage at any point.
- Your Trustmark protection offers both life insurance and long-term care benefits at a rate that won’t increase due to your age or salary.1 You can also keep your coverage even if you change jobs, retire or move out of state.
Remember that you can access your policy information and file claims 24/7 on the Trustmark Voluntary Benefits Portal.
For more information about the WA Cares Fund Program, visit the WA Cares site.
Updated: January 28, 2022
Universal Life & WA Tax Exemption
- All 2021 enrollments are closed and we are unable to process any new applications to be applied towards the WA State Exemption.
- If you have applied for coverage, but haven’t received a policy yet, please note that your coverage is effective as of the date of your application due to interim coverage (if your application for coverage is approved).
- Your policy will qualify you to apply for the exemption once your policy has been issued, and you have until December 2022 to apply for your exemption. This includes spousal policies which may still be in underwriting because they take longer to complete.
- For information on applying for exemption please visit the WA Cares Fund website.
Trustmark® is a registered trademark of Trustmark Insurance Company. Products underwritten by Trustmark Insurance Company. This content is based on Trustmark’s interpretation of the new legislation and is subject to the State’s application of the rule and approval of each application for exemption. The information provided here should not be construed as legal, tax, investment, financial or other advice. Please consult with specialized experts for detailed advice for your situation.
1 Please refer to your policy and personalized Life Insurance Illustration (provided to you with your policy) for a detailed explanation regarding factors that can affect the minimum premiums payable under your flexible premium policy.