I’m in the same camp as those who object to this badly written law. I am one of those who is too close to retirement to ever benefit from the money I will be required to pay in for the remaining years I work. I recognize the value of having long term care insurance but at this time, cannot purchase an individual policy as all insurers have suspended the sale of these policies in the state of Washington. So I cannot legally opt out of this payroll deduction as I will not be able to buy a policy before the deadlines. This is also thanks to this badly written law where you only have to show proof you have insurance, there is no requirement you maintain that policy. So once you prove to the state you have it and are exempted, you can cancel the policy.
For those who pay in, at 10 years you’re vested and you can make claims for care with a lifetime maximum of $36,500. Many of the people I know in long term care will tell you that is a pittance compared to the cost of their care. And you can bet those costs are only going to go up in the course of the next ten years.
I wish I knew if there was a lawsuit to stop the implementation of this law. I’d be glad to sign on to it. Meanwhile, I get to just kiss my hard earned money good bye as I will never see it again. I’d be better off taking that payroll deduction and investing it myself. At least then I’d actually have a nest egg which I could use for long term care expenses and I’d also earn the interest on my money.