Limited and Extended Care Planning Collective

Something strange happened to me recently - I told a friend who received an in-force rate notice to let their LTC policy lapse and to purchase a new plan.

Why is this strange? Because 99% of the time my recommendation would be to pay the increased premium level. I would explain that, in general, premiums for new policies are almost always higher than existing plans, even with rate increases.

Have you heard of the Washington Cares Fund?  If you haven't, it's the first state run and funded  Long-Term Services & Supports program. Originally signed in 2019 by Governor Jay Inslee, as of  January 1st, 2025, Washington State Residents who need long-term care may be able to claim benefits (based on needing help with 3 of 10 ADLs) from the state and receive a benefit of up to $100 per day up to a maximum benefit of $36,500. Undoubtedly  for many families these benefits are going to welcomed and helpful.  But, of course, someone has to pay for the program.