How much will you pay into the WA Cares Fund?

Starting in July, most Washington workers will see a 0.58% deduction from their paychecks that will go toward funding the state’s public long-term care insurance program. Keep in mind the calculator assumes your salary won’t change and the benefit is only estimated out to your expected retirement date. The age and date you will require long-term care is unknown.

When 2023 started, I was 35
I am planning to retire at age 66
I make a gross annual salary of $50,000

This would set my annual payments at $290, my monthly payments at $24, with a lifetime premium of $8,845.

On July 1, 2055, the benefit is estimated to be $36,500.
If you plan to stop working within 10 years, you will eventually lose eligibility for the benefit.
If you plan to stop working within three years, you will not be eligible for the benefit.
If you stop working within 10 years, you will eventually lose eligibility for the full benefit. Past then, you will be eligible for the partial benefit of $9,135.
You will be eligible for the partial benefit of $3,650 after July 1, 2026 when the fund starts paying benefits.

Source: WA Cares Fund, WA State Legislature

Lauren Flannery and Amanda Zhou / The Seattle Times