Publicity about new public LTC benefits programs, and payroll taxes, might push clients to plan for LTC costs.
The Washington state payroll tax exemption provision led to such strong LTC sales that insurers temporarily suspended new sales in Washington state because of concerns that Washington state insureds would be quick to drop their coverage. The state ended up postponing the start of LTC program payroll tax collections from Jan. 1, 2022, until July 1, 2023, because of concerns about how the program was structured.
The number of LTC products sold in Idaho and Oregon increased to 3,922 in 2021, up 97% from the number sold in those states in 2020, according to a comparison of 2021 and 2020 National Association of Insurance Commissioners data. For the United States as a whole, excluding Washington state, the number of LTC products sold increased 13% over that period, to 173,250. Including Washington state, U.S. LTC product sales count increased 102%, to 316,202. The number of stand-alone LTCI policies sold increased to 2,602, from 1,435, in Idaho and Oregon; to 115,788, from 2,545, in Washington state; and to 97,217, from 96,821, in U.S. states other than Washington state. Total U.S. stand-alone LTCI policy sales increased to 213,005, from 99,466. (Photo: Shutterstock)
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