New York Long Term Care Trust Act Opt Out
Possible Deadline to Purchase Long Term Care Insurance in New York State
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enate Bill S9082 establishes the New York Long Term Care Trust Program allowing for the New York Long Term Care Trust Act opt out only once.
This bill will establish the New York Long Term Care Trust Program to provide long term care benefits for eligible residents. New York residents who have paid the required payroll tax withholdings and are in need of assistance with at least three activities of daily living (ADLs) as determined by the department of health will be eligible for the program benefit of $36,500.
New York Long Term Care Trust Act Opt Out:
The bill states, “An employee who has maintained private long term care insurance coverage on an uninterrupted basis beginning no later than January first of the year in which this article takes effect may apply for an exemption from the premium contributions required...” Senate Bill S9082 was introduced on May 9, 2022. Since New York is a full-time legislature state, discussions about this bill are taking place now. At this time, it is unknown exactly when this bill will take effect. Because the New York legislature is year-round, it is wise to plan now for your New York Long Term Care Trust opt out.
If the article takes effect any time in 2024, then only those people with private long-term care insurance coverage with an effective date prior to January 1, 2024 will qualify for the exemption.
You must own private long term care insurance coverage before the bill takes effect to qualify for the opt out. Secure your qualification now, while there is still time.