Is the New York Long Term Care Trust Act in effect?
The big question in everyone’s mind is:
When will the New York Long Term Care Insurance Trust Act become effective?
As of the date of this post, the bill is in the New York Senate Health Committee. Since it is now July, it is very unlikely that the bill will become law this year.
What does this mean?
If this bill becomes law at any time in the year 2023, then only those people who own a long-term care insurance policy prior to January 1, 2023 will be able to qualify for an exemption from the law. If you are interested in opting out of the New York Long Term Care Trust Act, then you will need to plan ahead and take action long before the bill becomes law.
If you want to avoid the payroll deduction to fund this New York state program, then you need to purchase a long-term care insurance policy before the bill becomes effective.
Possible Deadline to Purchase Long Term Care Insurance in New York State
We do NOT know when the New York Long Term Care Insurance Trust Act will be in effect.
We do know how the bill reads today, and we are following it closely. With the experience we gleaned from the Washington Long-Term Care Trust Program, we believe that this bill will become law at some point. States are looking for ways to offset their Medicaid budgets with state-sponsored programs, so this bill is likely to become law.
As the bill reads today, you must own a long-term care insurance policy way BEFORE it becomes law to have the option to opt-out of the program.
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