Starting in 2022, workers in the state will pay into the Long-Term Trust Program account through a premium based on 0.58% of their wages. By 2025, when those benefits are available, they'll be able to receive up to
Over the next 10 years, the state estimates the trust fund will collect some
Although an estimated 7 out of every 10 people who reach age 65 will need some type of long-term care in their life, it is not covered by Medicare.
Private long-term care policies have become increasingly expensive and restrictive in their benefits. Many long-term care services are not covered by Medicaid, a joint federal and state program, until a person drops below a certain level of income.
"People will no longer have to spend themselves into poverty in order to get care," said Rep.
"We're trying to do the right thing and make sure they can age with dignity," Palumbo said.
In 2025, a person who the
A resident of
Actuaries who studied the plan said the fund as a stand-alone program would not maintain solvency by expanding beyond
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