Editorial: Approve 8212 to make most of long-term care fund
By The Herald Editorial Board
One measure that voters should make certain they do not overlook on their ballots is a proposed amendment to the state constitution, Engrossed Senate Joint Resolution No. 8212.
A yes vote will ensure that money in a newly created trust fund for long-term care for seniors is invested wisely by the Washington State Investment Board — and not left to collect only minimal returns — so that necessary care is ensured.
The Legislature in 2019 passed House Bill 1087, which will use a modest payroll deduction to support the Long Term Care Trust Fund, addressing a growing crisis that threatens the health and financial well-being of seniors and their families.
About 7 in 10 Americans, 65 and older, will need long-term care services during their lives. The median retirement savings for seniors is about $136,000, but those over the age of 65 can expect average costs of $260,000 over the course of their lives for care services. Very few people carry insurance to provide that care — it can be hard to find and expensive when available — and Medicare doesn’t pay for most care services; that is until that person has depleted their savings to the poverty level.
https://www.heraldnet.com/opinion/editorial-approve-8212-to-make-most-of-long-term-care-fund/
