The Legislature has an opportunity to lead the nation by passing the bi-partisan Long-Term Care Trust Act to secure affordable long-term care for Washingtonians. This is an opportunity that we must not miss. The financial security of our state budget and Washington’s families are at stake.
Aging comes with many challenges. The cost of long-term care is an often-unanticipated challenge many families face. Most people do not understand that Medicare does not cover long-term care costs, and 95 percent of adults are uncovered by costly private insurance.
The average annual cost of long-term care can be $75,000. Most families are unable to afford care without enormous sacrifices, such as depleting their retirement savings or selling their homes. These circumstances may force people into poverty. This situation will only worsen as the aging population booms.
Private citizens are not the only ones at risk. If we do nothing, our state’s Medicaid long-term care spending is projected to nearly double to $4.1 billion per year by 2040.
– The Olympian