By Brian Sullivan / For The Herald
As I and other local elected leaders wrote recently in The Herald, the massive cuts to Medicaid approved by Congress will have a major impact on our communities, and on the health of children, seniors, veterans and people with disabilities.
Fourteen hospitals in our state are at risk for closure, and many state residents will lose their health insurance. Delayed or limited access to care will drive up visits to ERs. As Justin Gill, an APRN in Everett and president of the state Nurses Association, put it: “Many calls to 911, visits to the ER, and hospital admissions are related to preventable falls, missed medications, or common infections.” That’s because many can’t afford help at home; someone to ensure they can move around safely, manage medication, get proper nutrition and hydration. It’s not until they face the need for support that they realize neither traditional health insurance nor Medicare will cover long-term care expenses like a home care aide, home modifications like grab bars, a wheelchair ramp, or assistance with transportation to appointments.
Contrary to public perception, Medicaid is actually a middle-class benefit, especially when you or someone in your family needs long-term care. The cost of care quickly drains most families’ savings, causing people to leave the workforce to care for loved ones. Medicaid is the primary payer for nursing homes and many home- and community-based long-term care supports and services. Federal cuts will make the financial burden for families even harder to bear.
That’s one of the reasons why first responders such as nurses and firefighters support Senate Joint Resolution 8201 on our ballots this election. It’s a rare day when both political parties agree on anything these days. It’s noteworthy that, this year, a bipartisan supermajority in the state Legislature — nearly every Republican and Democratic legislator — voted in favor of putting this measure on the ballot to better grow Washington’s long-term care benefit fund. Also known as WA Cares, this benefit will become more important than ever in the years ahead as our overall population ages.
Approving Measure 8201 will strengthen Washington’s long-term care benefit fund for aging and disabled people in our communities by investing a portion of the fund’s reserves for greater growth. Investment managers with decades of experience say it will boost the fund’s growth significantly, without costing taxpayers a penny. By allowing the nonpartisan Washington State Investment Board (WSIB) to use the same successful investment strategies it uses with other state-managed pension and retirement funds, we can keep WA Cares premiums low, and even open the possibility that the benefit itself could be increased.
The WSIB adheres to the highest fiduciary standards, delivering an annual average investment return of more than 7 percent for dozens of state-managed pension and retirement funds. The board manages more than $200 billion in public assets, with a stellar track record of high returns on investments for retirement plans for police, firefighters, teachers and many other workers.
Even with a conservative estimate of 1 percent increase over current returns, this change would add more than $67 billion over the next 50 years to our long-term care fund. Experts say it’s more likely we’d see a 2 percent or even 3 percent increase in the return rate, ensuring the fund’s ability to pay out benefits not only for our generation, but also for our children and grandchildren and future generations.
Under Measure 8201’s changes, 100 percent of investment income from Washington’s long-term care fund must be allocated to aging adults and people with disabilities, rather than being spent on other programs, thereby holding the state accountable. Unlike some ballot initiatives we have faced in Washington, this issue is not complicated, but it is crucial. No matter what your opinions are about WA Cares, it’s common sense to maximize our returns on investment
Take it from Roslyn Carter, who put it this way: “There are only four kinds of people in the world: those who have been caregivers, those who are currently caregivers, those who will be caregivers, and those who will need caregivers.”
The ripple effect of Medicaid cuts will be disastrous for both those who need care and the caregivers who provide it.
Fortunately, more than 4 million Washingtonians will have a safety net to turn to when we, or a loved one, need help with activities of daily living because of an injury, disease, disability or the everyday challenges that come along as we age. WA Cares benefits will help offset the costs of essential services and support, a lifeline for families across our state.
Join me and other county treasurers, firefighters, nurses, teachers, and advocates for seniors, disabled people, and working families in making a good thing even better by approving Measure 8201.
Brian Sullivan is the Snohomish County Treasurer, a former state legislator, and County Council-member.
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