Frequently Asked Questions About 8201
Vote Approve 8201 to grow Washington's long-term care fund by billions and prevent politicians from raiding the fund so aging adults and people with disabilities can afford care when they need it.
Independent actuaries project that Approving 8201 would increase fund investment returns by 2%, boosting our long-term care fund by $194 billion in 50 years.
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Amendment 8201 strengthens our long-term care fund, keeping premiums low and growing benefits for aging adults and people with disabilities.
Current law limits investment of the Trust Fund to only low-return choices, like government bonds.
Amendment 8201 allows the Trust Fund to be invested to produce higher returns.
This proven method would be managed by the independent, nonpartisan Washington State Investment Board, which is bound by the highest fiduciary standards.
Under 8201, investment returns cannot be legally spent on any other programs, they must be spent on long-term care.
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Even with a conservative 1% additional return rate, this measure is projected to add more than $67 billion dollars over the next 50 years to the benefits fund that Washingtonians rely on, according to an independent actuarial’s projection analysis.
Amendment 8201 will keep premiums low for working Washingtonians, and could expand benefits for aging adults and people with disabilities.
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8201 would allow an independent, nonpartisan board (Washington State Investment Board) that successfully manages $200 billion in Washington’s public pensions and disability funds to administer the long-term care fund, maximizing stability and returns.
Other states, including California, New York, and Oregon, also professionally manage similar long-term public funds with strong results. In each case, professional investment has increased returns, reduced taxpayer risk, and preserved benefits.
The Washington State Investment Board’s strategies take into account market ups and downs, with an average annual 8% return over the last 25 years.
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With hundreds of billions in cuts to Medicaid by Congress, it is even more critical that we shore up and preserve Washington state’s independent long-term care program.
Medicaid is the largest funder of long-term care in the nation, with tens of thousands of vulnerable seniors and people with disabilities reliant on it for access to long-term care in Washington state alone.
8201 will make our long-term care fund more reliable and secure.
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A super majority of Democrats and Republicans in the legislature approved this common sense approach to smarter financial management of Washington’s long term care benefits.
They don’t always agree, but both Governor Bob Ferguson and Senate Republican Leader John Braun support this measure to grow this fund for the care of 4 million Washingtonians when they are aging or disabled.