WA Cares Creates Economic Growth, Billions of Dollars in Jobs
The WA Cares Fund is good for Washington’s economy. It prevents thousands of unpaid caregivers from leaving their jobs. It also creates new opportunities.
For every worker getting WA Cares funds, WA Cares Fund spending multiplies into $54,750 in economic benefits for businesses and communities. Every $1 in WA Cares Fund spending on a home repair, home care provider, or medical supplier, generates $1.50 in economic benefits [source].
By 2026, an estimated 36,000 people receiving WA Cares Fund benefits will generate $1.9 billion in economic growth for communities across the state [source].
WA Cares Helps Prevent Labor Shortages In Washington
An estimated 860,000 unpaid family caregivers take care of loved ones in Washington [source]. This unpaid work takes labor and money out of the economy and puts a large amount of strain on employers. Especially small- and medium-sized businesses.
When unpaid caregivers exit the workforce, it’s an average lifetime cost of about $300,000 in lost wages and retirement benefits. The unpaid care that we provide is worth the equivalent of $16.8 billion every year in Washington State [source]. WA Cares will pay family caregivers and home health aides to take care of those who need it. This puts money back into our economy, and means less people will have to quit their careers.
“My mom was a healthy, active 63-year-old when she had a debilitating stroke.
I had a great career in tech, so between us we had savings – we thought we’ll be fine.
I had to leave my career to care for my mom.”
WA Cares Saves Washington Taxpayers $3.9 Billion Over 30 Years
Right now, the main people paying for long-term care is…us. Taxpayer-supported Medicaid is the main payer in Washington State for long-term care. In 2021, 23% of Washington’s Medicaid spending went to long-term care [source]. That’s $5 billion! That number will only go up as our population ages.
The WA Cares Fund will reduce Medicaid’s long-term care spending. It’s expected to save taxpayers $470 million a year by 2052. After 30 years, it will have saved a total of $3.9 billion in taxpayer dollars. It’s projected that the WA Cares Fund will reduce Medicare spending for those needing in-home care by 25% for adults under 65 [source].
Not only does the WA Cares Fund benefit individual Washingtonians, it provides economic benefit to families and our entire community.
The WA Cares Act ensures that working Washingtonians have access to affordable long-term care insurance, so we can get the care we need, when we need it. Learn about how near retirees like Vicki will have help with aging and long-term care.