The cost of caring for aging Washingtonians is set to soar in another decade and Washington lawmakers are looking to the stock market to raise more cash.

In 2019, Washington lawmakers passed the Long-Term Care Trust Act, creating the first state-run long-term care insurance program funded by a 0.58% payroll tax. The program is overseen by the 15-member Washington State Investment Board established in 1981 that includes two lawmakers each from both the state Senate and House.