Texas today has declared a “Zero Fund” to fund baby boomers in need, as part of the state’s effort to curb rising healthcare costs.
The state’s Zero Fund is designed to pay for the care of parents who are still unable to support their children in their prime and for nursing homes and other long-term care facilities.
The fund has been set to receive about $3 billion in cash by the end of this year, which will go toward helping families stay afloat.
The move is being welcomed by a coalition of organizations that represents workers in the state who want to see more money allocated to older adults.
“These are people who have put their life on the line and their families have put themselves on the lines, and it is so important to us to see the money go to people who are most in need,” said Linda Tinsley, president of the Texas A&M Retirement Fund.
The Zero Fund was created in 2009 by the state of Texas, as a way to provide help to people with older children and parents who were unable to work.
The Texas Zero Fund will be funded with cash from the Texas Pension System and state revenue.
Texas already has a zero-fee pension plan for the older adults, but the state also wants to create a “safety net” fund that would pay for nursing home care for the same age groups.
“We have a lot of seniors who need help and who are at risk of losing it all because of COVID-19,” Tinsly said.
The goal is to make sure that the state has enough money to keep people in the workforce.
“It’s really about making sure that we’re making sure our people have the money they need to care for themselves and their family,” Tresley said.