The aging of the baby boomers, the largest generation in American history, has arrived. The oldest “boomers” turn 55 this year. With more than 70 million people born between 1946 and 1964, that’s a lot of 55th birthday parties-one every seven seconds for the next 20 years. Besides accepting more personal responsibility to plan for their own aging, they need to become much more proactive in preparing for their aging parents. And so will their employers!
Why should employers consider this their problem? Because middle aged workers, particularly women, and especially those age 40 and above, are faced with increased responsibilities to provide care for their aging parents. In addition to being the largest segment of the U.S labor force, members of this generation fill a substantial percentage of middle and senior management positions and have the skills, experience and long term relationships that employers need to operate and compete effectively. The most valuable employees are likely to be the most affected.
Caregiving takes a heavy toll on work and family life. Among those who have provided hands-on care, 67 percent reported that it has had a significant impact on their family lives, and 41 percent reported that it had a significant impact on their work
Offering working caregivers support saves employers money. A national consortium of elder care and elder life planning professionals, including nurses and social workers along with insurance, accounting and elder law specialists have been developing an affordable solution to the complex needs of working caregivers, many of whom work for employers who are caught in the dilemma of recognizing the need for such a benefit but find new benefits difficult to afford.
Using a nationwide network of local independent nurses, social workers, financial, legal and insurance specialists a comprehensive package of elder and disability services can be offered by employers, trade unions or associations at an affordable cost that can be as low as a dollar per month per employee.
Known as “Elder Life Planning for Organizations,” members of this preferred provider network have agreed to offer discounts and to share the administrative to provide a “one stop shopping” benefit that saves time and reduces stress.
A majority of companies surveyed found that where employers have scientifically studied the results of their work-family programs, they have been found to reduce absenteeism and increase productivity.
Employers large and small can now offer an increasingly popular insurance benefit to help pay for the staggering costs associated with long term health care. This benefit can be made available at no cost to the employer. Most long term care insurance programs offered at the workplace are voluntary with employees paying the full cost of their plan.
(Editor’s Note: Robert E. O’Toole, LICSW, is President of Informed Decisions, Inc., Dedham, MA, a private company specializing elder issues planning for employers and organizations. He may be reached at (781) 461-9637 or bob@elderlifeplanning.com.) |
