Understanding elder care benefits is vital as the task of caring for elderly loved ones becomes more common. These benefits can offer critical support for employees with caregiving responsibilities, allowing companies to meet the growing demand for employer support amidst an aging population.
Why are elder care benefits important to employees?
According to the U.S. Bureau of Labor Statistics, more than 37 million people provide unpaid elder care, and 61 percent of these caregivers are employed. As the number of elderly individuals requiring care grows, it’s becoming increasingly important for employers to offer benefits that meet the needs of their caregiver employees.
Despite this growing need, 79 percent of employers do not provide elder care benefits to their employees. This gap in support can leave employees carrying the burden of elder care, which can impact their productivity and add to their financial stress.
Elder care benefits have the potential to positively impact both employees and employers. For caregiver employees, having these benefits available can help boost well-being through resources like flexible work arrangements, support for caregiving responsibilities and financial assistance for elder care expenses.
Employers may find that providing elder care support can result in increased productivity and employee engagement. Elder care benefits may contribute to:
- Reducing employee absenteeism
- Attracting new talent and retaining current employees
- Establishing companies as preferred employers and demonstrating empathy for employees
- Cutting down turnover costs linked to caregiving responsibilities
Types of Elder Care Benefits
Elder care benefits come in various forms, ranging from elder care subsidies to paid time off for caregiving obligations. While the benefits that employers offer will vary depending on the demographics and needs of their workforce, here are a few of the most common elder care benefits.
- In-Home Support: One essential aspect of elder care benefits is in-home support. Financial assistance for in-home care may cover services like administering injections, monitoring vital signs, medical tests and various therapies.
- Backup Care: Backup care programs can help ensure that employees can work without the stress of caregiving interruptions when unexpected situations arise, such as a sudden schedule change or work-related travel. Employers may facilitate backup care options through relationships with in-home care agencies or adult day care centers.
- Flexible Work Arrangements: Flexible work arrangements can empower employees with caregiving duties to balance work and elder care responsibilities effectively. Options may include reduced work hours, part-time or remote work and hybrid schedules tailored to caregiving needs.
- Financial Support: Financial resources, such as care subsidies, are a major part of elder care benefits. Employers can offer direct financial resources to employees to help manage the costs of caring for an elderly parent or other family members.
- Emotional Wellness: Taking care of elderly relatives may be emotionally taxing for employees. Benefits like mental health resources, stress management programs and more can help employees maintain their emotional health while navigating their caregiving roles.
How Employers Can Help Support Caregivers
By helping to support employees with caregiving responsibilities, employers may be able to improve employee retention rates. But, fostering a supportive culture for caregivers extends beyond providing benefits. Employers can also promote a supportive culture by:
- Incorporating caregiver issues into Equal Employment Opportunity policies
- Creating employee resource groups for caregivers
- Providing employees access to local caregiving support services
- Offering Employee Assistance Programs (EAPs) with backup care referral services
Employers should also consider the legal requirements surrounding caregiving. The Family and Medical Leave Act (FMLA) provides rights to employees with caregiving responsibilities, including the right to leave for covered caregiving purposes.
While federal employment discrimination laws do not prohibit employment discrimination based solely on caregiver status, some state or local nondiscrimination laws may protect employees with caregiving responsibilities more broadly. The Equal Employment Opportunity Commission (EEOC) suggests that employers grant work assignment requests favorable for caregivers, such as having a predictable schedule, provided it does not result in discrimination.
Ready to invest in your employees?
From backup care solutions to flexible work arrangements, there are a multitude of ways to support your employees who provide care to their elderly loved ones. Addressing the unique challenges faced by caregivers can help employers to support their team’s emotional and physical well-being. To explore how Higginbotham’s employee benefits brokers can help your organization create a holistic benefits package, get in touch with a member of our team today.
