Why Elder Care Services In Your Employee Benefits Are Necessary
The issues working caregivers face are serious, and growing every day. Employees juggling an elderly loved one’s hospital discharges and physical well being on top of their job obligations are overwhelmed. With 10,000 people turning 65 every day for the next 13 years, now is the time to offer senior care assistance to your employees.
Employee benefits programs that do include elder care services are usually not as robust as the demand is for them. Over 34.2 million Americans cared for an elderly loved one in 2015 alone. Working caregivers are dedicated and hardworking, but they still cost companies trillions in lost productivity and absenteeism, and aren’t receiving enough benefits.
The Senior Care Providers Network offers an easily integrated, cost-effective senior care assistance program to help your employees and decrease distractions. For today’s companies, especially those with a large population of middle-age workers, it’s more important than ever before to include elder care services in benefits packages.
What’s The “Sandwich Generation” – and Why Does It Matter?
The term “sandwich generation”—originally coined by social worker Dorothy Miller in 1981—describes middle aged workers who are “sandwiched” between caring for their children and elderly parents simultaneously. Throw a full-time job in the mix, and it’s a recipe for workplace distraction and emotional distress.
When employees are faced with a difficult elder care situation, they’re in a time of crisis. They’re not necessarily focused or making the best decisions—at home or work. Not only is there something wrong with their loved one’s health, but they also have to become a problem solver in a situation they don’t know the solution to. This creates an immediate panic.
Add on the fact that your sandwich generation employees also have to care for their dependent children, and you can understand how they feel overwhelmed. Offering your employees senior care assistance relieves their stress in these situations, ultimately decreasing distractions and improving work-life balance.
What Are The Statistics On Elder Care Needs?
Integrating senior care assistance into your current employee benefits program is a surefire way to improve business functions. Understanding the statistics behind why an elder care EAP program is necessary helps in making effective HR decisions (1):
- 43.5 million Americans informally care for an elderly loved one
- Average lost income for an informal caregiver is $303,880
- 57% report they have no choice but to perform clinical tasks
- 40% are in high-burden situations (21+ hours per week caregiving)
- 1 in 4 caregivers spend 41+ hours per week caregiving
- Live-in caregivers spend 40.5 hours per week caregiving
Furthermore, beyond caring for elderly parents, the aging workforce is also starting to care for their brothers, sisters, and spouses. They’re staying in the workforce longer to make up for losses in retirement that are often due to caregiving responsibilities.
The older population—persons 65 or older—was numbered at 46.2 million in 2014, and this is expected to double to 98 million by 2060. While these staggering numbers might make senior care seem like an unavoidable problem, choosing an elder care EAP program like the Senior Providers Network helps your employees reduce stress, maintain a healthy work-life balance, decreases absenteeism, and improves employee happiness.
To see how Senior Providers Network can provide senior care assistance with our simple, standalone platform, click here to request a demo.
- How to Stay Safe…Coronavirus and Your Elderly Loved Ones
- Power of Attorney – The Basics
- November is National Family Caregiver Month
- Veteran’s Day Military Discounts 2019
- How Caring for Aging Parents Can Damage Family Relationships
- Senior Discounts in Texas
- 2019 List of Senior Discounts Available in New York
- How can your Life Insurance help you live independently?
- Sign up for Medicare Part A
- How are Other Countries Caring for Their Elderly Population?