One out of eight people is over the age of 65, and that is expected to increase to one out of five early in the next century.
“This is a problem relevant to everyone in the country,” says Maryann Timon, senior vice president of Genesis Health Ventures, a company that helps businesses develop eldercare benefits. “There are more elders than young people to take care of them. This is relevant to business owners because 72 percent of caregivers are working.”
Caregivers are typically family members, helping the elders with the activities of daily living. Dealing with these issues can affect how productive a person is and how likely he or she is to stay with the company. Studies estimate that lost productivity costs U.S. businesses more than $11 billion each year.
Genesis and the National Association of Female Executives did a study earlier this year that showed employees want support from employers on this issue.
“They want a defined eldercare benefit,” says Timon. “They want easier access to flex time, and they want eldercare benefits that are on par with childcare benefits.”
Caring for an elder has many of the same challenges as childcare — trips to the doctor, unexpected illnesses, phone calls at work, etc.
“We are just beginning to think about eldercare in much the same way as we did childcare 20 years ago,” says Timon. “Employers are just now starting to pay attention to the way it is affecting the bottom line. Employees are now trying to get the discussion away from the water cooler and into the board room.”
While employees leaving early to get their children out of school may acceptable in today’s business environment, an employee leaving early to make dinner for an ailing parent is not.
Eldercare benefits are not underwritten like insurance, but are usually a package of services to help employees with the challenge of caring for an older family member. It sometimes is included as an option in a company’s cafeteria plan of benefits, with some of the cost, or in some cases, all of the cost, passed on to the employee.
As an example of a benefit, Genesis provides a personal aging adviser, an expert trained in understanding issues that affect the elder and the family. The adviser can help with issues such as finding the right nursing home, or whether that type of care is the right decision.
“What we learned from offering these services is that the need arises very quickly,” says Timon. “What employees need is one place they can turn to and get their questions answered rapidly.”
With a rapidly aging population, the issue of eldercare is something you will likely hear about again.
“What we know for sure is there are currently six million caregivers looking for help,” says Timon. “Businesses feel the pressure to respond, but they have to be open and creative to meet their employees’ needs so they can remain viable and productive.”
How to reach: Genesis Health, www.ghv.com
Todd Shryock ([email protected]) is SBN’s special reports editor.