Family Benefits: Are You Competitive?

June 21, 2022

Nothing affects an employee like health issues—their own or those of a family member. An employee will likely experience stress weeks or months before taking a leave of absence. Do you offer benefits to help families manage the everyday care juggle?

One in every five employees is involved with the care of an older adult. These percentages will dramatically increase in the coming years due to our aging population. A medical emergency or precipitous decline by a parent or in-law disrupts the delicate work/life balance managed by sandwich-generation caregivers.

Because 70% of people need long-term care, the overwhelming financial and practical care burden strikes working families hard. More than three quarters (79%) of caregivers report their responsibilities have led to financial, social, mental or professional setbacks.1

“Many people know there’s a reasonably high possibility they’ll occupy this job at some point, but they have no idea how profoundly it will affect their lives,” says Richard Schulz, a psychiatrist at the University of Pittsburgh and a national expert on family caregiving.2

Seventy percent of caregivers report adverse mental health symptoms; 35% reported anxiety or depression and 32% reported passive or serious suicidal thoughts.3

Larkin’s Eldercare Navigation service sustains employees before, after or during a leave of absence to care for an elder family member. A natural addition to the Family Leave benefit, it equips employees to wisely make care decisions.

The innovative high-tech and high-touch eldercare navigation experience allows employees to quickly find housing or in-home care, resources to pay for long-term care and assistance with legal, medical or insurance documents.

One daughter says: “I appreciate you listening to my story and helping me navigate this confusing world of eldercare! I feel much more confident in the bite-sized approach we developed together today with your guidance. I have a PLAN for the first steps toward ensuring my dad’s future is as comfortable as possible. A bit more at ease for sure! Thank you, thank you, thank you, for this amazing service you provide!”

The new Larkin offering serves employees through:

  • Guided digital experiences
  • Expert personal advisors
  • In-hand planning tools

Our aging population requires the support of working families. Their needs will continue to impact employees before, during or after a family leave. Forward-thinking companies recognize the growing need to provide comprehensive caregiving benefits, including eldercare.

 

1 Fidelity Investments, 2020 https://s2.q4cdn.com/997146844/files/doc_news/2021/06/08/Fidelity-Caregivers-Study-Fact-Sheet-2021_final.pdf
2 Washington Post: https://www.washingtonpost.com/health/caretaker-stress-depression-anxiety-increases/2020/09/25/abd281f6-e933-11ea-97e0-94d2e46e759b_story.html
3 Business Group on Health study, 2020 https://www.businessgrouphealth.org/topics/blog/Caregiving-Support-a-Growing-Need-Among-Employees?utm_source=Wellthy&utm_campaign=2519b42e7d-DIGEST_48_3_31_2021_COPY_01&utm_medium=email&utm_term=0_d55d95a506-2519b42e7d-549402499

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