Employees Struggling to Pay for Elderly Parents' Care

Employers are offering new benefits, including eldercare

According to NFP's 2024 Benefits Trend Report, 44% of workers are actively interested in caregiving benefits for elderly or ill family members. "The introduction of these diverse and inclusive benefits is a reflection of the changing state of our families and the recognition that 'it takes a village,'" notes workplace expert Dan Schawbel.

Read more on New York Post, September 2024.

Millions of workers are also juggling caregiving.

Employers have an opportunity.

“Employees in most companies only go to their boss or to their company to discuss a caregiving issue as a last resort. Their concern is: If I bring this up, I’m certainly not going to be a candidate for promotion. It’s going to affect my performance evaluation. They fear they’ll be viewed as less committed, that they’re going to be suspect. The biggest two effects of having caregiving responsibilities that are hard to reconcile with your job are absenteeism and presenteeism. Either you’ll miss work, or you’ll be so distracted while you’re at work you won’t get much done.“

“There’s a very substantial cost of replacing a worker. Even for low-wage workers, the cost is between 25 percent and 35 percent of annual compensation.”

Understand the care demographics of your workforce. Make their caregiving lives outside work something that’s discussable with their supervisor. There’s a tremendous return on loyalty and engagement from workers who hear from their supervisors.

Do exit interviews, add to your performance review questions like “Have you thought about leaving? What would cause you to do that?” Find out what’s driving absentees and resignations? Look at your own data.

Read more on Harvard Business School, October 2024.

Online tool helps families calculate the high cost of caregiving

CBS News highlights the story of one caregiver who was caring for her two elderly parents and went bankrupt. What can be done? Offering a care navigation benefit can identify resources, saving families up to $85,000 per year.

Read more on CBS News, October 2024.

Employees May Need to Supplement Elderly Parents' Long-Term Care

Nearly 7 million aging parents are caught in a devastating financial gap - too "wealthy" for Medicaid but unable to afford the staggering $105,850 annual cost of nursing home care. Adult children, this directly impacts YOUR future: 94% of seniors in this middle-ground never qualify for full coverage, forcing families to make impossible choices between careers and caregiving. "This research exposes a critical gap in our current system of funding long-term care," warns Dianne Munevar from NORC, highlighting why forward-thinking employers offering eldercare support are becoming essential lifelines. The numbers are clear: when aging parents have $11,000-28,000 annual income and are facing $55,000+ annual care costs, it's not just their crisis, it's a looming reality for millions of working professionals juggling careers and family obligations.

Read more on the U.S.News, October 2024.

Financial survey reveals half of caregivers say responsibilities impact ability to save for retirement

49% of caregivers report their responsibilities severely impact their retirement preparation, and 27% have changed jobs to provide care. As Carole Mendoza, VP of benefits at Voya Financial notes, "Employers that prioritize traditional workplace benefits coupled with specific caregiver resources have an opportunity to create an environment that can foster employee loyalty, reduce turnover and enhance overall productivity." The reality is that caregiving responsibilities affect every aspect of an employee's financial life, from mortgage payments to healthcare costs. Smart companies recognize this isn't about perks – it's about acknowledging the real lives of their workforce and responding accordingly.

Read more on Voya Financial, October 2024.

The ‘Sandwich Generation’ Is Trapped in a Caregiving Crunch.

There Is a Solution.

According to a Harvard Business School study, one-third of employees who become family caregivers end up quitting their jobs, creating a massive talent drain. When UPS launched their day care program, they saw employee turnover plummet by nearly 800%, with 80% of eligible frontline workers eagerly enrolling in just the pilot phase. As the article's author notes, "The current stress on our caregiving infrastructure isn't just a workforce issue... it's holding our entire economy back." Smart companies recognize that supporting caregivers isn't about charity - it's about maintaining a sustainable, productive workforce that can focus on delivering results rather than juggling impossible choices.

Read more on U.S.News, October 2024.

Growing cost of elder care an increasing burden for families

Employed caregivers often sacrifice their own financial security to care for a loved one at home. Many face the reality of depleting their savings and going into debt to cover the costs of in-home care. Without support from family or their employer, these caregivers are left to shoulder the significant financial burden on their own. Employers can help by offering paid family leave, flexible schedules, and access to caregiver support resources. Providing this kind of assistance can ease the strain on employed caregivers and enable them to balance their work and caregiving responsibilities.

Read more on NBC News, October 2024.

Ways & Wane solves family care challenges for busy professionals

73% of your employees are caring for kids or older adults.

Offered as an employer-paid benefit, Ways & Wane solves eldercare and childcare challenges, no matter where employees live. Reach out for information at hello@waysandwane.com