As employees age, they face different challenges both in and outside the workforce. As a result, they start to think about retirement and how to make the most of their remaining years.
As an employer, supporting your senior employees through these changes is essential. Providing benefits that address their needs can help them stay healthy, happy, and productive during this time. In addition, employees seek more benefits than pay, making them even more essential among older employees.
Here are some essential benefits you should provide to your senior employees if you want them to stay in your company and give it the expertise you need.
Health insurance is one of the most versatile forms of insurance there is. However, as of 2019, they aren’t mandatory anymore. But some states penalize businesses that don’t give health insurance to their employees.
There are a lot of health insurance plans to choose from, but here’s a rundown on most of them.
Health Reimbursement Arrangements (HRAs)
Also called a Section 105 Plan, this is an IRS-sanctioned way to reimburse employees for their medical expenses. The employer controls how much money goes into the account, and employees can use the money to pay for copays, deductibles, and other out-of-pocket costs.
Health Savings Accounts (HSAs)
This is another IRS-sanctioned way to help employees pay for their healthcare costs. The employer makes contributions to the account pretax, and the employee can use the funds tax-free to pay for qualifying medical expenses.
Flexible Spending Accounts (FSAs)
With an FSA, the employer and employee contribute pretax dollars to an account that people can use to pay for qualifying healthcare expenses. However, the money in the account doesn’t carry over from year to year, so it’s essential to plan carefully when using an FSA.
Offering these policies and more can make a big difference for your senior employees.
Dental and Vision Insurance
Dental and vision insurance are two of seniors’ most popular types of insurance. This is because these benefits help cover the cost of routine care, which can be expensive.
Dental care is one of the essential parts of personal care. As employees grow older, the more often they have to visit dental professionals for dental care. It’s even been found that most American adults lose almost all of their teeth when they reach 65 years of age. Therefore, dental insurance is a substantial benefit to offer your senior employees.
The same goes for vision care. As we age, our eyesight starts to deteriorate, and we become more susceptible to vision problems. This is why it’s essential for seniors to have regular eye exams and to get the necessary treatments when needed. Vision insurance can help your employees cover the cost of these exams and treatments.
The most common type of retirement plan is a 401(k). A 401(k) is a savings plan sponsored by an employer. Employees can have a certain percentage of their paycheck deducted and put into the account. The money in the account grows tax-deferred, and employees can use the money when they retire.
Another type of retirement plan is a pension plan. A pension plan is a retirement plan that an employer offers. The employer makes contributions to the plan, and employees are guaranteed a certain amount when they retire.
However, one of the best options is to give them a share of the company. It gives them a sense of ownership and responsibility for the company. In addition, this can be a great way to keep them motivated and invested in the company.
Paying for Long-Term Care
One of the biggest concerns for seniors is how they will pay for long-term care. Long-term care includes any needed care when someone can’t take care of themselves. This can include in-home care, assisted living, or nursing home care.
Paying for long-term care can be expensive, but there are some ways to help your employees cover the cost. One way is to offer long-term care insurance. This type of insurance policy helps pay for the cost of long-term care. Another way is to provide a retirement plan that includes long-term care benefits. This type of plan can help pay for the cost of long-term care when employees retire.
Estate planning is creating a plan for what will happen to your property and assets after you die. It includes things like your home, your savings, and your investments.
For seniors, estate planning is an essential part of preparing for retirement. It ensures that their loved ones will be cared for after they leave. It also helps them take care of any debts and ensure that their final wishes are carried out.
As an employer, you can offer estate planning services as a benefit to your employees. This can include legal assistance, financial advising, and even funeral planning.
Offering these benefits to your senior employees can help them stay with your company longer. It can also help you attract new talent, as more and more people are looking for companies that offer these types of benefits.