Ways and Wane

Are you helping an elderly parent or in-law? “ . . . to keep someone in your home, or in their own home, with services from the state is $10,000 or less a year. If that individual enters a nursing home, it's $150,000 a year, with Medicaid being the chief payer for nursing home beds.” Many employees are helping an older adult, which can dramatically increase their own financial anxiety. Offering an eldercare benefit can save employees thousands per year. https://lnkd.in/eAS6BFwM

Working parents: Don’t forget to track your summer camp expenses to claim on your taxes! https://lnkd.in/dKdbiM9E

Fast Company, Newsweek, USNews, SHRM—are all reporting data that employees are making work decisions so that they can care well for family members. Check out the studies that show the caregiver need that can be hidden in organizations.

Struggling to make financial ends meet—this describes many people helping an elderly parent or in-law. This care typically falls to women, can be dismissed by the health system. “This dismissal [of women by medical providers] affects not only the patients in question but also their caregivers and “care managers” as Ms. Moraghan calls them - and women usually occupy these roles: whether they are directly administering care or overseeing it.”  …”women - paid and unpaid - take the lion’s share of problem solving when it comes to elder care. https://lnkd.in/gd73KYk8

The number of working caregivers grew from 43.5 million in 2015 to 53 million in 2020. Guardian's report reveals that only 23% of caregivers report excellent or very good mental health, compared to 33% of non-caregivers. As Gene Lanzoni, co leader of Guardian's CARE ERG, states, "Many employees, like me, have at some point in time felt like they've had to choose between their career and caring for their loved ones." Companies can't afford to ignore this growing issue, as it impacts productivity, absenteeism, and turnover. Supporting employees with childcare or eldercare needs is becoming an essential part of creating an inclusive and sustainable workplace culture. https://lnkd.in/e8GaAVZS

Did you know that more than 1 in 4 people age 50 and older helps care for a family member or friend with a health issue or disability? A staggering 30% of people in their 50s and early 60s are caregivers, with 1 in 10 juggling care for three or more people. Companies that offer childcare or eldercare support aren't just being nice - they're addressing a critical need for their workforce. As Jeffrey Kullgren, M.D., M.P.H., M.S. notes, "We also found that the majority of caregivers may not know about local or regional services that could help them or the person they're caring for." Providing these benefits can make a significant difference in employees' lives, helping them balance their work and caregiving responsibilities more effectively. https://lnkd.in/gAA_quR2

If you are considering childcare or eldercare benefits, you are not alone. BenefitPitch has noticed that trend among its clients as they analyze benefits for 2025.

62% of employers report losing employees due to childcare concerns. "How can we prepare to address our teams' childcare dynamics?" asks Bryan Boroughs, Chief Operating Officer and General Counsel, Institute for Child Success. Companies offering childcare support see reduced absenteeism, increased productivity, and improved employee retention. Addressing care needs proactively impacts workforce stability, diversity, and overall business resilience. https://lnkd.in/g3ndCwjR

The caregiving challenge: A recent University of Michigan poll reveals that 30% of Americans in their 50s and early 60s are now caregivers, with 1 in 10 juggling care for three or more people. Sarah Patterson, a University of Michigan demographer, notes, "Caregiving for family and friends who have health challenges falls unevenly on people in their 50s and early 60s, and women." Surprisingly, 61% of caregivers are unaware of support services. Companies offering childcare or eldercare support can address this hidden struggle, potentially boosting productivity and fostering a more engaged workforce. https://lnkd.in/e9XfT2TP

Multigenerational households are on the rise, with Pew Research Center reporting that over 59 million Americans now live in such arrangements - a staggering fourfold increase since the 1970s. This trend reflects the growing need for both childcare and eldercare solutions within families. According to researchers at Lombardo Homes, "As economic pressures continue to rise, multigenerational households are likely to become an even more practical solution for many American families." This means that employees will increasingly need support with childcare and eldercare as it directly impacts their household. https://lnkd.in/eQrVGg5n