The benefits that matter most to caregivers
You know how important your benefits package is to attracting and retaining employees. But did you know there is one subset of employees, caregivers, for whom those benefits hold an even higher value?
According to a 2019 study by Voya Financial, the number of caregivers in the U.S.—currently one in 5 employees—is on the rise. Many of these employees are manager- or senior-level leaders, which makes them more difficult (and expensive) to replace. Yet employers often don’t meet their unique benefit needs.
What can you do to attract, retain and support the caregivers in your ranks? Offer the benefits that appeal to them most.
In addition to benefits that are typically top choices for all employees, there a few that stand out to caregivers and employees with disabilities and special needs. These benefits include:
Whether it’s prepaid legal services or reimbursement for employees who work with their own attorneys, more than half of employees with disabilities and special needs and caregivers rate this as an important benefit.
Legal benefits may be easier to add than you think. For example, you may have the option to add an Employee Assistance Program with legal benefits to your insurance benefits package, such as alongside the Group Term Life Insurance offered by Voya Employee Benefits.
Health Savings Accounts (HSA) and Flexible Spending Accounts (FSA)
HSAs and FSAs offer all of your employees a tax-advantaged way to help cover medical costs, while dependent care flexible spending accounts can go toward caregiving costs. Employers also can provide emergency fund accounts for day-to-day emergencies.
Disability Income Insurance and Long-Term Care Coverage
Four out of five caregivers and individuals with disabilities rate disability income insurance as an important benefit, compared to two out of three general population employees. Caregivers also find long-term care insurance significantly more important than the general population (82% vs. 57%), likely because they have experienced the high cost of rehabilitation and long-term care.
Paid Family or Elder Care Leave
This benefit can be a tremendous help for employees who are in need of time away from work, but depend on their income to make ends meet. With 200+ leave laws and regulations nationwide, however, paid leave can become challenging to manage. Make it easier on yourself by partnering with an organization that offers leave management services.
Assistance Finding Providers and Resources
One of the biggest stressors for caregivers is the demand on their time from making phone calls, applying for benefits and finding help with the day-to-day care of their loved ones. Offering a benefit that helps caregivers find service providers and resources in the area where they live not only can add value to employees, but also can help relieve the stress and time demands that may otherwise detract from productivity.
An organization like Wellthy will provide your caregiving employees a Care Coordinator who can help manage these details. And thanks to a collaboration between Wellthy and Voya Cares, you can get those services at a discount. Contact your Voya Employee Benefits representative to learn more.
Online Resource Centers
Finally, about two-thirds of both caregivers and employees with disabilities indicated that they value digital tools such as online resource centers to help employees manage caregiving, organize documents and find information to assist in special needs planning. Again, Wellthy is a great resource. They offer family care planning software and much more; contact your Voya Employee Benefits representative to find out how to obtain these services at a discount.
Learn more about supporting caregivers in your workplace
The insights in this article are part of the Voya Cares whitepaper, “For the Benefit of All: How Organizations Win When They Recognize and Support Caregivers and Employees with Disabilities.” Looking for more ideas to help you support these employees? Learn more here.
Insurance policies offered by Voya Employee Benefits are issued by ReliaStar Life Insurance Company (Minneapolis, MN) and ReliaStar Life Insurance Company of New York (Woodbury, NY), members of the Voya® family of companies. Voya Employee Benefits is a division of both companies. Within the State of New York, only ReliaStar Life Insurance Company of New York is admitted, and its products issued. Product availability may vary by state.
Employee Assistance Program (EAP) services are provided by ComPsych® Corporation, Chicago, IL.
Health Savings and Spending Accounts are accounts offered by Voya Benefits Company, LLC (in New York, doing business as Voya BC, LLC) and administered by WEX Health, Inc.
Voya Absence Resources services are provided by FMLASource®, Inc.
All caregiver solutions are provided by Wellthy.