Voluntary eldercare benefit is high-demand, low-cost win for employers

• Key insight: Discover how combining legal and caregiver-advisory services creates comprehensive voluntary eldercare benefit.
• What's at stake: Rising caregiving burdens threaten retention, productivity and employer talent competitiveness.
• Supporting data: 90% of HR report caregiving impacts absenteeism/productivity; only 37% trust current benefits are enough.
  Source: Bullets generated by AI with editorial review

Nine in 10 HR executives said caregiving has a major impact on absenteeism and productivity, yet only 37% felt secure that their benefits met the eldercare needs of their workforce, according to a new survey from LegalShield. 

To create a more complete solution for employees, the legal assistance company has partnered with caregiving platform Care.com to blend multiple angles of support within one voluntary benefit. The partnership launched in May, and Care.com's Senior Care Advisor program will be included as one part of LegalShield's 2027 National Enhanced Plan. A monthly premium provides coverage to the enrolled employee, their spouse or partner, children, parents, in-laws and grandparents. 

Read more:  Most US workers hide caregiving duties from HR 

Need for more professional help

Caring for an aging loved one creates numerous challenges for employees, from day-to-day needs to healthcare to estate questions. Throughout the process, they're managing the emotional toll this role takes, says Emily Rose, president of Business Solutions at LegalShield. In recent years, the company has seen demand for professional legal guidance surge, she said. 

"In just last year alone, nearly 270,000 new requests for service came in focused on elder law matters … over half of them were with millennials and Gen X that were calling about their parents," she explained. "Some of the eldercare-related inquiries that come in are around estate planning, so wills, but also financial and medical powers of attorney directives, conservatorship — taking over decision-making power for an aging parent who might have diminished ability to make decisions."

Care.com's Senior Care Advisor program provides members 90 days' access to master's-level advisers who can help with anything from intermittent or permanent care options to navigating Medicare, Medicaid and long-term coverage. Families who use the program report saving an average of 14 hours on manual research, according to the platform's data.  

"It's a big shift when people … have to take care of their parents — it's scary, it's uncharted territory, and it's emotional," she said. "People end up being worried that they may make a bad decision, and they want to work with an expert who's dedicated and understands this. The beautiful marriage between us and Care.com is that we have the legal component, [and now] also live caregiver advice and consultation that can take you through what to expect, allowing people to get their questions answered to be able to understand what the whole process is going to be." 

When using LegalShield as a voluntary benefit, employees generally end up paying between $250 to $300 per year in premiums, Rose said. For comparison, hourly and flat fee prices for estate attorneys can run from hundreds to thousands, depending on their specialty, according to the National Council on Aging. 

Read more:  AI is reshaping jobs, not replacing them 

Caregiving's impact on business

Many employees within the millennial and Gen X generations fall into the sandwich caregiver category, raising children alongside caring for aging parents. LegalShield's survey of HR leaders along with a separate survey of employees shows the impact of caregiving responsibilities on absenteeism, presenteeism and retention are profound. 

"Seventy-seven percent of HR leaders say that caregiving is affecting employee retention," Rose said. "Employees are coming to work overwhelmed with the weight of what's happening at home, and 24% have seriously considered leaving the workforce. Eighty-seven percent of HR leaders say that eldercare matters are affecting employee productivity, so you've got people coming to work, but there's a significant impact on the work that they're doing. It's also impacting employees' health and well-being."

Providing resources to help solve these special eldercare matters helps with employee overall wellness, Rose said, noting that "77% of HR leaders reported being extremely or very interested in integrating a senior care benefit into their benefit portfolio, 72% of employees being extremely or very interested in enrolling in that benefit, and 49% of the caregivers said a benefit like this would affect their decision to stay with their employer."

Read more:  Exclusive research: The caregiving benefits employees need

Caregiving support is "an acute need that impacts all ages," Rose said, particularly the sandwich generation. Offering employees a more comprehensive eldercare solution with a set premium is an affordable way to provide protection whenever they need it. 

"This is a huge solve that a lot of employers are looking for. They're looking to retain talent, they're looking to make their employees more effective at work, but also helping them find the work-life balance that that sandwich generation is really going after."