Employers are facing an emerging real-world crisis that is drastically affecting their workforce: Many of today’s workers aren’t planning for their long-term care needs, nor are they prepared for the skyrocketing costs, as illustrated by the 80% percent of older Americans who are reported to lack the financial resources to cover long-term care costs.
The growing caregiving challenge
With more than one in five Americans serving as caregivers and the majority (61%) caring for an adult relative or friend while working, this growing need for senior care is at the forefront of employers’ concerns. In fact, 43% of employers cite senior care benefits as the main benefit they’re prioritizing this year. Yet the need for long-term care is apparently not on employees’ minds as much, as 63% of consumers who have received long-term care did not consider the need for it beforehand.
