How to design inclusive benefit plans for today's aging workforce

The workforce has undergone significant change over the past few decades. The labor force of those aged 75 and older is projected to increase by a staggering 96.5% from 2020 to 2030. The U.S. Bureau of Labor Statistics reports that in 2022, 23% of employed people over 16 years old were non-White, higher than the 19.4% reported a decade earlier. As the workforce continues aging and becoming more diverse, a holistic, total rewards package must continue to evolve to meet today's employees.

Employers have the opportunity to support their older employees by providing healthcare benefits that meet the unique needs of older adults. This is especially important given that many health issues disproportionately affect this population. According to the National Council on Aging, almost 95% of older adults have a chronic condition — heart disease, diabetes, etc. — and about 80% have two or more. On top of that, one in four older adults has a behavioral health condition. As the aging population navigates these particular health concerns, employers can take action to ensure their older employees have access to relevant health resources.

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Meeting the needs of today's older workforce 
Designing healthcare benefits for a maturing workforce means there needs to be more attention on healthy aging considerations, from age-specific wellness to increased doctor visits to managing chronic conditions common among older adults. When considering how health benefit plans can support older employees in the next several years, assessing their unique care and medication needs is crucial.

Employers can support their older employees' physical health through benefits like gym membership discounts or virtual fitness resources. Many health organizations recommend that older adults engage in regular physical activity to help maintain their health and prevent physical and mental conditions that grow more common as one ages. These fitness benefits can therefore make a big impact on the health of older employees.

Over-the-counter benefits or allowances can also help ensure that older employees can access important personal health items like allergy medicine, first aid products, dental care items and more — a critical benefit considering that in 2020, 53% of total personal care spending came from adults aged 19-64 and 37% from adults 65 and older.

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Health benefits mean mental health, too
Many older adults now consider mental healthcare an essential aspect of their benefits. Based on a recent survey conducted by CVS Health and Harris Poll, 95% of respondents aged 57 and above believe that mental health should be given more attention in society.

Employers should offer employee assistance programs (EAPs) to tackle various mental health concerns, including substance use disorders, financial stressors and relationship difficulties. Companies can establish benefit options providing several ways to access mental health consultations or resources, like telehealth offerings, support groups or stress reduction programs such as yoga classes and mindful meditation sessions. Creating specific employee resource groups can also help enable connectivity for older employees.

Additionally, employers can encourage employees to maintain healthy lifestyles by better promoting work-life balance. Employers should also be sure to regularly assess the effectiveness of their mental health initiatives through surveys and employee feedback, and adjust as needed to better meet the needs of their workforce.

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Cultural inclusivity in benefits plans
Cultural inclusivity is also critical to benefit plans and is needed, especially among the diverse population of older adults. Research reveals that patients from historically marginalized communities have a better experience and improved communication when their provider shares their racial identity, with some studies even indicating improved health outcomes resulting from these interactions. Employers can seek plans committed to health equity through programs that help historically marginalized populations access culturally competent care. My Aetna colleagues created a multicultural initiative that provides cultural sensitivity training for our team, and helps connect Aetna Medicare Advantage members from historically marginalized communities with care resources embedded within their communities. 

Amidst change, the value of health benefits remains
Inclusive health benefits are increasingly important to older adults navigating various health concerns in today's social and economic environment. Remember, every workplace, and the employees within it, are unique. Older adults are a diverse group with varying needs and preferences, so it's important to listen to their individual concerns and be flexible in your approach. Employers who create an inclusive and supportive benefits plan that caters to today's aging workforce will not only benefit their well-being, but will also contribute to the overall success of your organization.