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.
