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Maintain accurate and organized financial records for easy reporting
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The experiences and challenges of the past year and a half have made it clear that workers need more support from their employers to stay focused and productive. As people live longer and the workforce ages, eldercare for aging parents has become as essential as childcare. Melinda Gates' latest caregiving report shows that spending on aging-in-place home-care provisions for older adults ($151B) has now surpassed that of childcare ($136B).
This shift is not surprising, as more older adults find themselves caring for aging parents while also supporting their children—a phenomenon often referred to as the ‘sandwich’ generation. According to the AARP Caregiving in the U.S. 2020 report, 56% of caregivers are over 50 and caring for another adult.
A study by researchers from Harvard Business School found that all forms of caregiving, including eldercare, impact worker productivity.
Eldercare Benefits: What’s Available?
Eldercare benefits come in many forms, ranging from guidance and advice for caregivers to support for older adults to remain active and engaged. Here are some key types of eldercare benefits:
- Care Guides/Coaches: Concierge-style services that help match an employee’s loved one with local third-party services, reducing the burden of finding and arranging these services.
- Employee Assistance Programs (EAP): These programs offer educational and referral services around eldercare, including free or confidential assessments and, in some cases, counseling.
- Dependent Care Assistance Plans (DCAP): These plans allow employees to set aside tax-free dollars for qualified eldercare or daycare services, providing up to $5,000 per year in assistance and reducing federal tax burdens.
- Respite Care: Short-term relief for primary caregivers, arranged in advance like a babysitter for childcare.
- Alerts and Emergency Products: Products that help employees stay aware of their loved ones, such as personal alarms.
- Aging in Place Virtual Wellness Memberships: Many caregiving responsibilities involve supporting technology use or addressing social isolation. Programs like GetSetUp help train older adults on technology and go further by reducing social isolation through a community of older adult peers. GetSetUp also offers regular health and wellness classes that empower older adults to maintain their independence.
The Value of Benefits Over Income
While income is always a key consideration for job candidates and employees, many employers now stand out by offering exceptional benefits packages. When evaluating job offers, it’s important to carefully consider the benefits, as they often reflect how much a company values its employees and how it will support them in times of need.
“We’re excited to expand our offerings to include corporate perks that benefit the elderly community and caregivers. Providing the highest quality discounts available is of high importance at Fond, and our partnership with GetSetUp ensures we are pursuing this goal.” - Taro Fukuyama, CEO, and Co-Founder of Fond Technologies, Inc.
Will you have the support you need to care for those you love and yourself?
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