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Supporting an aging workforce

Posted by Julio Iturriaga

As the baby boomer generation grows older, so does the American workforce. In fact, by 2020 the U.S. Bureau of Labor Statistics predicts that more than 1 in 4 workers will be over the age of 55. As an employer, this shift in the makeup of your company could have a considerable impact on the way you administer health benefits. Staying ahead of changes like these can give you a head start in making sure your benefits programs are effective - both for you and your workforce. 

Here's how serving an aging workforce might affect your benefits programs:

Increase in medical claims Many chronic conditions become more common with age. From high blood pressure and heart disease to diabetes and cancer, these diseases are also among some of the most costly to treat. An aging workforce may file more chronic disease-related claims than a younger one, placing a larger burden on your benefits program. To get a sense for just how many employees fall into this higher-risk category, companies should perform a proactive demographic analysis, then plan their health benefits program based on the results. 

Let us s​how you how you can save 15-30% on your company's total medical  costs. 

Ramped up disability programs Along with a higher risk of developing chronic diseases, older workers typically take longer to heal or recover from workplace-related injuries. As a result, an aging population may place more of a demand on your disability coverage. To reduce these risks, the Department of Labor suggests employers develop a disability management strategy to make it easier for older employees to continue to perform their job. 

Assisted medical savings As your employees get closer to exiting the workforce, saving for retirement becomes even more important. Healthcare costs alone can cost retirees hundreds of thousands of dollars. To help your employees save, consider offering eligible members a health savings account, which they can use to save for future medical expenses pre-tax. 

Posted by Julio Iturriaga

Julio Iturriaga is the manager of Sales and Business Development for Kelsey-Seybold Clinic.

Our team is committed to promptly and expertly managing all your inquiries and providing you with the exceptional service that you expect and deserve. To get started, complete a Get a Quote form. We will contact you within one business day or you can call the KelseyCare Get a Quote Line at 713-442-3456.

Topics: benefits programs, Workforce, Baby Boomer

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