When designing benefit plans, if you only focus on Millennials, you’re missing some big opportunities in today’s multi-generational workforce. Baby Boomers account for one fourth of today’s workers. In fact, they’re more likely than Millennials to say that benefits are extremely important when considering a job offer, according to a survey by the Employee Benefits Research Institute.
Ancillary benefits are so important to this generation because they address Baby Boomers’ health and financial concerns:
- Dental Benefits help Baby Boomers afford increasingly expensive dental visits. Compared to previous generations, Baby Boomers are keeping their natural teeth longer. They’ve had numerous dental procedures, and they’re used to having regular periodontal maintenance appointments. At the same time, Baby Boomers are more likely to be on medications that have oral health side effects.
- Vision Benefits help Baby Boomers prepare for their increased risk of age-related eye conditions. As patients age, testing and treatment becomes important for conditions such as, glaucoma, age-related macular degeneration, cataracts, diabetic retinopathy, and low vision.
- Disability Insurance offers important protection for older workers who face a growing likelihood of becoming disabled. In the US in 2015, the disability rate was 10.5% for ages 18 to 64 and 35.4% for those 65 and older.
- Accidental Death and Dismemberment and Life Insurance offer needed financial protection. While their parents enjoyed pension plans, Baby Boomers, for the most part, are facing retirement with underfunded 401(k)s and inadequate savings accounts.
- Chiropractic and Acupuncture can help older workers deal with arthritis and other sources of chronic pain. Alternative medicine can offer a safer choice than taking prescription drugs.
With CoPower,™ you can offer a full range of benefits that are customized to keep Baby Boomers happy and healthy.
To learn more, contact your LISI Regional Sales Manager.