Related Experiment Videos
Designing and managing employer-sponsored long-term care plans
H I Doerpinghaus1, S G Gustavson
1University of South Carolina, USA.
Benefits Quarterly
|December 8, 1997
Summary
Demographic shifts are increasing long-term care needs for American workers, raising employer costs. Offering long-term care benefits can efficiently manage these expenses for both employees and employers.
Area of Science:
- Workplace benefits
- Employee assistance programs
- Gerontology and aging studies
Background:
- Growing demographic concerns highlight the increasing need for long-term care solutions among American workers.
- Expanding long-term care responsibilities present significant, escalating indirect costs for employers.
- Current benefit plans often do not adequately address the complexities of long-term care needs.
Purpose of the Study:
- To propose long-term care as an integrated component of employee benefit plans.
- To demonstrate the efficiency and effectiveness of employer-sponsored long-term care benefits.
- To provide guidance on designing and managing long-term care benefit plans.
Main Methods:
- Analysis of demographic trends impacting workforce caregiving responsibilities.
- Economic assessment of indirect employer costs associated with employee long-term care needs.
- Review of existing employee benefit structures and their limitations regarding long-term care.
Main Results:
- Integrating long-term care into benefit plans offers a strategic approach to cost management.
- Such integration can alleviate financial and time burdens on employees.
- Proactive plan design is crucial for successful implementation and management.
Conclusions:
- Employer-provided long-term care benefits represent a viable solution to a growing workforce challenge.
- Strategic plan design and management are key to maximizing benefits for both employers and employees.
- Addressing long-term care within benefit packages enhances employee well-being and employer financial stability.