Aug 19, 2024
Never before have we seen so many generations working simultaneously in the workplace. Delaying retirement, which presents a brand-new question for employers to answer: How can we provide employee benefits that appeal to a multi-generational workforce?
Older workers, specifically Generation X (those born between 1965 and 1980) and Baby Boomers (those born between 1946 and 1964), have their own priorities when it comes to benefits. Let's break down each of the most preferred benefits for older workers.
Medical Benefits
As expected, medical coverage serves as the foundation of insurance-based employee benefits for every generation. More than 90% of the U.S. population has some sort of health coverage; however, medical debt still persists. One analysis showed that nearly one in 12 adults carries medical debt, and 6% of people in the U.S. owe more than $1,000 for medical services received.2
By offering comprehensive health coverage, employers can help their workforce avoid medical debt and feel more financially secure.
- Self-funded group health plans: This type of lower-cost coverage is popular among small and mid-sized businesses because employers can choose the access and price that best fits their business needs without sacrificing quality of care. As an added bonus, with the Self-Funded Program, employers who have level-funding pay one predictable monthly payment, and have the opportunity for a refund in low-claims.
- Fully insured group health plans: A more robust health plan can help attract and retain talent and provides employees with the coverage they need. With health care costs and medical debt both on the rise, this is a great option for any business.
Allstate Benefits offers ACA-compliant Group Health plans to suit the needs of nearly any business and employees of all ages. Contact your Amwins Connect Sales Representative today to find out more about how the Good Hands® team can help your clients and their employees.
- LIMRA EY Workforce Benefits Study 2023
- The burden of medical debt in the United States - Peterson-KFF Health System Tracker
