Three insurance benefits that are important to older workers

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.

Want to explore optimal benefits for younger workers? Check out Three Supplemental Benefits That Attract Younger 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. Look for a plan that is fully compliant with the Affordable Care Act (ACA).

Allstate Benefits offers ACA-compliant Group Health plans to suit the needs of nearly any business and employees of all ages. See what's best for your business by reading Is a Self-Funded or Fully Insured Health Plan Better for Your Business?

Dental and vision insurance

Older workers also prioritize dental and vision coverage, most likely due to the increasing costs of care. According to the American Dental Association (ADA), cost barriers are most severe for dental care services when compared to other types of health care services, including medical care, prescriptions, mental health and vision care.³

We offer Dental insurance and Vision insurance in partnership with Ameritas. Employees can easily choose their dental plan of choice and select which eye care network is best for them. Learn more about the importance and value of offering dental and vision coverage to employees by reading How dental and vision insurance strengthen any benefits portfolio.

Other popular types of coverage for older employees

An excellent way to bring generations together is through wellness. About one-third of older workers are interested in group wellness benefits through their employer—and younger generations are even more interested.¹ Wellness spans physical health, mental health, and beyond, and can bring employees together to boost morale and productivity and even lower health care costs. Read An Employer's Guide to Workplace Wellness for insights and ideas.

In addition to preventive wellness benefits, workers in elder generations also want coverage for when the unexpected happens. Critical Illness insurance is sought out by 36% of both Gen Xers and Baby Boomers, and Short Term Disability insurance is a priority for 39% of Gen Xers and 35% of Baby Boomers.¹

Allstate Benefits provides group coverage solutions to suit the needs of all multi-generational workplaces. Contact a sales representative today to learn more about the many ways that the Good Hands® team works to help you and your employees.

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