“The MetLife Study of Employed Caregivers: Does Long Term Care Insurance Make a Difference?” MetLife Mature Market Institute, 2001
Those caring for disabled elders with long term care insurance are nearly 2 times as likely to stay in the workforce as those caring for non-insured individuals
LTCI allows more “quality” time for caregivers
Reduces work disruptions
Reduces “social stress” - the feeling that caregiving interferes with their emotional/social well-being or health
** LTCI keeps caregivers in the workforce and reduces workplace disruptions and social stresses
“The MetLife Caregiving Cost Study: Productivity Losses to U.S. Business” Mature Market Institute, 2006
The total estimated cost to employers for full-time employees with intense caregiving responsibilities is $17.1 billion
The average cost per employee for those with intense caregiving responsibilities is $2,441
The total estimated cost to employers for all full-time, employed caregivers is $33.6 billion
The average cost per employee for all full-time, employed caregivers is $2,110
These productivity losses are due to things like: replacing employees, absenteeism, crisis in care, workday interruptions, supervisory time, unpaid leave, and reducing hours from full-time to part-time.
The 2004 report “Caregiving in the United States,” by the National Alliance for Caregiving and AARP estimated that 21% of all U.S. households provide care for an adult family member or friend over the age of 18.
At least 6 out of 10 employed caregivers reported that they had made some work-related adjustments as a result of their caregiving responsibilities.
An estimated 9% of caregivers who were employed left the workplace as a result of caregiving responsibilities.
3% took early retirement
6% left work entirely
10% reduced their hours from full-time to part-time
Total Estimated Costs (per employee) to Employers of all Full-Time Employed Caregivers
| Replacing Employees | $413 |
|---|---|
| Absenteeism | $320 |
| Partial Absenteeism | $121 |
| Workday Interruptions | $394 |
| Eldercare Crisis | $238 |
| Supervisor Time | $113 |
| Unpaid Leave | $212 |
| Full-time to Part-time | $299 |
| Total | $2110 |
As life expectancy increases, more workers will be involved in caring for aging loved ones.
Employers should take proactive measures to address these issues by making eldercare resources available.
Current and future caregivers and employers need to plan carefully for their loved ones’ long-term care needs.
Employers, employees, and community organizations need to work together to develop programs and services for working caregivers, such as:
- Benefits such as flextime, telecommuting, and job-sharing
- Programs to provide respite care, adult day services, and caregiver support groups
- Information, referral, and educational programs
- Employee and/or employer funded long-term care insurance.
** A focus on individualized care planning, information, flexible work arrangements, and managers and supervisors who are sensitive to family caregivers can make a world of difference to caregivers and to the workplace.
