Eldercare

Incorporate Into Existing Assistance Programs. Many companies have chosen to integrate eldercare benefits in with existing employee assistance plans.

Flexible Work Schedules. Employers have a variety of options from which to choose here, including job sharing, compressed work weeks, and work-at-home arrangements. In addition, some small business owners have loosened vacation and sick day policies, blending them together into so-called personal days, to better accommodate employees with eldercare obligations.

Financial Benefits. Employers should consider setting up dependent care assistance programs (DCAPs) for their employees. Under this plan, employees who have elderly dependents living with them can gain assistance in paying for various eldercare expenses. Funds are regularly withheld from the paychecks of participating employees, who then bill the plan and receive reimbursements for eldercare expenses. "The result," noted Karras, "is that employees don't pay income or Social Security taxes on the DCAP funds. Your company saves as well because it won't owe Social Security and unemployment taxes on the money they set aside." Business consultants note, however, that businesses that set up DCAP plans do run into administration expenses, whether they choose to administer the program themselves or hire an outside firm to do so.

INTERGENERATIONAL CARE

Another trend that is shaping the way in which employees and employers approach eldercare is the increased popularity of intergenerational care facilities. These programs allow working parents who also have obligations to care for their own parents to place both children and elderly relatives in a single facility, where they will be cared for. Given the steady growth of women in the work place and the success that many hospitals, child care centers, and nursing homes have had with intergenerational care programs, many analysts believe that the availability of such facilities will continue to grow over the next number of years, especially in regions in which competition for labor talent is intense. Indeed, demographic trends would seem to guarantee the continued growth of intergenerational care facilities. A 2004 study conducted by the National Alliance for Caregiving and American Association of Retired Persons (AARP) showed that 21 percent of adults (18 and older) provided unpaid aid to friends and relatives; the caregiving population thus was more than 44 million people. Sixty-one percent of caregivers were women, 39 percent were men. Such statistics indicate that businesses seeking to attract and retain top talent will not only examine child care assistance options in greater depth, but will also factor the elder care issue into their analysis of options with increasing frequency.

ELDERCARE RESOURCES

Employees and employers can turn to a variety of sources for information on dealing with the many financial, medical, and personal aspects of eldercare. Local hospitals, churches, and agencies on aging are often good sources of information on eldercare issues. In addition, several national organizations maintain a variety of services and information on the subject. Notable organizations include the American Association of Retired Persons (202-434-3525), the Alzheimer's Association (800-272-3900), and the American Association of Homes and Services for the Aging (202-783-2242). Another good source of information is the Eldercare Locator (800-677-1116), a federally funded hotline operated by the National Association of State Units on Aging and the National Association of Area Agencies on Aging.

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