Employee Benefits

3 Employee Benefits for Retirees

Senior couple laughing while walking outdoors.

Many older workers today want to work into their 70s. If they feel well, they plan to work full- or part-time. Employers appreciate senior workers because of their independence, experience and expertise. They want to keep them on the job if possible. The most significant consideration for older employees staying on the job is their benefits and compensation, especially after the traditional retirement age of 65. Review three employee benefits for retirees that employers should offer.

  1. Medical

    Health care is one of the largest expenses for older people. They experience more health changes as they age, often requiring more medical procedures, tests and prescriptions. Older workers want a quality medical plan to cover these costs along with any unexpected health problems. Dealing with health issues can drain the savings they’ve set aside for other plans and expenses.

  1. Dental and vision

    Older workers tend to have more dental and vision problems as they age as well. That’s why senior employees consider dental and vision insurance as essential benefits.

    Through the years, most senior employees have taken good care of their teeth and eyes. They’ve brushed and flossed their teeth daily and scheduled regular dental checkups and professional cleanings. But they know that as they get older, their oral health can change, requiring fillings, crowns, root canals or bridges. These procedures can be expensive, so having dental insurance helps cover the costs.

    In addition, older workers are accustomed to having regularly scheduled eye exams. After age 40, they may notice vision changes. They may not see as well and need a stronger prescription. Or, they may have an eye issue or disease, such as cataracts, glaucoma, dry eye or macular degeneration. During the exam, the eye doctor tests the patient’s vision for correction needs. Other conditions the eye doctor can spot include auto-immune disorders, diabetes, some cancers and thyroid conditions. Some costs may be covered through a Medicare plan, but not prescription eyeglasses or contacts.

    Employers who cannot provide dental and vision insurance benefits can help seniors access them online through a reputable insurance carrier. Individual plans typically cover preventive checkups and exams. They also help cover the cost of unexpected dental and vision health expenses. An individual vision plan should include benefits for materials such as eyeglasses or contacts.

  1. Financial

    Older workers are concerned about their financial future. They know that they’re dependent on their savings, investments and pension to cover living expenses after retirement. That’s why senior workers appreciate financial well-being benefits that help them prepare for the future. Popular programs include 401(k) retirement plans with employer-matching contributions, Health Savings Accounts for future health care expenses, discount programs for tickets and activities, free legal services and financial planning.

    Many older employees have student loan debts. Research shows that Americans over age 60 owe over $86 billion in student loans. They took out loans to help their children and grandchildren pay for college. They also took out loans to earn another degree or professional certification to qualify for a better job. Employees expect to continue to work into their 70s to pay off their loans. So, they appreciate working for an employer who offers a student loan repayment benefit to help ease the burden of this debt. By providing this benefit, employers will have grateful employees who will stay with their business and contribute to its growth.

Sources:
Society for Human Resource Management
Corporate Offers
Voya
BenefitsPro
Benefex
Money Crashers
Monster