Although many Baby Boomers have entered retirement, millions remain in the workforce and continue to be a valuable employee base that you'll want to attract and keep. To make your benefits package appealing to this ubiquitous generation, consider these tips from a recent trade press report:
- Ask the boomers in your company what benefits they desire. Generally speaking, boomers tend to have different wants and needs than other demographic groups. Don't assume that what works at a rival or neighbor company will work in your case; individual businesses are as different as snowflakes.
- Provide comprehensive Health insurance. Limited-benefit medical plans probably won't appeal to boomers, because they're generally skilled and educated workers who you'll want to retain.
- Up the stakes on Dental plans. The boomers smiled and grooved all through the 1960s, but now they have aging teeth that they need to protect. In other words, they'll want a dental plan with a higher maximum, even if that means paying the entire cost of coverage themselves.
- Include vision care. Yes, most boomers could see the stage perfectly from their lawn seats at the Crosby, Stills, Nash & Young concert in '70 -- but now they'll most likely need contacts and glasses.
- Think about including Health Savings Accounts or Health Reimbursement Arrangements. HSAs and HRAs give healthy employees monetary incentive to steer away from doctors. Personal health accounts also give boomers with health problems increased control over spending on daily medical expenses.
To learn more about how to customize your benefits program for the needs of boomers, feel free to get in touch with one of our specialists.