Customizing benefits for different generations of workers

May 01, 2017
As the health insurance landscape continues to shift, employers are looking for ways to maximize health and voluntary benefits. Offering a range of insurance products for workers in different generations and life stages may help fill coverage gaps without adding to employer-paid costs. Employers may consider a menu of choices including health, vision, dental, flexible spending accounts (FSAs), life and disability insurance, etc.
Baby boomers, Generation X and Y workers have different priorities when it comes to their benefits. Employees may find value in choosing coverage for their unique needs. For example:
Baby boomers (born 1946 to 1964) tend to be highly focused on health benefits. As they near retirement, baby boomers are also concerned about financial security. Benefits that may be important to baby boomers include vision and dental plans, long-term care insurance, financial planning advice and elder care support.
Gen X workers (born 1965 to 1979) want transparency about the value of their benefits and what’s in it for them. They may be juggling a range of responsibilities related to health, finances and family. Benefits that may be attractive to Gen X workers include vision and dental plans, wellness programs, life and disability insurance, FSAs and dependent care benefits.
Gen Y workers (born 1980 to 2000) may be focused on their paycheck only and overlook the value of other benefits. Benefits that can help Gen Y workers get a solid start include fitness discounts, tuition assistance, FSAs, dependent care benefits and financial counseling.
For employers, communicating the value of benefits to employees is key to success. Doing so can help employees make the most of their benefits and also boost employee satisfaction and retention.
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