The share of employers providing healthcare advantages to staff’ dependent grandchildren is on a steep rise, doubling previously two years, based on a latest report by the Worldwide Basis of Worker Profit Plans.
This development comes as 3.3% of U.S. grandparents, or 6.7 million folks, stay with their grandchildren, based on a U.S. Census report launched earlier this yr. And of this group, 32.7% of grandparents dwelling with grandchildren below 18 are financially accountable for their care, together with meals, shelter, clothes and extra, the report notes.
Over the previous two years, U.S. employers have more and more sought to cut back grandparent staff’ monetary burden. This transfer is on par with employers more and more specializing in staff’ monetary wellness and the excessive price of dwelling. Amazon, for instance, even went so far as creating a worldwide monetary well being group in 2022 to help its workforce.
The IFEBP surveyed 625 employers, ranging in measurement from 50 to over 10,000 staff, discovering that the proportion of respondents providing dependent healthcare profit protection for grandchildren doubled to 12% in 2024, up from 6% two years earlier.
“It’s possible that plan participant requests for grandchild protection have elevated, and employers are increasing their protection choices because of this,” says Julie Stich, vp of content material for the Worldwide Basis of Worker Profit Plans.
The rise comes as staff turn into extra more likely to vocalize the advantages that might be most significant to them total. For example, a latest Vivid Horizons survey discovered that 78% of staff imagine working dad and mom are extra snug discussing their household duties at work immediately than they have been a decade in the past.
“Right now’s working dad and mom are extra emboldened and talking up for the advantages they need and wish for themselves and their households,” Vivid Horizons CEO Stephen Kramer advised Human Useful resource Govt lately.
In the meantime, worker expectations are driving extra organizations to reimagine how they outline household for the aim of advantages, main some to broaden fertility and family-planning advantages, as an example. The identical mindset is prompting some employers to acknowledge that overlaying dependents past the standard definition of household or family is a solution to create a extra inclusive office, Stich says.
“Employers are recognizing that the definition of a household or family usually expands past the nuclear household unit of the previous,” she says.
“Together with grandchildren as lined plan dependents is an impactful solution to present their care and assist for workers and their prolonged households,” Stich provides. “Complete dependent protection can be a strong attraction and retention device.”
