Cargiving Impacts Companies’ Bottom Line, Costing Business

I came across this article on AzNow.Biz Although it is geared towards businesses, it is filled with useful information and statistics for the family caregiver who is also in the work force.

by Becky Feola

Companies looking to maintain and grow must stay focused on the bottom line. In order to do so, it is necessary for business owners and managers to consistently look at how they can increase productivity and cut on expenses. One of the factors directly impacting that bottom line is our aging population.

According to the 2006 MetLife study of cargiving costs, U.S. business can lose as much as $34 billion each year due to employees’ need to care for loved ones 50 years of age and older.

While there are policies in place for parents needing to provide care or take time away from work for children, employers often overlook the needs of employees faced with the challenge of providing care for an ill loved one. Employers also don’t always realize how much caregivers in the workplace can cost a business.

Data from the National Family Caregivers Association states that 56 percent admit to modifying their work schedules; 85 percent admit to coming in late or leaving early; and 38 percent admit to altering their work-related travel.

There are a number of key issues and challenges that employers face.

To begin, many business owners do not recognize the financial impact caregivers have on their business. Caregiver’s issues will often arise during work hours, requiring an employee to take time off to provide necessary care. In addition, the stress of juggling the demands of work and providing care simultaneously, can impact the overall health, productivity and effectiveness of an employee.

Given the statistics, 41 percent of all Baby Boomers provide care for a living parent and 37 percent expect to do so in the future – employers must consider programs and practices in the workplace that will provide support for employees and protect the bottom line.

The question then is, what should an employer do?

Fortunately, there are a number of resources and options to help offset these challenges.

Employers can provide access to a recommended list of adult day care programs or facilities, placement counselors and assisted care providers to help employees build a circle of support. They can offer education and information by bringing in an outside agency to offer seminars, resources and support. They may also consider establishing an employee wellness program to help employees take better care of themselves and their loved ones.

To address the need for time, consider developing a policy for flexible work schedules or using technology so employees can conduct some of their work from home. Allowing employees the time they need to provide care and still fulfill their responsibilities to work can help alleviate stress, increase productivity and improve employee retention – all of which positively impacts the bottom line.

What’s the deal with reverse mortgages lately?

Just last week Wells Fargo, the largest player in the reverse mortgage business decided to call it quits. This came just a couple months after Bank of America, the number 2 player, also decided to move in a different direction. Reverse mortgages can be beneficial to seniors who have little income but good value in their home. However, the continuing fall in home values over the last few years have made for some bad situations for seniors who have chosen to go the reverse mortgage route. I came across this article today and thought it was useful for those who are considering a reverse mortgage. There are some good alternatives to the cash strapped senior instead of taking the possible gamble associated with a reverse mortgage. Enjoy the read:

http://www.dailyfinance.com/2011/06/22/reverse-mortgage-seniors-alternatives-banks-loans/

Downsizing, Organizing, Handicap Remodeling or Relocating

When Robert and Anne bought their family home thirty years ago, their plan was to live through retirement in this home. They had furnished their home with refurbished antiques acquired from their many trips together. It was one of their cherished antique coffee tables that Robert tripped over, breaking his hip. Now with his return from the hospital in a wheelchair, the overwhelming task of making their home accessible for Robert’s wheelchair and safe for both of them faced Anne.

Remodeling for wheelchair access, organizing home furnishings and daily living items or downsizing and relocating to a smaller living area are monumental tasks that are many times thrust on senior home owners. Sometimes the need to do this is brought on by injury or age related illness. Home and yard maintenance can become a daunting chore for even the healthiest of seniors, requiring them to make a downsizing decision.

There is a large and growing industry of specialists who understand these challenges of elderly homeowners and are ready and willing to help with remodeling, organizing or the sale of the home and with the move to a new location.

A professional organizer provides skills in making the home safe and manageable. Relocating furniture, removing hazards such as electrical cords, throw rugs, heavy objects on shelves that might fall are some of the ways they make a home more senior friendly. They specialize in helping seniors part with items that clutter or have no valued use, so to make rooms less crowded or to make ready for a move to a smaller living space.

Handicap remodeling services and senior safety services offer help in adding wheelchair ramps and widening doorways. Bathrooms are made more accessible and safe, with hand rails, walk-in bath facilities and easier access to toilets.

If moving to a smaller retirement home or care facility is the best solution there is another senior specialty provider to call on called a Seniors Real Estate Specialist.

The Senior Real Estate Specialist concentrates more on a complete service package for the sale of the property and/or the purchase of a new living arrangement. The specialist also arranges for the services of a relocation specialist or Senior Move Manager to provide a complete, stress-free package for the elderly homeowner.

A move often requires downsizing and getting rid of a tremendous number of acquired possessions. The relocation specialist or Senior Move Manager, as they are often called, will typically provide a turnkey operation that includes assessing and identifying items to keep, arranging for auction or other disposal, cleaning the home, moving the belongings and setting up the new residence. The manager may also work closely with a real estate agent to arrange for the sale of the home and may also be involved in the financial transactions necessary to move into a new living arrangement.

All the help available to seniors may in itself be overwhelming. How do seniors choose the right service provider for their needs? How do they know they will hire someone qualified, responsible and honest? Area Agencies on Aging and State Better Business Bureaus are good resources to check out available service providers.

Family, friends and religious leaders can be valuable resources to seniors in referring service providers and helping to manage the hiring and supervision.

The National Care Planning Council’s website www.longtermcarelink.net provides educational articles and information on eldercare providers throughout the nation.