Employee Benefits Practices of the 2007 AARP Best Employers for
By: aarp.org | Source: AARP.org
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- Support for Caregivers: Practices of the 2007 AARP Best Employers for Workers Over 50
- Flexibility and Work Arrangements: Practices of the 2007 AARP Best Employers for Workers Over 50
- Recruiting 50+ Workers and Retirees: Practices of the 2007 AARP Best Employers for Workers Over 50
- Training and Professional Development: Practices of the 2007 AARP Best Employers for Workers Over 50
Benefits round out an employment relationship, enhancing quality of life and providing important protection, security, and peace of mind. Good health and financial benefits are key components of employee attraction and retention. Sub-par benefit programs can lead to employee dissatisfaction and workplace disruption.
Benefit programs have evolved over time to better meet changing employee needs. Wellness programs, for example, can result in healthier employees and a healthier bottom line for employers. In the financial arena, programs to help workers manage their money and plan for retirement have become increasingly important.
The AARP Best Employers of 2007 are committed to providing a wide array of benefits for active employees, and many also provide benefits to retirees. The following chart illustrates this commitment:
| Benefit |
% Of Best Employers
Offering Benefit
|
% Offering To Part-Time Employees |
| Medical Benefits | 100 | 90 |
| Dental Benefits | 98 | 96 |
| Vision Benefits | 92 | 84 |
| Prescription-Drug Benefits | 96 | 88 |
| Short-Term Disability | 100 | 82 |
| Long-Term Disability | 100 | 70 |
| Post-65 Retiree Medical Benefits | 62 | N/A |
| Traditional Defined Benefit Pension Plan | 42 | 40 |
| 401(k) or 403(b) Defined Contribution Plan | 98 | 92 |
| Long-Term Care Insurance | 64 | 64 |
Health Benefits
Today's health care plans emphasize disease prevention as one of the most important ways to maintain a healthy workforce while managing medical plan costs. In fact, 100 percent of the 2007 honorees have implemented wellness programs.
Scripps Health, headquartered in San Diego, formally launched its Scripps Wellness Program in 2006 to provide wellness resources, education, screenings, and interactive programs. The Scripps Wellness Program is one of Scripps' most popular new benefits, with more than 4,600 employees participating in the program during the first year. Biometric screenings are also available, with more than 55 percent of employees taking part, 30 percent of whom were age 50 or older. Using the findings from the screenings, employees can adjust their lifestyles to improve their health, which in turn may lead Scripps to save millions in direct and indirect costs.
At the Rush-Copley Medical Center in Aurora, Ill., employees are offered free annual blood-glucose and cholesterol screenings. In 2006, nearly half of all employees participated. Wellness points, which can be redeemed for credit toward the following year's benefit costs, are provided to employees who participate in the screenings. Any employee whose screening results are outside the normal range must meet with a physician before receiving his or her wellness points. In 2005, Rush-Copley was awarded the Well Workplace Silver Award by the Wellness Councils of America for its commitment to a healthy workforce.
Other wellness initiatives offered by the AARP Best Employers of 2007 include:
- Hiking and exercise clubs
- Health and wellness fairs
- Free on-site flu shots
- A variety of fitness and recreation programs
- Free drug refills on prescriptions related to a chronic condition, if the employee enrolls in a disease-management program
Recognizing that retirees need to pay particular attention to maintaining good health, Cornell University in Ithaca, N.Y., targets a number of wellness initiatives for this group. Through the Retirees Exercise Program, retired employees can participate in a wellness program for $175 a year, which includes membership in the Cornell Fitness Centers. Retirees have access to all other Cornell wellness benefits, including exercise testing and health screenings. In addition, Cornell University works with Lifelong of Tompkins County, N.Y., which offers programs that target the promotion of wellness in later life through recreation, education, advocacy, and volunteering.
Other innovative benefits that the AARP Best Employers of 2007 offer include the following programs, which target age-50+ workers and retirees:
- Education programs on Medicare Part D and long-term care insurance
- Participation in book clubs, courses in gardening, painting, bird-watching, and outdoor recreation
- On-site banking and free checking.
Financial Benefits
Of course, good financial health is as important as good physical health. Today, employers recognize the need to assist employees in saving for retirement and to educate them about financial planning. While this topic is relevant for all employees, those at age 50+ require special attention.
Centegra Health System in Crystal Lake, Ill., has developed a customized financial planning session for employees over age 50 and their spouses. The program, a three-part series called "Financial Planning: Ensuring Your Quality of Life," provides an overview of retirement basics, understanding funds, debt management, estate planning, and wills and trusts.
Among the other financial planning programs that the 2007 honorees offer are the following:
- One-on-one financial planning assistance and consultation
- Subsidized or free attendance at retirement planning seminars, including seminars targeted specifically for employees and their spouses who are over age 50
- Online financial planning tools
- Pre-retirement seminars for employees and spouses
As workers age 50+ become an increasingly important segment of the workforce, employers recognize the need for targeted benefits. Through wellness programs, employees who want to remain active and working are better able to do so. And with access to sound financial planning resources and advisers, workers become better prepared for retirement.
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