Prudential Adds Wellthy Caregiver Services to Financial Wellness Portfolio
(Prudential Towers in Newark, N.J. Image source: Prudential.)
Prudential (Newark, N.J.) has partnered with Wellthy (New York), a caregiving concierge services platform for families with chronic, complex and ongoing care needs, to incorporate Wellthy’s suite of digital and concierge caregiving services into Prudential’s financial wellness offering. These services will help employers relieve the caregiving burden impacting their employees.
Prudential reports that the new partnership will enable the company to offer no-cost access to Wellthy’s digital caregiving tools, such as educational content, digital care plan creation, storage of digital caregiving documents (e.g., prescriptions, medical records, wills, etc.), access to a shared calendar to track appointments, and the ability to establish a group caregiving discussion.
Wellthy’s caregiving services complement employee assistance programs by providing individuals with a digital platform to organize and manage caregiving activities, along with the option of concierge services that provide hands-on support to help relieve their caregiving burden and save them hours every week.
For example, employers will have the option to pay or enable their employees to pay for a dedicated Care Coordinator to help individuals manage the logistical and administrative tasks of caring for loved ones on a family’s behalf, including:
- Sourcing and vetting in-home aides and childcare providers.
- Evaluating insurance coverage for home safety modifications.
- Setting up meal delivery services.
- Identifying in-network physical therapy providers.
- Arranging transportation to/from appointments.
- Setting up calendars for appointment management.
- Assisting with financial claims and billing support (e.g., liaising between medical providers, hospital and Medicare).
- Researching local elder care attorneys specialized in estate planning.
Prudential will also partner with employers to provide referrals to employees during critical moments that matter (e.g., leave of absence, birth of a new child, illness of elderly relatives) to optimize employee usage of Wellthy’s caregiving resources.
Lower Stress, Improved Productivity
The COVID-19 pandemic has blurred the lines between work and home, pushing many employees into multiple and sometimes new caregiving roles that impact their ability to balance work, home and the needs of their loved ones, according to Judy Dougherty, head of Enterprise Capabilities, Prudential Financial. “This balancing act is creating additional pressure on an already challenged caregiving system,” she says. “The benefits of Wellthy’s service are lower stress and improved productivity by assisting with some administrative and logistical tasks associated with caregiving, and in some cases reduced income disruption associated with unpaid leave. The addition of Wellthy to our portfolio is another way we are helping people achieve and maintain financial wellness.”
For employers, the benefits of investing in caregiver support are also clear, a Prudential statement says, explaining that caregiving costs employers several thousand dollars per caregiving employee per year—on lost productivity, absences, and talent retention.
Personalized Care Support
“Well before the pandemic, caregiving was a serious challenge for so many Americans and we’ve remained steadfast in our commitment to lift the burden off caregivers,” comments Lindsay Jurist-Rosner, CEO, Wellthy. “Our model is built on transforming family care through personalized care support that caregivers can control from an online dashboard, and we are pleased that more and more employers are seeing the value of providing their workforce with access to caregiving support.”