New York, NY, Nov. 25, 2024 (GLOBE NEWSWIRE) -- Wellthy, Inc., a leading work-life benefit provider helping families manage the logistical and administrative responsibilities of care, and Benefitfocus.com, Inc., a provider of cloud-based benefits management solutions, announced today a new collaboration to provide more comprehensive benefit solutions to support the growing number of caregivers in the workforce.
As one of the most pressing challenges facing the workforce today, industry data shows that 73 percent of all employees have some type of current caregiving responsibility, balancing care for aging parents or relatives, children, partners, and family members with complex care needs, all while managing the demands of work.** Despite this large population of the workforce, the care benefits and resources for this often-invisible workforce are siloed and fragmented at best, leaving employee caregivers to piece together care infrastructure from scratch. The administrative, logistical, financial, and emotional burden of managing care can then have consequential impacts that touch every corner of the workforce and as a result caregiving has become the second-leading reason, behind retirement, prompting employees to exit the workforce.*** Due to these challenges today, between 40-70 percent of family caregivers report clinically significant levels of depression and anxiety.****
As more employees look to their employers for solutions and support, the new collaboration between Wellthy and Benefitfocus seeks to help meet the needs that many employees face today when trying to manage care on top of their day-to-day jobs. Specifically, employers who adopt the Wellthy solution for their workers will offer a unique opportunity to provide robust support for individuals juggling caregiving and work responsibilities to maximize their workplace health care and benefit programs.
"Employees today trust their employers more than any other entity when it comes to their healthcare and their family's healthcare needs," said Lindsay Jurist-Rosner, CEO and co-founder of Wellthy. "Our collaboration with Benefitfocus marks a major step forward in ensuring that employees can access the care infrastructure they need to care for themselves and their loved ones, with a goal of helping them remain productive, engaged, and healthy at work. We are thrilled to collaborate with Benefitfocus, whose innovation and impact in benefits management empowers employers, health plans, insurance carriers, brokers, and consumers alike to manage and exchange vital benefit information."
Wellthy brings a decade of industry-leading experience to the partnership, supporting millions of families across hundreds of companies, including 35 Fortune 500 organizations. With hundreds of Care Team members — including experienced social workers, gerontologists, nurses, mental health practitioners, and more — Wellthy is uniquely equipped to assist families navigating the complexities of caregiving. Wellthy’s tailored support provides a human touch to caregiving, helping employees manage their responsibilities with confidence and care.
Andrew Frend, President of Benefitfocus, emphasized the critical role Wellthy can play in helping diverse workforces manage caregiving challenges. "We know that caregiving can have significant physical, emotional and financial impacts on individuals, particularly those in the workforce and employers have an opportunity to help the challenges faced by this community," said Frend. "Wellthy provides employees with the critical care infrastructure they need to navigate the complexities of caregiving. We look forward to working together with Wellthy to offer our clients a new benefit solution that can help to support their workforce and differentiate themselves in the market."
This new collaboration further solidifies both companies’ commitment to addressing the evolving needs of today’s workforce, ensuring that employers can better support their caregiving employees through comprehensive benefits programs that foster well-being, retention, and productivity.
About Benefitfocus.com, Inc.:
At Benefitfocus, a Voya Financial business, our mission is simple: To improve lives with benefits. We are committed to helping organizations, and the people they serve, get the most out of their health care and benefit programs. Through exceptional service and innovative benefits administration technology we help simplify the complexity of benefits and deliver an experience that engages people for better health and improved outcomes. Learn more on LinkedIn, Facebook, Instagram, and X.
About Wellthy, Inc.:
Wellthy is a work-life company revolutionizing the way families access and afford care for themselves and their loved ones. Wellthy is the leading platform helping families balance work and care responsibilities through a combination of human expertise and precision technology. Wellthy makes it easier for our members to take care of their own health, reduce stress, save money, and stay engaged in their work and their lives while taking care of their loved ones. Millions of people have direct access to Wellthy’s care concierge through some of the largest and best-known health plans, employers, and hospitals across the country, including Best Buy, Cisco, ChristianaCare, and Hilton. Follow Wellthy on LinkedIn here.
Notes:
* Fuller, J., (January 2024). Healthy Outcomes, Published by Harvard Business School
** Harvard Business School’s "The Caring Company" report, Employee Survey, April 2017
*** Federal Reserve Monetary Policy Report, February 2022
**** 2023 Caregiver Burnout and Stress Statistics, a Place for Mom, June 2023
