Offering Financial Assistance to Families: Why it matters in Home Care

January 5, 2022

Like many companies in and around the senior care space - we founded Worthright after a deep, personal experience trying to do one critical thing: find the money to pay for a high quality of life for our parents.

The biggest lesson I learned here was that no one tells you what to do, and they certainly don't help you turn over every stone during your journey. While I didn't have confidence in caring for my mom, I knew how to find money and look at assets in different, creative ways. This has become core to what Worthright is today.

Why offer financing solutions

With only 11% of older adults holding an active Long Term Care policy today; it leaves the 89% of families with very few options. Of course, some families can afford the highest quality of private-pay care without a problem - but those are few and far between. While many of the families who make up that 89% aren't confident in their ability to afford a high quality of care, the reality is they can.

Why does this matter to your business?

Offering financial solutions to families will drive results in three critical areas:

  1. Converting a higher percentage of your current prospects
  2. Industry reports show that +40% of prospect families never become clients due to an actual or perceived inability to afford services. As Worthright helps families afford more services, you yield a greater portion of your existing prospects.
  3. Reducing the churn or financial discharge of your cherished clients
  4. Experts in the Home Care Industry cite the biggest reason for churn (or discharge) as "affordability". While it may be hard to pick up on indicators that a family is going to terminate services, Worthright can help you find those at-risk families and pro-actively support them with Financial Assistance.
  5. Differentiating from competitors in your region
  6. With the Home Care industry expected to eclipse $100B in 2021, standing out from competitors, or even comparators, can be daunting. Providing tools that families can use to self assess, plan on their own, and see what's possible differentiates you from everyone else. By helping the family, your position moves from service provider to helpful resource - something that builds critical trust and loyalty.

How it works

Our process is simple

Worthright's 4 Step Financial Assistance Process

Why do we do it this way?

According to a Harvard Study done in 2018, 73% of older adults (80+ years old) own a home with no mortgage. Additionally, the National Association of Insurance Commissioners cites 65% of all older adults holding an active life insurance policy.

That means many families own a home with no mortgage, possess hard, or illiquid assets, but lack the monthly income or cash-flow to fund the level of care they desire or that may be required.

Worthright looks at a family's hard assets, as well as their overall financial situation and helps them qualify for financial solutions that provide the money to pay for a high quality of life and care for their loved ones.

How to get started

We've designed a simple, straight-forward financial assistance program to fit within your workflow and help you achieve your business goals. We build custom solutions requiring minimal launch effort or disruption to your core business; and work hand in hand to ensure the right messaging, customer interactions and touch-points are set up.

We'd love to partner with you and help families together. Please reach out and let's start a conversation.

Related Resources

We'll miss you.

Worthright was founded with a simple goal: to help families plan and pay for the care of their loved ones. However, that goal is everything but simple to achieve.

For many families, the topic of wealth management is extremely foreign - something reserved for anyone but themselves. As such, Worthright endeavored to support the 50 million families who are financially responsible for an older adult by taking the guesswork out of senior care finances.

By empowering families to organize their financials, evaluate payment options and financially contribute to a loved one's care, we sought to reduce the stress a family felt, and return attention back to what mattered.

Sadly, after working with over 50 care agencies and hundreds of families, we were unable to find a model to sustain the business. As a result, Worthright has ceased operations. Thank you to our customers, partners, investors and families who believed in our vision for a better future.

Aaron, Christian & the team at Worthright