Carallel, the leading provider of holistic support, guidance and assistance for family caregivers, and myFloc, an AARP Innovation Labs portfolio company that connects family, friends and caregivers on a common expense platform, today announced a strategic partnership to tackle some of the most complex challenges that come with being a family caregiver.
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An adult daughter with her mother. (Photo: Business Wire)
Caregivers help their loved ones in a variety of ways, from health advocacy (56%) to monitoring health conditions (71%) to managing activities of daily living (60%), according to a 2020 AARP report. But, beyond these well-recognized responsibilities, nearly all (92%) caregivers are also financial caregivers. They help manage their loved one’s money and other assets and help with everyday financial matters.
Financial management can be complex and emotionally charged, creating tension and conflict amongst family members. And, to make matters more challenging, elder financial exploitation is becoming more prevalent. A 2022 AARP report found the rate of elder financial exploitation more than doubled since the start of the COVID-19 pandemic in 2020.
The Carallel and myFloc partnership brings together best-in-class solutions for making caregiving easier. Caregivers on the Carallel platform can now seamlessly access myFloc to help take the financial friction out of caregiving for family, friends and other non-kin caregivers.
Carallel and myFloc look forward to offering these expanded benefits to customers who can now provide a more holistic solution to their employees, members and clients through a single contract.
“Managing a loved one’s finances and dealing with day-to-day expenses is incredibly challenging for reasons that go well beyond the math,” said Shara Cohen, CEO of Carallel. “We hear from caregivers every day struggling within their families about this topic, worrying that their loved one is being taken advantage of or trying to protect against scams. myFloc offers a really important solution for this all-too-common challenge.”
myFloc’s financial platform is purpose-built for older adults and caregivers. It is a prepaid debit card-based solution that empowers a care recipient to maintain control of their own finances and track spending, while also allowing them to get assistance on their own terms. Care recipients can invite chosen care team members to use myFloc cards with card-specific controls, permissions and notifications with the option to allow visibility into the full myFloc account.
“Financial caregiving is challenging, both for the caregiver and the care recipient, and we know it’s just a fraction of the work that caregivers perform every day,” said Elizabeth Clubb, CEO of myFloc. “Our partnership with Carallel will help us continue to elevate the critical role of caregivers by providing more holistic resources. Our companies are both driven by the mission to celebrate the vital role caregiving plays now and in the future.”
Carallel supports family caregivers through a blend of live support from compassionate, expert Care Advocates and comprehensive digital tools and resources to create personalized plans that boost caregiver resilience. Carallel’s approach gives caregivers emotional support as well as targeted guidance and practical assistance across a range of caregiving needs, from disability care to elder care and beyond.
Caregivers who want to learn more about considerations for financial caregiving can join a webinar featuring Elizabeth Clubb from myFloc and Matt Perrin from Carallel at 12 pm EST on January 18, 2024. Register here.
About Carallel
Carallel uses personal connection, expert guidance and digital tools to identify and empower caregivers so they can confidently manage the twists and turns of caregiving. Carallel partners with healthcare organizations aiming to achieve better outcomes and employers striving to retain employees and increase productivity. The company’s proven, holistic approach to caregiver support resonates with caregivers, earning Carallel an overall Customer Satisfaction Score of 96 and a Net Promoter Score of 80. Learn more at www.carallel.com.
About myFloc
myFloc™ is an expense management and payment platform that is purpose-built to empower older adults and families by connecting the tapestry of caregivers, helping to prevent elder financial exploitation, and taking the financial friction out of caregiving for family members and loved ones. myFloc is an AARP Innovation Labs Portfolio Company and partners with organizations that support caregiving, a variety of financial and insurance firms, and organizations providing community-based support. Learn more at www.myfloc.com.
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