CareVeritasDemo Environment
 

The Convergence of Health Care and Finance

CareVeritas is a software platform designed to prepare you for the financial burden of Family Caregiving. Working with your financial professional using CareVeritas, you can plan for the risk of Family Caregiving and help free yourself from financial worry. If you don't have an advisor, CareVeritas can help align you with a fully vetted financial professional trained in using our platform.
Get your Family Caregiving Risk Score here to help improve your conversations with your financial professional.
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Caring for Older Relatives Is So Expensive That Even AARP's Caregiving Expert Filed for Bankruptcy

CareVeritas' platform lets you determine potential Caregiving Risks in your family. With the CareVeritas Simulator you and an Advisor can test how your financial plan holds up to even the riskiest market conditions and Family Caregiving scenarios.

AARP's Caregiving expert Amy Goyer on the financial burden of Family Caregiving:
"[Caregiving] was financially devastating for me, my dad had Alzheimer's, that's a long haul. We suggest that people start out by getting help. I didn't have a financial advisor for me, I had a financial advisor for my parents. But I suggest that Caregivers find someone to help them through this.”

CareVeritas is creating a new market solution for financial professionals to address with their clients and prospects. Over 50 million Americans [1] are considered active Family Caregivers and are facing a potential major financial catastrophe:
  • Healthcare is the #1 Cause of Bankruptcy in America [2]
  • The average Family Caregiver spends 26% of their income on Caregiving activities [3]
  • Based on the latest research, estimated annual out-of-pocket expense for Caregiving is $380 Billion [1][3]
  • Unpaid Family Caregivers lose $522 Billion in Wages every year [4]
  • Family Caregivers in the U.S. contribute $470 Billion in unpaid care [5]
  • The consequence for Caregivers can be sacrificing retirement and potentially facing bankruptcy
CareVeritas has developed a proprietary algorithm using data from AARP Research Institute, the National Alliance for Caregiving, and the most renowned Finanical and Health Care Institutions across the US. The data is used by our patent-pending risk assessment model to ascertain financial risk associated with potential future Family Caregiving events.

Risks to Individual Investors:

Would you rather pay for completely unexpected Family Caregiving costs at 52, or be informed and planning for them at 38? Being informed and planning adequately for these costs can assure that you are financially prepared for even the most perilous of situations, for example: A major Caregiving event occurs while the market finds itself in a downturn, and you need to draw upon your newly devalued 401k.
With CareVeritas your advisor can work with you to use time as your ally and build strong solutions to lessen the financial risk of becoming a Family Caregiver.
Investor Considerations:
  • 72% of Americans report that one of their top fears in retirement is their health care costs going out of control [7]
  • Only 39% have a plan to pay for health care costs in retirement [7]
  • 17% of Americans have adjusted their family's budget to pay for health care expenses in the past 12 months [7]
  • 15% have delayed a large purchase or investment to pay for health care expenses in the past 12 months
  • A Semi-Private Room in a Nursing Home Facility costs $12,500 a month in Massachusetts [8]
  • In 2019, Medicaid programs reported collecting approximately $733.4 million from beneficiary estates [9]
  • Over the past 15 years, Medical Care Costs have trended at 7.5% per year [10]
  • The Stock Market is volatile. What will the market look like when you are faced with Caregiving? Will you be forced to sell your investments at a loss?
*Caregiving Data provided by AARP and NAC

The CareVeritas Risk Score:

By providing your basic financial information and health history, CareVeritas can determine how robust your portfolio is to Family Caregiving Risks. Using thousands of simulations CareVeritas can determine your associated Financial Risk Level. In conjunction with your advisor, you can use our tools to calculate your Caregiving Risk Score and reduce the potential impact future Caregiving may have on your finances.

Risks to Financial Professionals:

Customers are facing emerging challenges entering into the role of Family Caregivers, if you would like to read more about the risks being faced by your customers click here. Or, if you are interested in a full demonstration of our platform with a CareVeritas representative click here.
Advisor Considerations:
  • $84 Trillion will move from one generation to the other over the next 25 years [6] , of that approximately $21.6 Trillion will be lost due to Caregiving [1][3][4]
  • Estate Preservation strategies become more challenging with the onset of Caregiving
  • Stock Market volatility may reduce average balances. What will the market look like when clients are faced with Caregiving?
The average Family Caregiver spends 26% of their income on Caregiving. Over 50 million Americans today are considered active Family Caregivers, which amounts to an estimated $380 Billion in out-of-pocket expenses [1][3]
CareVeritas is creating a new market solution for financial professionals to assist their customers. Our solution has been developed to allow you to accurately ascertain and address the emerging financial burden of Family Caregiving.

The solution CareVertias provides will allow you to use a predictive methodology to help improve your existing client's position, as well as differentiate yourself to potential new clients. CareVeritas will identify the probability of individuals being burdened with a financial issues due to chronic health conditions in their family, i.e. Alzheimers.
Work with individuals and their relatives to establish a durable and dynamic family financial plan, ensuring Caregiving Events are accounted for.

Whether or not the family member(s) are part of your clientele, you will be able to provide a compelling conversation about a growing cost to the average American investor, the magnitude of which is $380 Billion [1][3] of estimated out-of-pocket Caregiving expenses.

June Awareness

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At CareVeritas we've made it our goal to raise awareness for the Caregivers impacted by the most detrimental diseases affecting Americans. Long term chronic conditions can affect generations of a family through the time-intensive and costly requirements of Caregiving.
Browse our references below to inform yourself about conditions affecting millions of Amercian Caregivers today.
Did you know?
  • The average hours of Care provided by Caregivers: 25.88 Hours per Week
  • The percentage of Caregivers whose Debt was impacted: 29%
  • The percentage of Caregivers whose Bills were impacted: 21%
  • The percentage of Caregivers who requested information about financial help for the Care recipient: 25%
  • The percentage of Caregivers whose Savings were impacted: 35%
  • The percentage of Caregivers whose Homing was impacted: 9%
  • The percentage of Caregivers whose Work was impacted: 16%

General Caregiving references:

AARP Link and Logo AARP Homepage
National Alliance for Caregiving Link and Logo National Alliance for Caregiving Homepage
2022 National Strategy to Support Family Caregivers
Steps to Plan for Diminished Financial Capacity and Illness
Financial Workbook for Family Caregivers
Care Guides Take the Stress out of Family Caregiving

Caregiving expert Amy Goyer helps you create your Caregiving Plan

About

CareVeritas is a software company founded in 2019, by a team with in depth expertise across Finance and Health Care Software. The platform was developed over several years of intense data and field research.

Using Data provided by the AARP, the National Alliance for Caregiving, Nasdaq, U.S. Department of Treasury, and other esteemed organizations, we have created a cutting-edge model to determine an individual's Caregiving Risk.
By engaging with a wide range of financial professionals, Family Caregivers and large financial services firms, we have modified and developed this solution in line with their feedback.

Our goal is to deliver a solution that identifies and mitigates the risks for both the financial professional and their clients.