Olera Secures $3M Grant to Revolutionize Senior Care Affordability

Olera, a leading senior care platform, has been awarded a $3 million grant by the National Institute on Aging to tackle senior care affordability head-on.

HOUSTON, TX, UNITED STATES, December 18, 2024 /EINPresswire.com/ -- Olera Inc.¹, a leading senior care platform, has been awarded a $3 million grant by the National Institute on Aging (NIA) to tackle the challenge of senior care affordability head-on. Specifically, Olera will build AI agents to help families find and apply for senior care benefits and improve senior care affordability in the United States.

The substantial funding will support Olera's mission to leverage artificial intelligence and machine learning technologies to transform the senior care landscape. This initiative aims to make quality care more accessible and affordable for millions of aging Americans and their families.

The Senior Care Crisis

According to the U.S. Census Data, nearly half of Americans between ages 55 and 66 have no retirement savings.

Yet the average annual cost of home care is roughly $62,000 per year— and 7 out of 10 people will require long-term care like this in their lifetime.

"Improving senior care affordability will undoubtedly be a hard problem to address, and It’s a topic that involves the rising costs of labor, inflation, understanding state-specific benefits and eligibility criteria, among various other factors. However, by being laser-focused on this problem and thinking outside the box, I am confident we can find ways to help families better pay for care." said TJ Falohun, CEO and Co-Founder of Olera.

Addressing a Growing Need

With the aging population in the United States expected to reach 95 million by 2060, the demand for affordable senior care solutions has never been more critical. Olera's innovative platform is positioned to be crucial in meeting this challenge.

"The strain that unaffordable healthcare places on families and patients is not just a financial issue--it's a health issue. When families fear seeking medical care due to the financial implications or families can't access or afford proper care, health outcomes suffer for individuals and society as a whole," explained Dr. Logan DuBose, COO and Co-Founder of Olera. "This grant will allow us to lower the care costs with initiatives and innovative solutions; we're not just saving money - we're saving lives."

About Olera Inc.

Olera Inc. is a Houston-based healthcare technology company dedicated to revolutionizing senior care through Olera’s technology platform. It provides guidance and helps families find solutions to their needs in areas such as home care, assisted living, and senior care financial planning. Founded in 2019, Olera's mission is to make high-quality, personalized care accessible and affordable for all older adults and their families.

For more information, visit https://olera.care/research-and-press/olera-receives-usd3m-grant-to-transform-senior-care-affordability

TJ Falohun
Olera Inc.
+1 833-741-2792
support@olera.care
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WATCH NOW: Paying for Senior Care - How we Can Fix It at https://www.youtube.com/watch?v=gMYbTrlqvUw

¹ https://olera.care/
² https://olera.care/research-and-press/olera-receives-usd3m-grant-to-transform-senior-care-affordability