Being covered by Medicare Advantage is a game-changer, and VCs understand the value, commented Reed. Andrew Parker, founder and CEO of Papa, pioneered the model for venture-backed tech services to be covered by Medicare Advantage programs offered by private companies. Venture capitalists are resistant to this business model, and they want a cheaper way to reach older adults. The two see things from their loved one's perspectives, and the brand reflects that.ĭirect-to-consumer services are expensive to market. "Kelly and I are both 31.It takes a lot of empathy, personal conviction, and tight-knit relationships with older adults to design a tech product for them," said Reed. The Balanced team is modernizing the vernacular they use and the look and feel of its services. The pair found out that the new generation of older adults didn't want to be called ''seniors,'' ''elderly,'' or ''retirees.'' They didn't like products aimed at them to have the word "silver'' in their names. Reed became the CEO and cofounder of Balanced, and Froelich the COO and cofounder.īaby boomers are redefining growing old as they turn 65. With work experience at tech companies such as ClassPass, Facebook, Namely, and Ro, the two knew that they could create a customizable digital fitness experience to inspire and build a community with healthy outcomes that all older adults deserve.But some may need weight-bearing activities to increase bone density or exercises that are mindful of injuries to the back, knees, hips, and shoulders. Typically, older adults require low-impact workouts. It just needs to be personalized," said Reed. "When you get older, fitness doesn't need to be clinical.The convenience of exercise coming into the home would be necessary for the nearly 90% of adults over the age of 50 who want to remain at home and "age in place.".However, technology adoption and use are uneven because of the cost. Tech use among the 50+ increased, particularly in wearable devices-from 17% to 27%. Reed's grandmother, aged 78, has an Apple AAPL Watch that tracks her daily steps. Weekly use of streaming increased to 58% from 44%. Four out of five adults age 50+ rely on technology to stay connected and in touch with family and friends. During the pandemic, older adults became more tech-savvy.
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