Home Health Care Insurance Coverage- What You Need To Know
There is no question that the population demographic in the United States is getting older. An improved quality of life and advancements in medicine are allowing us to live longer. Research shows that 10,000 baby boomers are turning 65 every day and that trend will continue for the next 17 years. By 2030, one in five Americans will be over the age of 65. By the year 2020, the number of people older than 85 will have doubled from 25 years earlier. These changes have led to a bolster in demand for quality health care options. The other unavoidable fact is that the aging population would prefer to be taken care of in their homes for as long as possible and that Home Health Care is four times less expensive than a nursing home. All of these factors have led to a growing Home Health Care and Hospice industry that has grown quickly. Insurance companies have had to work diligently to adjust available insurance coverages to keep up with an expanding need and competition in the marketplace. Home Health Care and Hospice insurance programs were designed for skilled nursing and therapy. Insurance carriers are more comfortable insuring the actions of employees that have committed years to their professional development and have acquired designations and degrees. As the owner of a Home Health Care or Hospice agency, you need to be sure that your insurance policies are designed to cover your property, employee actions and liability. Specific endorsements to the lines of coverage will be discussed in future Home Health Care and Hospice articles. As a point of reference, the policies that should be in place are:
- Property: Building, business personal property and business interruption
- Crime: Employee theft including third party
- General Liability: Including coverage for sexual abuse and molestation claims
- Professional liability: Defense costs outside the limits
- Commercial Auto coverage: Including coverage for hired/non-owned autos
- Workers compensation: Containing full limits for employer’s liability
- Commercial Umbrella: Limits sitting on top of the workers comp, auto and general liability
- Employment Practices Liability: Addressing issues of high employee turnover in the industry
At SwingleCollins & Associates, we have built our practice around a consultative coverage approach and personal relationships with insurance carriers that allow us to provide all of the coverage your Home Health Care and Hospice agency needs for the lowest premium that the market will permit. Allowing SwingleCollins & Associates to review your current healthcare insurance coverage, will result in a better understanding of the risks you face, a strategy to mitigate those risks and more time for you to do what you do best.
Swingle, Collins & Associates specializes in commercial health care insurance coverage. The descriptions of coverages listed on this website are brief and subject to the provisions, limitations, and exclusions that can only be expressed in your policy and related endorsements. For additional information of how Swingle, Collins & Associates can assist in meeting your coverage needs for home health care insurance, or hospice care coverage please contact your dedicated risk manager to discuss the benefits and services of commercial health care insurance coverage.
The information contained on this page is provided for informational and educational purposes only. It contains general information on insurance issues and may not reflect the most current developments in insurance coverage and is unlikely to apply in all factual scenarios. The information does not include all the terms, coverages, exclusions, limitations or conditions that may be contained in the actual insurance contract language. The policies themselves must be read for those details. Sample policy forms will be made available upon reasonable request.