With a large segment of the population living longer, the situation is putting pressure on nursing homes and assisted living facilities to find room for an expanding client base. Those facing health issues or no longer able to live alone for any number of reasons will need to be cared for if family members don’t have the patience or the means to address the concerns of many older relatives.
More nursing homes continue to be established all over the US and there’s a serious need for more companies to be developed in the field of services for the elderly. If not, we could see a significant shortage of continuing care retirement centers, home care service centers, traditional nursing homes and other assisted living facilities. Perhaps one of the reasons that more companies don’t desire to take on this responsibility is due to the many risks and exposures that must be addressed.
Nursing home insurance costs, determined by a lot of different factors, tend to rise along with the number of claims and settlements against them, as a result of poor care or incidents that lead to litigation. A policy, purchased from many of the best-licensed insurance underwriters can help clients, especially with the aid of brokers that offer risk management services geared to address the many issues in offering a better quality of life for residents.
A fast-growing component is the home care industry
As the number of dependent elders continues to grow, many families will need the services provided by home care providers. With the life expectancy of men around 83 years of age and women expected to live until around age 85, many can benefit from a home care industry that allows them to continue residing in their own residence. Twenty-five percent of elderly people are also expected to live past the age of ninety.
Healthier residents, while still able to continue making contributions to their communities, love the idea of remaining home but having someone to help them with many tasks they are not able to do on their own. Nursing home insurance costs for much of the key coverages can all become more manageable when your client’s operations meet the standards outlined by federal and state regulations.