Protection for Changing Needs

Protection for Changing Needs

nursing home insurance

As of 2014, 1.4 million Americans lived in nursing homes, a number that is projected to rise: by 2030, I of every 5 Americans will be age 65 or older. This increase will bring increased challenges for nursing homes. Nursing home insurance, already critical, will become even more important as this new wave of residents enters.

What Does Insurance Cover?

Each nursing home has unique needs, depending on its location and size, and the needs of its residents. Most facilities will benefit from coverage that addresses:

  • property and mechanical systems
  • general and medical liability
  • patients rights
  • allegations of abuse and neglect

In a period of rapidly changing social norms, nursing homes may find themselves facing new challenges relating to patients rights. For instance, a study conducted by AARP found that the majority of LGBT seniors were concerned that a nursing home would not know how to provide appropriate care for them. Significant increases in patients with Alzheimer’s and dementia will also create new challenges.

Insurance and Staffing Challenges

Recent studies show that staff turnover rates in nursing homes may be as high as 55%-75% for all workers, and even higher for aides. Additionally, some data suggest that more people are leaving the field than entering, which makes it harder and harder to find and retain excellent staff. Given these conditions, nursing homes can help themselves by making sure that they are covered against employee errors and omissions, and the chance that an employee engages in criminal behavior.

Improving Outcomes

A good insurance program not only provides coverage for your current situation. It can provide the tools to help you develop a risk management program, and develop strategies to implement that program. Most reputable insurers want to help their clients improve outcomes, increase safety, and reduce risks.

Finding the right nursing home insurance is a critical part of managing your facility. Not only will it provide real resources, it can also give you the security of knowing that you’re prepared for the challenges that arise.