Home Healthcare: An Opportunity to Offer Sound Insurance Solutions
Traditionally, family members take care of elderly parents or relatives in lieu of a nursing home or home health care agency. But as the population ages, this will become far more difficult to do. A report from the U.S. Census Bureau in May 2014 shows that the population of Americans 65 and older almost doubling between 2012 and 2050. Baby boomers, who began turning 65 in 2011, are the main group of seniors who make up that group, expected to reach a peak of 83.7 million. As result, we are seeing an increased need for senior care, including home health care. In 1990, there were 11 possible caregivers for every family member needing care. But by 2050 it is projected this ratio will reach four to one. This along with the relatively high cost of nursing homes and hospitals has led to a boon in the home healthcare industry.
In addition to the affordability that home healthcare offers, most seniors prefer to remain at home as long as physically possible, which also points to more future home healthcare business. Moreover, medical advances will enable increasingly more patients who would have otherwise had to stay in a hospital or nursing home to stay at home in a familiar setting. In fact, according to statistics, by 2050 it is projected that home healthcare services will impact 27 million people. Investment research firm Zacks predicts that the value of the home healthcare market in 2020 will be $303.6 billion.
Services Provided by Home Health Care
The type of in-demand products and services individuals want for home healthcare include personal care (bathing, washing hair, getting dressed), homemaking (chores, housework, yard work, groceries, laundry), meals, accessibility (driving assistance, scooters, electric chairs), activities (organized events and gatherings for seniors) and safety (protection from physical harms and financial scams). Some home healthcare agencies also offer skilled nursing care, in which medical professionals visit the home to administer medications, check body functions, and care for the medical needs.
Providing Comprehensive Insurance Protection
To meet the expansion of the home healthcare market and address its exposures, including general liability and professional liability risks, a quality end-to-end solution is required. MGU and wholesaler Caitlin Morgan specializes in insuring the senior care industry, having provided comprehensive programs for nursing homes, assisted living facilities, independent living facilities and other healthcare organizations for years. As a wholesaler, we also can procure the insurance coverages necessary to meet the needs of the booming healthcare sector. From General Liability to Professional Liability, Property and Non-Owned Auto and more, we can assist you in helping transfer and mitigate your clients’ risks. To learn more about our home healthcare insurance programs, just give us a call at 877.226.1027.