Insurance For In-Home Healthcare Agencies

Insurance For In-Home Healthcare Agencies

Insurance for in-home healthcare agencies protects the company by offering comprehensive coverage on a variety of claims, such as workers’ compensation, general liability, and professional liability, as well as criminal liability for things such as sexual abuse, theft, fraud, and identity theft.

We may not like to admit it, but we all think about it. We worry about what our lives will be like in our senior years. We worry if we will be able to both physically and financially maintain a home of our own. But when we worry about anything in life, we create a demand for someone to ease those worries. And where there is demand, there is a market.

One of the more promising concepts directly addresses one of the key concerns just mentioned, which is being able to physically and financially maintain a home, rather than going to a nursing home. Wanting to be able to stay in one’s home gave rise to the creation of in-home healthcare agencies to provide care to those wanting to stay in their own home.

Home health care agencies provide a valuable service to address any physical limitations of maintaining a home. This can be regular care, including general physical assistance with around-the-house homemaking, maintaining proper hygiene, health reminders for things like prescription medications, or even extra care needed for those suffering the effects of Alzheimer’s or dementia. These agencies can be especially valuable after a hospital visit by providing assistance for things like caring for wounds or sores.

Once again, though, where there is a need, there is always a market. And a significant need of the home healthcare agency market is protection. The fact is that it would be a financial impossibility for an agency to be able to provide a registered or certified nurse to every home, so those caring for seniors in their home are often people who have gone through non-standardized practice and testing in order to be able to do the job. This can create a compliance nightmare, especially amidst the constantly changing regulations in the healthcare market.

Additionally, the physical challenges of performing such a service opens the industry to workers’ compensation claims, and liability claims, while misunderstandings may hold the agency responsible for fraud and theft claims. Without protection, it can be difficult for a home healthcare agency to be able to afford providing great service at a reasonable price, leading to either subpar service or unaffordable prices.

For this reason, there is business insurance available for these agencies. The home healthcare agency can operate at the best of its ability without the worry of a frivolous claim putting them out of business, and patients can enjoy the best service at the best price.

It is important to be aware, though, that not all business insurance for in-home healthcare agencies is made the same. There are some key coverage gaps that these insurance companies need to be aware of in order to be fully protected. For example, worker’s compensation, general liability, and professional liability are fairly standard offerings, but they will not help you if an employee claims discrimination or wrongful termination. For this, you also need employment practices liability insurance. That’s just one of several examples of coverage gaps that exist if you don’t do your homework before purchasing insurance.

Because of this, rather than grabbing the first insurance for in-home healthcare agencies you can find, it may be advisable to contact an insurance agent directly to discuss the best rates available that will still cover these gaps and protect your investment in the agency.

Compare Insurance For In-Home Healthcare Agencies Rates and Coverage with WM Schwartz

 

Understanding The Insurance For In-Home Healthcare Providers

Insurance For In-Home Healthcare Providers: How it works

There is no place like home. That is why many people live to stay there always. But as people grow older, that can be a daunting undertaking. Therefore, families usually want to hire outside help to assist their loved one to remain independent and comfortable.

For that reason, home healthcare is one of the fastest growing sectors in the healthcare industry, with an expected growth of 66% over the next ten years and with more than seven million patients served every year. Like any business, insurance for in-home healthcare providers adds a much needed layer of protection to safegaurd the company.

Home healthcare providers, also referred to as home health aides must have some formal medical training level and will have passed a certain competency test. They may have credentials such as licensed practical nurse (LPN), certified nursing assistant (CNA), or occupational or physical therapist (OT or PT).

Home health care is a broad range of health care services which can be offered in your home for an injury or illness. It’s usually more convenient, less expensive, and just as effective as the care provided in a skilled nursing facility (SNF) or hospital.

The types of services they offer vary from one provider to another. But many Medicare-certified home health care agencies offer the following types of services.

1. Therapy Services -When nursing care isn’t sufficient, many home health care agencies provide therapy services such as speech/language, physical and occupational therapy.

2. Skilled Nursing -Nursing services are usually the major type of service offered by home health agencies. These services are offered by both licensed practical nurses (LPNs) and registered nurses (RNs). They can carry out different tasks, including observation and assessment, post-acute care, wound care, medication administration and management, and pain management, as well as educating patients and caregivers regarding management of the disease. Skilled nurses usually offer management of particular conditions, such as diabetes and congestive heart failure.

3. Other Services -There are several other services which are commonly provided. Some of these include visually impaired services also known as low vision services, diet plan management and education, home care assistants, and medical social services.

The demand for home health care businesses is increasing, especially as the baby boomers become part of the elderly population. Many people, regardless of their age, opt to have in-home care if they are needed to get ongoing care instead of going to a nursing home.

Unfortunately, taking care of different people in their homes also presents some risks greater than those in a medical facility. Running a business involving a lot of patients presents a whole new set of risks.

Examples Of Risks That Home Healthcare Providers Faces:

1. A patient getting injured while under your care.

2. A patient experiencing an allergic reaction can turn into a claims nightmare.

3. If a staff fails to show up for the shift without contacting you, and the client subsequently misses an important appointment due to the staff’s absence, fails to take a crucial medication, or some other form of damage or injury occurs due to the staff failing to fulfill the responsibilities they have been assigned to. Actually, this has everything to do with pure negligence.

4. If your staff made a crucial error like accidentally providing the patient the wrong medication or combining the wrong medications.

5. Accusations (both real and false) of the patient abuse from you or your staff.

6. Claims of misconduct by your staff. We are all human, and even the highly skilled healthcare providers can still make honest mistakes, but that, unfortunately, does not dissolve liability.

Home health care businesses provide great opportunities, but they demand significant responsibility. As a result, home health care businesses require comprehensive insurance in case of problems which may arise.

Recommended Types Of Insurance Policies To Minimize Risk

1. General Liability -This coverage helps to safeguard home health care businesses against the third-party lawsuits that may arise from claims of property damage, bodily injury, and even personal injury claims.

2. Professional Liability -In a home care environment, professional liability insurance is also known as malpractice or errors and omissions (E&O) insurance. Malpractice/professional liability insurance protect the business and the acts, omissions or errors of their staff against claims of harm or negligence brought by the client they’re attending to, or brought on by their family member.

3. Workers’ Compensation -Home healthcare providers face a variety of work-related injury risks. Significant strides have been made regarding legislation, OSHA and the industry efforts to boost healthcare worker safety, but home health care providers still experience higher rates of musculoskeletal injuries regarding manual patient assistance and handling. Since home health care providers are also not under full-time supervision and sometimes work alone, this coverage may even be more important in this healthcare field.

Physical injury isn’t the just workers’ compensation risk home healthcare providers face. These people are exposed to potential chemical and drug exposures, biological hazards, bloodborne pathogens, medical waste and more.

While your clients should maintain safe practices among their workers to mitigate these crucial risks, workers’ compensation will offer the financial support and risk management/loss control required to protect against and avoid losses.

4. Additional Coverage -Our comprehensive home health care industry insurance program includes the above-mentioned policies as well as Regulatory Audit (RAC) Insurance Coverage, Non-Owned and Hired Auto, Directors’ & Officers’ Liability (D&O), and Employment Practices Liability Insurance (EPLI).

Why Get Regular Insurance Check Ups For Rates/Coverage

Insurance, just like investments, needs to be checked regularly to ensure they are still protecting you. Once a year is recommended. Regular insurance checkups can assist you to check your levels of coverage against your real needs.

Insurance needs usually change over time. You do not want to pay for coverage you no longer require. You also do not want to skimp on the coverage for essential things.

Ask the correct questions to know if it is time for the change. When you review your insurance coverage, you are not only verifying what you’ve. You are checking what levels of insurance for in-home-healthcare providers coverage you require now. This also is a perfect opportunity to ensure your rates are still competitive.

Compare insurance for in-home-healthcare providers rates and coverage today with WM Schwartz.

In-Home Companion Care Insurance

Benefits of In-Home Companion Care Insurance

One of the most difficult things to do in one’s life is to take care of aging loved ones. That’s why in-home companion care services are thriving and filling a major need in the marketplace.  With any business, also comes risk.  If there is a mishap with a patient, home companionship worker, or medical equipment you leave yourself open for a costly lawsuit.  In-home companion care insurance protects businesses like yours from costly risk.

Those who were strong and young few years back become fragile and weak as they gain age. In this condition they need special attention and care at both, emotional and medical grounds, because usually that become alone as their family and friends also start passing away with time.

Though the children of elderly parents can try to take best care of their elderly parents still there are several other responsibilities which can remain unattended due to their busy work schedules. In such condition an In-Home Companion Care Insurance can be much helpful for both, the elderly parents and their children. The children of elderly parents need not worry to look after their parents in their absence as they will be looked after by the caretaker appointed by the insurance company.

Services covered under in-home companion care

Home like comfort: It is one of the most important benefits of in-home companion care insurance as it allows the elderly people to enjoy the comforts of their home instead of a nursing home especially when they are hospitalised due to ill feeling. The seniors can enjoy reading newspapers while sitting in their armchair or cooking the food of their choice in the kitchen.

Personalized care: The caregiver appointed by the insurance company will focus exclusively on you instead of dividing his/her attention with others like you. In this way, the needs and wishes of your elders will be responded as soon as possible.

Reduce the risk of infections: The risk of infections increases when many people with health issues like flu and colds etc. are placed in one enclosure. This risk can be reduced by providing them in-home care with the help of special assistants.

Respect your independence: The feeling of loss of independence is one of the most stressful things experienced by the ageing people. Then can be sad as they are unable to take care of themselves or cannot handle their day-to-day activities themselves. Al such problems can be avoided by having a personal assistant at the home to attend your elders when required.

Support from the family: The family of the elderly people can also easily participate in their care and life if they have opted for in-home companion care insurance for them. Their children and grandchildren can also visit them frequently in the home, they were brought up few years back. The family and friends of the elderly people can also relish to visit them at their home instead of a nursing home.

Relief: When you know that someone if taking care of your elderly parents then you can also feel relaxed. The in-home companion will take care of daily chores of the elderly people along with cleaning up around the home to provide them healthy environment.

Peace of mind: In-home companion care insurance can be the best way to get peace of mind when run a business that provides care for you or your loved one needs help with increasing age. When you provide services for seniors you need not worry about risks that can occur during your daily operations because  In-home companion care insurance can cover your requirements at a very affordable cost.

Discover in-home companion care insurance with WM Schwartz for best coverage at competitive rates.

 

Insurance For In-Home Healthcare Agencies

Why You Need Insurance For In-Home Healthcare Agencies

We may not like to admit it, but we all think about it. We worry about what our lives will be like in our senior years. We worry if we will be able to both physically and financially maintain a home of our own. But when we worry about anything in life, we create a demand for someone to ease those worries. And where there is demand, there is a market for insurance for in-home healthcare agencies.

One of the more promising concepts directly addresses one of the key concerns just mentioned, which is being able to physically and financially maintain a home, rather than going to a nursing home. Wanting to be able to stay in one’s home gave rise to the creation of in-home healthcare agencies to provide care to those wanting to stay in their own home.

Home health care agencies provide a valuable service to address any physical limitations of maintaining a home. This can be regular care, including general physical assistance with around-the-house homemaking, maintaining proper hygiene, health reminders for things like prescription medications, or even extra care needed for those suffering the effects of Alzheimer’s or dementia. These agencies can be especially valuable after a hospital visit by providing assistance for things like caring for wounds or sores.

Once again, though, where there is a need, there is always a market. And a significant need of the home healthcare agency market is protection. The fact is that it would be a financial impossibility for an agency to be able to provide a registered or certified nurse to every home, so those careing for seniors in their home are often people who have gone through non-standardized practice and testing in order to be able to do the job. This can create a compliance nightmare, especially amidst the constantly changing regulations in the healthcare market.

Additionally, the physical challenges of performing such a service opens the industry to workers’ compensation claims, and liability claims, while misunderstandings may hold the agency responsible for fraud and theft claims. Without protection, it can be difficult for a home healthcare agency to be able to afford providing great service at a reasonable price, leading to either subpar service or unaffordable prices.

For this reason, there is business insurance available for these agencies. The home healthcare agency can operate at the best of its ability without the worry of a frivolous claim putting them out of business, and patients can enjoy the best service at the best price.

Insurance provided to in-home healthcare agencies protects the company by offering comprehensive coverage on a variety of claims, such as workers’ compensation, general liability, and professional liability, as well as criminal liability for things such as sexual abuse, theft, fraud, and identity theft.

It is important to be aware, though, that not all business insurance for in-home healthcare agencies is made the same. There are some key coverage gaps that these insurance companies need to be aware of in order to be fully protected. For example, worker’s compensation, general liability, and professional liability are fairly standard offerings, but they will not help you if an employee claims discrimination or wrongful termination. For this, you also need employment practices liability insurance. That’s just one of several examples of coverage gaps that exist if you don’t do your homework before purchasing insurance.

Because of this, rather than grabbing the first insurance for in-home healthcare agencies you can find, it may be advisable to contact an insurance agent directly to discuss the best rates available that will still cover these gaps and protect your investment in the agency.

Get insurance for in-home healthcare agencies quotes, compare rates, and check coverage with WM Schwartz.