Insuring the Modern Nursing Home
As a growing number of baby boomers reaches the final stages of life, the need for nursing homes, residential retirement communities, and other healthcare facilities for older citizens has skyrocketed. Similarly, the legal challenges and insurance requirements for these institutions have flourished. To protect the nursing home community, administrators must carry adequate coverage while controlling nursing home insurance cost.
Offering New Experiences
In the past, nursing home facilities were places where residents spent the final few weeks or months of their lives. That’s no longer the case. Today’s nursing home facility hosts a variety of patients with a range of medical conditions and healthcare needs. Residents often live in modern nursing home communities for years or decades. Instead of merely receiving care and lifestyle assistance, active nursing home citizens interact with family and friends, take part in activities, and remain physically active.
Identifying New Risks
As nursing home residents live longer and participate in a variety of activities, nursing home administrators must identify new risks and mitigate potential damage. Comprehensive nursing home insurance typically includes the following coverage areas:
- General Liability
- Medical Directors Liability
- Building and Property Insurance
- Violation of Residents’ Rights
- Intentional Torts
Smart hospital administrators do what they can to control nursing home insurance cost. Nonetheless, by purchasing a complete protection plan, facility administrators can offer new experiences while planning for potential risks.