Article

Opportunity knocks in home healthcare

Home healthcare offers many benefits to patients and providers — convenience, increased patient comfort, and often decreased costs. Further, technology advances in mobile healthcare have made it possible to treat more conditions than ever in a patient's home. For these reasons, home healthcare is expected to grow significantly as the population ages. According to AARP, 10,000 baby boomers are turning 65 every day, and many boomers are opting to age at home. Given the demand for services, the number of home health aides is projected to grow by about 47% by 2026.

Specialized solutions for home health clients

The Hanover offers a complete suite of coverages that protect home health clients’ property, reputation, profits, patients and more. Our broad range of industry-specific coverages can be tailored to meet each client’s unique needs. Learn more.

No doubt the home healthcare market represents a big opportunity for agents. However, even if you specialize in healthcare, it's important to understand how the home healthcare sector exposures differ from those in medical facilities, and how you can capture opportunities to win business in this market. Here are some ways to get started:

Understand the key exposures — Traditional solutions for healthcare could leave critical coverage gaps when it comes to home healthcare. Namely, the exposures that stem from an unmonitored environment, often with temporary or contract employees, including increased risk for theft of valuables, abuse and molestation, and even data breach, since home care could enable employee access to financial papers or computers. To educate clients about exposures relevant to home health care, use our coverage scenarios.

Don't forget the auto factor — A study by the National Association for Home Care and Hospice found that home healthcare professionals drove more than five billion miles annually, clocking more miles on average than those who drive for a living, including UPS drivers! Whether professionals drive their own vehicles or use a company-provided vehicle — there are significant exposures that provide opportunity — and should be addressed in a thoughtful way.

Get to know the market — Think beyond traditional home health aides — there are a wide range of services delivered in clients' homes that would be an ideal fit for a home healthcare insurance solution, including companion care, skilled care, hospice, physical and occupational therapy and more. It’s also helpful to understand issues affecting this market so you can educate clients on insurance implications. The National Association for Homecare and Hospice offers news and information to help you stay well-informed of current events. An additional resource for information about the industry include the American Association for Homecare.


Eric Paynter

About the author
Eric Paynter, vice president of Healthcare, has more than 25 years' experience underwriting professional liability, and is dedicated to serving the healthcare liability space — underwriting hospitals, allied healthcare facilities, senior living facilities and physicians.

 

 

 


October 2019