Nursing Home Insurance - 2020 Analysis Infographic

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Nursing Home Insurance GENERAL LIABILITY

COMMERICIAL PROPERTY

BUSINESS INCOME

SURETY BONDS

COMMERCIAL AUTO

UMBRELLA LIABILITY

The major coverages above are not inclusive. The insurance needs of nursing homes varies widely on a case-by-case basis.

Growth of Older Adults Needing Long-Term Care Services The US population is aging fast. Investopedia reports 10,000 Baby Boomers retire daily. A correlating result is rising demand for nursing home services and insurance.

8 Million

19 Million

Approximate in 2000

Approximate 2050

20,000,000

Long-Term Care Growth in US per CDC

18,000,000 16,000,000 14,000,000 10,000,000 12,000,000 10,000,000 8,000,000 6,000,000 LTC Participants in US L 2000

2050

Medicare’s Response to COVID-19

Pre-Covid Medicare Coverage Normally, Medicare covers care in a skilled nursing facility for up to 100 days after a qualifying hospitalization.

Amended Medicare Coverage During COVID-19, patients can be covered if they need to be transferred to skilled care to make room at hospitals, or need coronavirus infection care, regardless of whether they were previously hospitalized.

Medigap Supplemental Plans For enrollees in the traditional program, Medicare covers all costs for 20 days, and there is a daily co-pay of $176 after that. The most popular Medigap supplemental plans pick up 100 percent of that additional cost.

Nursing home insurance programs cover Adult Day Services Centers, Home Health Agencies, Hospice, Nursing Homes, and Residential Care Communities.

TYPES OF NURSING HOME INSURANCE

Professional Liability

Crime

General Liability

Workers' Compensation

Excess Liability

Violation of Resident's Rights

Cyber Liability

Physical & Sexual Abuse Liability

Property Coverage for buildings, personal property and business interruption

Directors & OfďŹ cers (including employment practices liability)

Commercial Automobile

Protection for Medical Directors while acting within the scope of their administrative duties

Boiler

Facility Barbers & Beauticians Coverage

This list is not inclusive. Other coverages may apply and be necessary.

Licensing Requirements NAB DEVELOPS & ADMINISTERS BOARDS The NAB (National Association of Long Term Care Administrator Boards) develops and administers the licensing examinations for states. To get licensed, Nursing Home Administrators (NHA) and Residential Care/ Assisted Living Administrators (RC/AL) must pass NAB examinations in their respective states. The NAB site publishes useful resources including PDF downloads of state-by-state licensure requirements.

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