ISO, a Verisk business, has launched a new program that will offer coverage as well as a rating system for insurers who work within the home health care industry. In home health care, as an industry, has been growing by significant measure in recent years, thanks in large part to the growth of the aging population in the United States.
As a result of this level of growth, more men and women considered ‘elderly’ may require assistance with a wide range of tasks, and at the same time they prefer to remain at home, aging in place, as it’s referred.
According to a news blog provided by Insurance Journal, entitled, New ISO Program Targets Home Healthcare Insurance Market:
“ISO has launched a new home healthcare program that provides coverage and ratings for insurers covering the home healthcare market. ISO is a Verisk business.
The aging population is one factor in the significant expansion of home healthcare in the United States. The U.S. Census Bureau projects that the over-65 population will double to nearly 84 million within 30 years. Other growing segments, such as pediatric and disabled care, are also driving demand. In fact, home healthcare and personal care aide employment is estimated to increase 40 percent from 2016 to 2026, according to the U.S. Bureau of Labor Statistics.”
Home care agencies and other companies that deal with this industry could face a number of potential liabilities, especially as aging and disabled clients (a significantly vulnerable population) is exposed to various caregivers, technologies, and other risk factors. By having better options for insurance, including liability, it may offer a new level of support for a growing and expanding sector within health care.
ISO’s new program will likely lead to more improved endorsements, protection against allegations of abuse, employee liability issues, home health care equipment issues, theft of client property, and other potential problems that can occur, or even whereas accusations -founded or otherwise- may be levied against a provider by a client or family.
Broadening coverage options for home care agencies and other providers may offer a benefit for those wishing to provide necessary services, but who may be concerned about liability issues that may otherwise leave some unable to actually offer these types of services.
As the home care industry continues to grow and expand, significant changes will continue and this move may be another that seeks to shield home care companies against the risks involved in hiring people to care for seniors and disabled adults in their homes.