Home health care is a growing sector driven in part by an aging population, preference, and economic factors as a result of the high cost of long-term care facilities. Nearly $103 billion will be spent on home health care in the United States by the end of this year, reaching nearly $173 billion by 2026, according to the Centers for Medicare & Medicaid Services (CMS) Office of the Actuary. The annual growth rate for home health spending is predicted to be 6.7% by 2020, which is higher than any other category tracked. The Office of the Actuary calculates that home health spending will increase 5.9% in 2018, compared with 2017.
This is good news for home health care providers – both for start-ups and established organizations looking to expand. Whether starting a business, setting up a franchise or expanding geographically, it’s important for home health care organizations to ensure that while leveraging the opportunities this industry affords, addressing the challenges and risks that can potentially arise is equally as critical. There are many unique risks inherent in home health care and hospice care. Working with an insurance broker or agent who specializes in and understands this niche and has access to specifically designed insurance products and services backed by financially strong insurance companies is key in helping to mitigate risk and protect a home health care provider’s investment and hard work.
Manchester Specialty Programs is a program administrator that works with insurance agents and brokers throughout the country, providing them with the insurance solutions, underwriting expertise and markets they require to properly protect home health care clients. Our insurance products – from General Liability and Professional Liability coverage, to a Package policy, Non-Owned & Hired Auto Liability, Employment Practices Liability, Directors & Officers Liability, Cyber Liability, Regulatory Audit Coverage and Workers’ Compensation – are designed to respond to the unique exposures home health care and hospice providers face. We work with top-tier insurance carriers in the business lines we offer that are as equally committed to the industry as we are, and are steadfast in helping brokers to respond to their clients’ needs.
If you are interested in our products, you can contact your insurance broker to get in touch with us directly at 855-972-9399. If you don’t already have a broker, we are happy to put you in touch with a local broker in your area.