The Insurance Services Office (ISO) has announced a new home healthcare program that provides insurers with a robust coverage and rating solution in an effort to meet the rapidly growing market.
The drivers of this growing market include, but are not limited to, an ageing population. Projections by the U.S. Census Bureau put the over-65 population in 30 years at 84 million, double the current figure.
With the additional growth expected from segments such as paediatric and disabled care home healthcare, and personal care aide, employment is estimated to increase 40% from 2016 to 2026, according to the U.S. Bureau of Labor Statistics.
The program devised by ISO includes professional and general liability coverages and features optional endorsements for several critical exposures, such as allegations of abuse or molestation, employment-related practices liability, home healthcare equipment, and theft of patient or client property.
Additionally, 31 separate classes for the most common home healthcare professions, from home health aides to registered nurses are also included.
Maroun Mourad, president of ISO Commercial Lines, added, “Having a nurse or aide visit your home is often less expensive and more convenient than staying in a long-term care facility. But it’s also filled with huge responsibility and frequently changing risks, creating significant challenges for insurers. ISO’s new turnkey program can help insurers enter this growing market. The program offers flexible coverages and extensive rating information to help insurers meet the diverse needs of home healthcare providers.”
