The subject of insurance for nursing homes is actually two-fold. You can be looking for insurance coverage for the long-term care of yourself or a loved one and if you own or manage a nursing home you will want to have an insurance plan in place for your and your patrons protection. Every business needs some type of liability insurance. Nursing home facilities are not excluded. The type of coverage you want can be determined by the needs of your patrons and your business.
First we will look at nursing home insurance at it pertains to long-term care. What is long-term care? Long-term care involves the assistance required for the very basic, everyday activities that most all of us can do for ourselves. As a result of an illness, accidental injury, mental impairment or even advanced age, many of us become incapable of providing for ourselves or caring for ourselves and require assistance in order to eat, dress or bathe.
It is suggested that everyone age 45 or older consider long term care insurance although they don't need to purchase it. The possibility of being put in a nursing home when we are beyond the ability to care for ourselves is great especially if there is no family willing or capable of providing the full-time care a nursing home would be able to offer. Without insurance in place financial hardships might be created for our family or ourselves.
Does medical insurance cover nursing home costs? Medical insurance can have some basic aspects of long term care included in their coverage but it isn't necessarily the same thing. Some medical plans will cover the costs of a nursing home or the services of a nurse while you are recovering from an accident, illness or surgery but the benefits are limited, usually in place for a short period of time until you are recovered. Once you reach your maximum benefit for these services the coverage would end.
If you own or manage a nursing home the insurance you want will cover your property, such as the building and its contents, and then any amounts you are obligated to pay due to a lawsuit or claim against you. If patrons are injured through their own actions or through those of your staff you could be held liable for the costs involved. Besides having adequate insurance for your nursing home you will also want to have comprehensive safety plans in place in the event of fires or other natural or man made disasters. You should also have training and monitoring in regards to the level of care given to patrons.