- Home health aides are well-positioned to take advantage of the demand for in-home health services.
- 88% of adults aged 50-80 want to “age in place” but may not be fully prepared to do so.
- Home health aides may need business insurance to protect themselves as their businesses grow.
An estimated $265 billion worth of healthcare currently being delivered to Medicare patients in traditional medical facilities could shift to the home by 2025, according to research conducted by McKinsey & Company.
The move to in-home care creates a unique opportunity for home health aides and agencies to fill the growing need for home health care in the United States—provided they take steps to manage workplace risks.
“Business insurance will likely become more crucial for home health aides and agencies as demand for their services grows,” says Pavel Yurkov, small business insurance expert and VP of Technology and Operations at online comparison service BizInsure.
“Addressing the unique risks faced by home health providers could help aides and agencies create sustainable growth for their small businesses.”
Growing demand for home health care
Older Americans overwhelmingly want to “age in place”, with 88% of respondents aged 50-80 preferring to stay in their homes as long as possible, according to a 2022 survey conducted by the University of Michigan (U-M).
This dovetails with job outlook projections for home health and personal care aides. Bureau of Labor Statistics data estimates a 25% change in employment for these roles between 2021-2031 (much faster than the 2% average for all occupations).
While not a new concept, the popularity of in-home care options accelerated during the COVID-19 pandemic. The recent announcement that former president Jimmy Carter would be receiving hospice care at home has also boosted awareness of home health care services available to those at the end of life.
An opening for home health professionals
But while Americans may want to age at home, many are not fully prepared for the reality of doing so.
The same U-M survey found that close to half (48%) of respondents living alone and 27% living with someone did not have anyone to help them with personal care. Forty-two percent (42%) said they are not confident they could afford these services if they need them.
Home health and personal care aides may be well positioned to help fill this gap, providing patients with various home care services that allow them to remain comfortably and safely in their own homes.
Funding relief may also be on the way. The Better Care Better Jobs Act introduced in the Senate in January 2023 promises critical long-term investments into home-based care services for people with disabilities and older adults.
The role of business insurance
Enterprising home health and personal care aides looking to capitalize on the demand for in-home health care services should be mindful of risks to their businesses.
“Home health professionals face various risks in their day-to-day operations—from common property damage claims to risks that are unique to health care professions,” says Mr Yurkov.
General Liability insurance shields businesses against third-party property damage or injury claims, but home health aides may want to consider Professional Liability coverage as well. This can help them manage first-party claims that could come directly from their patients.
Combined coverage policies are also available that include coverage for allegations of abuse and molestation and cyber breaches while also providing General Liability and Professional Liability protections.
“A claim or lawsuit could potentially devastate any small business. Home health aides are no different, and they should consider insurance options that help them manage potential claims and protect their finances.”
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BizInsure is an offshoot of the Australian Insurtech BizCover, which disrupted the insurance industry in 2008.
Troubled by the merry-go-round small businesses had to go on just to get the right insurance coverage for their business, they brought the online service to the US market in 2012 under the BizInsure brand.
This revolution allowed them to reduce costs and fees, increase pricing transparency and decrease the hassle of getting insured for time-poor and cost-conscious small business owners.
BizInsure has sold over 18,000 business insurance policies as of 2022.
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