Continuing care retirement communities provide independent living apartments with home care, assisted-living support, nursing home care, and specialized memory care, all in one place.
Rising Demand for Continuing Care Retirement Communities
Continuing care communities have witnessed an increase in their demand due to the elderly becoming more and more dependent on others for even the necessities. The Washington-based AAHSA holds 800 non-profit continuing care communities. Four years ago, the association had 700 under its jurisdiction.
A survey conducted by Modern Healthcare concludes a 6% increase in continuing care communities managed by hospital systems and nursing home chains. American Seniors Housing Association surveyed 84 industry executives, out of which 15.3% planned to develop continuing care communities.
The growth is expected to rise due to the extra assistance and care that are needed by the elderly when it comes to basic needs, catering to expenses, household work, and preparing meals. With gradual downsizing, the elderly realize the time won’t be far when they might require assistance with their everyday tasks. Hence, the demand for continuing care communities is rising.
Risk Management Services
The employees at a continuing care community deal with various risks such as healthcare, inflation, occupancy, and other risks where the residents may require additional healthcare costs after moving in. Often, it needs to maintain a massive occupancy to operate successfully.
Injuries and accidents, property damage, or healthcare issues can arise in a continuing care community. These risks can then affect the workers’ compensation policy. Thus, continuing care communities need to invest in insurance that has them covered in difficult situations.
With time, the elderly feel the necessity to be looked after and require assistance with everyday chores. Continuing care communities promise to help the elderly by offering numerous facilities and comfort while they enjoy their lives living peacefully and without any inconvenience.
Continuing care communities must have workers’ compensation policy in place so that they can be protected against any problems or inconveniences that may arise. Do you have additional questions about your workers’ compensation coverage? If so, then contact the experts at PMC Insurance Group. We are ready to assist you with all your commercial insurance needs today.