According to the American Medical Student Association, the population of individuals over the age of 65 will increase by 70% between now and 2030. As you forecast the growth of your caring homes, how would you know if you’re ready enough to cater for the arrival of incoming generations? In the next two decades, Baby Boomers will continue to have a specific set of needs and health conditions, which will precede with their corresponding behavior. Is your RCFE prepared?
Assisted Living Facilities and Baby Boomers
Baby Boomers aren’t necessarily “reserved” types of individuals. If anything, they would more likely value their independence, especially when it comes to finding the right care facility. Regardless, a substantial demand for medical care for both men & women of this age group will continue to increase as we approach the second-half of this decade.
On the Residential Care Facility for the Elderly side, while eventual health conditions are yet to be observed, it helps if estimates for cost are calculated prior to the post-growth, including liability insurance for your RCFE.
Identify Key Inventory Used at RCFE
One consideration while you shop for the right RCFE insurance coverage is taking an inventory of common materials and existing costs. You may consider coverage for recreational and socializing materials related to your assisted living facility insurance. These should be included along with the necessary items when it comes to providing daily care for your residents (hoisting, meal preparing, entertainment) among state-required liability. At the end of each operating day, the overall experience and comfortability of your residents matter most. This requires a well-maintained facility.
Coverage for Health Care Providers
Aside from the facilities of your community, another most important asset would be the coverage for your health care attendants such as aides, nurses, and therapists during this rapid increase of baby boomers needing residential care. This is the most important addition in considering insurance for your RCFE. Have another series of skill and qualification assessments so you can also identify the extent of support which your staff will need when it comes to provision of applicable facilities.
Check Your Existing Programs in Handling Accidents and Evacuation Steps & Determine if a Revised Policy is Required
With common emergencies, your RCFE would instill common protocols when it came to ensuring the safety and promoting the health of your elderly, but is your facility ready for the volume of baby boomers for the next 15 years?
It takes thorough preparation for you to get fully prepared on the constant arrival of Baby Boomers and the increased demand for residential care facilities for the elderly. InsureMyRCFE.comprovides insurance brokerage services including liability for your RCFE. For more information, visit us online at insuremyrcfe.com. You will get a quote in as little as 5 minutes. You may also Call us at (805) 413-5668 to speak with a dedicated RCFE Insurance specialist.