Aged Care Insurance
Aged care providers are driven by compassion, human decency and a mission to preserve the dignity and meaning of life for those whose physical and mental abilities have been somewhat compromised by the natural ageing process.
An Insurance program for an Aged Care facility – whether it is low, high or self-care – must be consistent in design and purpose with the aim of the facility itself: to care for the welfare of our elderly (in essence our grandparents, parents and perhaps one day… you and me ).
Side-by-side with this human endeavour is the commercial reality of insurance. Aged care providers are exposed to liability claims based on the professional advice and services they provide, the decisions made by Board members, Directors and Officers that impact the residents – as well as the commercial performance of the facility - and the daily unpredictability of life that sometimes produces injury to people or property damage.
Our insurance programs recognize the commercial and risk management realities of operating aged care facilities. We seek to provide the relevant cover at fair market value. It might even be the lowest premium available, but as Insurers have variations in their policy wordings, different levels of experience covering the aged care industry and different claim-paying cultures, it is never a straightforward comparison.
No two aged care facilities are alike and one is not necessarily better than the other. But for the resident who needs a particular (and dynamic) level of care, one facility will be more suitable than the other. The same is true for insurance.
The premium myth
There is nothing mythical about an insurance premium; it is as real as any other business expense. What is mythical and grossly misleading, is the notion of the “cheapest” price. This may true for commodities, but service providers, whether of insurance or aged care, can never truly be compared side by side.
Two aged care facilities with different cost structures have slightly (or significantly) different pricing. The resident, or family member, may choose based on price or other considerations. Neither decision is wrong unless the choice fails to address the most critical needs of the resident.
From an insurance perspective, we look at the aged care provider’s needs that represent its primary mission of providing care, compassion and dignity for the elderly, with respect to protecting its commercial viability from professional liability claims and property loss.
Insurance is a critical component of day-to-day operations that provides a reality-based sense of security for the on-going delivery of professional services and facilities that are critical to society.
An insurance program has options and we will make a recommendation. Call us and let’s arrange a time to meet.