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Changes in Senior Living Insurance Needs

As more and more Americans reach retirement age and beyond, the aging services field continues to grow and change. The traditional ideas of nursing homes are not the only options anymore, requiring underwriters to create programs, such as home health care insurance, that meet the specific coverage needs of this changing industry.


Increase in Life Expectancy


Each year the average life expectancy increases by about a quarter of a year. Men who reach age 65 are expected to live until age 83, while women have a life expectancy of 85. In addition, one out of every four seniors will live well into their 90s, and one in ten will live past 95 years old. The increasing life expectancy means that the senior care industry will have to evolve, and so will the needs for insurance. Home health care insurance is just one program that is playing an increasingly important role.


Alternatives to Nursing Homes


The care of the elderly in years past was not as resident-center as it is today. There are more and more options for senior living, including continued care facilities, independent living, and home health care. These alternatives provide flexibility and independence for seniors, as well as comfortable living environments.


Facility operators need to invest in home health care insurance and other coverage options to provide protection due to the new and continuing changes in the field.