Premiums for home health care workers compensation insurance are often higher than in other job sectors. Learn how you can save 30-40% on your premiums without compromising your coverage.
Are you looking for a more affordable home health care workers’ compensation insurance option?
Many insurance companies charge an arm and a leg for coverage. Unfortunately, this leaves many home health agencies unable to pay their premiums each month. And if you miss a payment, you’ll find it even more challenging to change carriers.
Coastal Work Comp Brokers understands that all home health care employees need coverage. After all, on-the-job injuries are very common in this vital industry.
Unlike other brokerages, however, we don’t think you should pay a small fortune to buy a policy. Once we pre-qualify you, our experts will search high and low to find a home health care insurance plan that exceeds your expectations.
Best of all, we may be able to reduce your current premiums by 30-40% in the process.
Services Provided By Home Health Care Workers Agencies
Advancements in medicine make it possible for patients to get care from nearly any location. Home health agencies offer a seemingly limitless number of services. And most people prefer the comfort and convenience of at-home care.
When a patient enrolls in the service, the agency assigns a nurse, therapist, caregiver, or another medical professional. Depending on the needs of the individual, the aide will visit weekly, daily, or possibly stay 24/7.
Nursing care is the most requested form of home health. In addition to helping with general care, such as dressing or bathing, nurses can perform a number of specialized medical tasks.
Nurses have training in wound dressing, intravenous therapy, medication administration, and ostomy management. Some patients may require regular therapy sessions.
Physical and occupational therapists often provide services in the patient’s home. A person may need targeted therapy after sustaining an injury or due to a chronic illness. The goal of treatment is to help a patient regain strength or relearn how to perform daily tasks.
Those with developmental, emotional, and social delays also benefit from these services. Caregivers also play a vital role in the home health field. These professionals help patients with their basic needs. A caregiver may help a person bathe, get dressed, eat, or walk around. Some even tackle household chores or plan nutritional meals.
Patients can count on their caregivers to take them to and from doctor appointments. They also provide much-needed companionship. Caregivers are beneficial to those with mobility issues, developmental delays, or aging seniors.
Does Workers’ Comp Cover Home Care?
Many families opt for home health care over lengthy hospital stays or nursing home facilities. Allowing loved ones to remain in familiar surroundings can help boost their spirits and promote healing. And in most cases, traditional health insurance will cover some or all of the expenses relating to these nursing services.
However, a patient’s health insurance does not protect the health providers at all. Nursing injuries are very common, and some can be dire enough to limit a nurse’s ability to perform their job. Home care companies need to carry workers’ compensation to protect their employees in the event of a work-related accident.
Workers’ comp insurance for home care workers acts the same as in other industries. The plan kicks into action as soon as an employee reports an accident. Depending on the injury, the worker may need medical treatment, lab work, imaging, follow-up care, or rehabilitation.
These expenses add up quickly, but the policy should cover any medical bills relating to the accident. Without coverage, the employee could take legal action against your company.
Buying a workers’ comp policy is the best way to protect both your employees and yourself.
The Risks of Providing Home Health Care Services
Even though home health care WC insurance exists, many companies struggle to purchase it. When they shop around for a policy, they often hit a few dead ends. All too often, insurance companies refuse to cover home health providers. They view the industry as high-risk, and insurers see you as a costly liability.
And, unfortunately, there is some truth behind this belief. Job-related accidents happen all the time in the nursing field. Home health services report even higher than normal occurrences. For every 10,000 home health aides, about 116 will injure themselves per year. In the eyes of an insurance company, this isn’t a number to overlook.
The National Council on Compensation Insurance (NCCI) assigns each job title with a corresponding class code. These numerical codes categorize companies and employees based on risk. As the class code increases, so does the risk of an on-the-job injury.
What Is the Home Health Care Workers Comp Class Code?
Many people assume working in the healthcare industry is safe. Home health aides provide service in a cozy, welcoming environment, so what could go wrong? The prevalence of injuries in the job sector may come as a surprise.
The class code for all home health care employees is 8835. This class code covers a range of home health providers, including aides, nurses, social workers, and therapists. The NCCI views these jobs as high-risk—and there are plenty of statistics to back up this claim.
The Bureau of Labor Statistics reports that more health providers get hurt on the job than construction workers. These numbers include home health nurses and caregivers. Even though most of these injuries are non-fatal, they can still cost quite a bit. Injured employees often need extra time off work to recover. And lost-time claims are very expensive for insurance companies to cover.
What Are the Most Common Home Health Injuries?
Home care workers face a unique set of challenges due to the unusual nature of their work. Not only do these employees work in a variety of environments, but they must also handle fragile, aging patients. Work-related accidents are common for both of these reasons.
Here are some of the most frequently reported injuries:
- Sprains and strains
- Ligament or tendon rupture
- Puncture wounds
- Hazardous material exposure
- Repetitive motion injuries
Falls and overexertion are the two leading causes of home health injuries. Patient violence, traffic accidents, and sharps injuries also top the list.
While most of these injuries aren’t life-threatening, they can significantly reduce a worker’s quality of life. Some employees may need weeks or months of therapy to regain their strength. Others may be unable to return to work for an extended period.
These injuries are also expensive to treat. Hurt workers will undergo a wide range of tests and treatments. Without insurance coverage, these medical costs will add up quickly. And most health agencies don’t have the funds to pay out-of-pocket.
Buying a workers’ compensation policy guarantees you won’t go bankrupt if someone files an on-the-job accident claim.
How Do I Purchase Workers’ Comp for Home Health?
Insurance claims in the home health market are on the rise, so workers’ comp coverage is a must. If you want to buy home care agency insurance, you have a few options, including a private insurance company, the State Fund, or a PEO.
Private insurance companies are very competitive. They lure in customers with low prices and impressive plans. However, private insurers are also very picky. Since they are in the business of making money, most insurance companies won’t cover high-risk industries. Unfortunately for you, home health care providers fall under this umbrella. And if you do find a private insurance company that will cover you, your premiums will reflect the risk.
Many home health agencies get coverage through the State Fund. By law, the state must extend workers’ compensation insurance to those who cannot obtain it otherwise. The State Fund covers all high-risk jobs. But, these policies are not competitive at all. Companies that purchase State Fund policies end up with the highest premiums.
Home health businesses that want exceptional coverage at a bargain price should consider working with a PEO.
At Coastal Work Comp Brokers, we can help you find a workers’ compensation plan that fits your budget and protects your employees. Our brokers specialize in all types of high-risk and niche industries.
We may be the perfect fit for your home health care agency if:
- You employ 5-500 workers.
- You want to find a way to lower your workers’ comp premiums.
- You have an expensive policy through the State Fund.
- You were recently given a non-renewal notice from your current carrier.
- Your loss runs are less than ideal.
- You have a coverage gap.
- You have a high experience modification rating.
- You don’t want to pay a hefty deposit.
- You want to get rid of annual audits.
- You want to avoid getting sued.
We take a different approach towards workers’ comp coverage at Coastal Work Comp Brokers. Instead of running away from high-risk, high-mod industries, we embrace them. Our pay-as-you-go plans will reduce your premiums by 30-40% and help you avoid the annual audit.
Save Money On Your Home Health Care Workers’ Comp
Cost is the number one obstacle when signing up for a workers’ compensation policy. However, without coverage, your company is just a single accident away from bankruptcy. That’s why it’s crucial to find an insurance plan that understands the unique needs of your home health agency.
Coastal Work Comp Brokers makes it easy to find and purchase a reliable workers’ compensation policy. We specialize in a variety of high-risk jobs, specialty niches, and new ventures. We also work with companies that need multi-state risk coverage.
Even if other insurers have turned you down, our brokers will work hard to get you prequalified for top-notch coverage. You can count on us to shop around for the best, most affordable options.
At Coastal Work Comp Brokers, we understand the insurance needs of home health agencies. We have helped thousands of small- and medium-sized companies, and we hope to add your agency to our growing list.