Nursing home insurance cost has changed tremendously over the past few years. Policy premiums have seen an increase across the board as organizations seek more comprehensive coverage. Before you agree to a policy from any agency, you should be aware of the common challenges and limitations of the average policy so you can make an informed decision on what agency is best for you.
One of the first things you should consider is how at risk you are for an expensive claim. Most standard polices come with a $1 million per claim limit and a $3 million aggregate limit. This means that in a single case, you can receive no more than $1 million dollars to cover any costs. However, the policy is not exhausted overall until you have reached $3 million in claims.
Challenges and Trends
Over the past 15 years, the nursing home insurance cost landscape has changed dramatically. Recently, there has been a rush of elder abuse cases that lead to hefty settlements. As a result, agencies stopped offering nursing home policies so freely. Agencies are beginning to get back into the niche, but options are more limited than in other insurance sectors.
Though you may not have a wealth of options, make sure to research all policies that you qualify for. Finding the best rate will usually come down to consulting with multiple agencies.