The Increasing Need for Long-Term Care in Victoria
Due to increased quality and access to healthcare and proper nutrition, the worldwide life expectancy has gone up in recent years. Following this global trend, the population in Victoria, British Columbia, is increasingly aging as well. Victoria's overall population numbers around 394,000, and approximately 20% of these individuals are over 65 years old, which is an all-time high for the province. This highlights the need for long-term care insurance in Victoria.
This rapidly aging population brings numerous challenges to the city of Victoria. One of the biggest issues is the high cost of long-term care. Private nursing homes can cost up to $12,500 per month for a private room. Even government-subsidised nursing home facilities carry a monthly price tag between $1,200 and $3,450.
The aging population and subsequent demand for long-term care in Victoria is forecasted to continue increasing. The cost of care will continue to be a challenge, and the risk management efforts of long-term care facilities will continue to be a priority. These issues highlight the need for long-term care insurance in Victoria to ensure that these facilities are safe, protected and able to keep costs as low as possible.
Establishing a Plan for Long-Term Care Insurance in Victoria
For many older adults in the Victoria area, long-term care is an unavoidable aspect of aging. Studies suggest that approximately 70% of senior adults will need long-term care before the end of their life. Our long-term care insurance professionals can help senior care organisations in a number of valuable ways.
Risk Management
Escalating costs at long-term care facilities can be partially attributed to increased insurance rates and liability claims when organisational risks are insufficiently managed. Our long-term care professionals can assist with risk management solutions that are personalised for your unique needs. The following examples are popular services that we can provide:
- Access to high-quality insurance options
- Assessment and management of evolving risks
- Consultations for environmental, clinical and property risks
- Management of captive programmes
Programme Evaluation
Your existing programmes may not be working to your advantage, but it is often difficult to see that without an outside perspective. Our long-term care specialists can help you to optimise your long-term care insurance in Victoria with analyses of your current programmes in the following ways:
- Create acceptable resolutions to claims
- Identify gaps and deficiencies in existing programmes
- Improve administrative efficiency
- Optimise existing long-term care insurance
Ways We Can Assist Long-Term Care Facilities
Our specialists in long-term care insurance are experts in protecting senior care organisations across the globe, including assisted living, memory care, PACE programmes, skilled nursing and retirement communities. We can offer your facility the following advantages.
Risk Protection
Common risks that affect senior care facilities can impact costs and even jeopardise the continuance of operations. We can provide support in addressing some of the most typical risks:
- Evolving regulatory compliance
- Lawsuits due to abuse or accidents
- Technology threats to sensitive data, including data breaches, ransomware and viruses
- Increased workers' compensation costs
- Workplace violence and other threats and liabilities
Comprehensive Solutions
We understand your unique challenges in Victoria and can assist you in addressing them. Our expert staff can help with the following:
- Auto and property coverage
- Liability coverage for cyber issues, environmental threats and general liability
- Employee benefits planning
- Medical malpractice coverage
- Workers' compensation