Provider Alliance, a Charleston, South Carolina-based leader in long-term care insurance, announced it has entered the Florida market with affordable liability insurance policies available to nursing home providers. The company asserted the program is the first of its kind in the Sunshine state, and is already in place at several Florida facilities.
Provider Alliance noted it has joined the Florida market at a time when dozens of lawsuits have pushed the cost of long-term care liability insurance through the roof, making affordable care difficult to deliver.
“We knew a truly creative solution was in order,” said John Russell, chief administrator of the Provider Alliance Program. “Our remedy helps dedicated, quality-focused nursing homes band together and keep liability premium costs in control,” said Russell.
Until now, coverage has been extremely limited. In many cases, insurance carriers have refused long-term care providers any coverage at all. Almost every carrier has left the state, and other attempts to form similar programs have not succeeded. But the coverage is not optional. In 2001, the Florida legislature passed a bill requiring all nursing home facilities to carry liability insurance. Similar laws exist for assisted living facilities.
“Provider Alliance is the only carrier to recognize facilities with excellent claim history,” said Tom Kelly, former president of the Florida Health Care Association and CEO of the of the Southwest Florida Retirement Center, d.b.a. Village On The Isle, in Venice, Fla.
Provider Alliance’s coverage also offers long-term care facilities the ability to pass a savings onto their seniors. “They allowed us to create a fair plan without gouging our residents,” said Kelly. According to Kelly, Provider Alliance was alone in its effort to help his organization find affordable insurance. “… Because of The Alliance we saved $2,500 per bed, over the 2002 premium charge.”
Standard bed rates for eligible Florida risks range from $1,500 to $2,000 per bed, depending on the risks. Standard coverage is $250,000 per occurrence, with a $1million aggregate limit.
The Provider Alliance Program is now available in 18 states: Arkansas, Arizona, California, Florida, Georgia, Illinois, Indiana, Kentucky, Louisiana, Michigan, Mississippi, North Carolina, Missouri, Ohio, Pennsylvania, South Carolina, Texas and Virginia.
It utilizes a federally chartered insurance program structure and an A.M. Best “A” rated insurance company.
Topics Florida New Markets
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