Four years ago, there were 640 residential care facilities operational in Ontario, with nearly 2,000 facilities total across all provinces and territories, according to the Canadian Senior Care Industry Fact 2014 report by Senior Care Canada Magazine. Now, in 2018, Canada’s population continues to grow older and the need for senior care facilities is becoming more evident. With that growth, the need for informed and expert senior care insurance rises, sparking interest among brokers who want to focus their attention on the senior care industry.
For brokers that are looking to enter the senior care arena, MedThree Insurance Group’s Eugene Wangyal, senior underwriter, suggests visiting government websites, such as the Ontario Ministry of Seniors Affairs webpage, which contains resources and information in support of senior citizens. Wangyal also recommends brokers peruse through the website for the Retirement Homes Regulatory Authority, the entity responsible for administering the Retirement Homes Act, 2010, which includes licensing and regulating retirement homes on behalf of the government of Ontario, as well as exploring the Ministry of Health & Long Term Care to see if prospective homes are in compliance with current legislations.
Myra Capinpin, also senior underwriter at MedThree, notes “knowledge of different senior care product offerings in the marketplace; having a one on one discussion with the client regarding the senior care industry; and [being] familiar with legislative environment, such as the Long Term Care Homes Act 2007 and the Retirement Homes Regulatory Authority and other legislations outside Ontario, “are absolutely key in order to succeed in this business segment.”
With the boom in construction of retirement homes, nursing homes, and other senior care facilities in major metropolitan areas, owners may not be aware of the range of risks they face in this growing market. Having the right knowledge in senior care insurance can be advantageous to any broker seeking to grow their business and develop specialized expertise.