January 19, 2012. The Alberta Health monitor released a survey indicating that the quality of care at Alberta's long-term care facilities has improved over the past four years. The Calgary Herald reported that 47% of the family members of residents that were surveyed in 2011 gave the facility that their family member was in a nine out of ten score. That compares to 44% in 2010. At the same time, 31% of the respondents still reported that they were unhappy with the care that their relative received over the past 6 months. http://www.calgaryherald.com/health/Long+term+care+quality+improves+province/6017970/story.html
December 5, 2011. Could it happen here? HSBC Must Pay About $62 Million Over Improper Sales to Elderly Bloomberg Businessweek reported that HSBC Holdings Plc was fined a record amount by the U.K. finance regulator for advising elderly people to buy products to fund their nursing-home care costs that matured after some of the customers were expected to be dead.
With the fine and customer-compensation penalty, the U.K.- based bank must pay about 39.8 million pounds ($62.2 million), the Financial Services Authority said in a statement today. The 10.5 million-pound fine is the regulator's largest-ever retail penalty and the bank estimated it would have to pay about 29.3 million pounds to compensate customers, the FSA said.
The HSBC unit made “unsuitable sales” to about 87 percent of its customers for these types of investments during a five- year period until 2010, the regulator said.
HSBC Chief Executive Officer Brian Robertson said in a statement he is “profoundly sorry” that the unit “failed to give suitable financial advice to some of their customers.”
The bank reported the advice to the FSA and closed the unit to new business on July 1, Robertson said.
December 8, 2011. Is Chartwell buying Allegro? A recent report has indicated that Chartwell Seniors Housing REIT may be buying the 55% share of Allegro homes currently owned by Maestro Funds, part of Ivanhoe Cambridge Group. In addition, a US private equity firm based in New York is also rumoured to be interested. The deal, worth $1 billion would be the largest real estate portfolio transaction of the year if it takes place. Allegro has 45 homes with approximately 10,000 beds in Quebec and Ontario. To read more; http://www.montrealgazette.com/business/Exclusive+Allegro+Residences+sale+could+fetch+billion/5832646/story.html#ixzz1gXOoXCsa
November 18, 2011. Using a Garden to help residents with memory problems A recent report from WDBJ-TV highlights the use of a community garden at a retirement home to help residents with alzheimers or dementia to change their mood. More than just getting them outdoors, this garden is designed to relax them, to keep them safe and to give them exercise. To read more click http://www.wdbj7.com/news/wdbj7-wandering-garden-designed-specifically-for-alzheimers-patients-20111114,0,5484845.story
November 10, 2011. Seniors don't want to live with their kids!
HSBC released a survey this week saying that 32 percent of Canadian parents see retirement as a time of financial hardship compared to 42% who have kids. As well, 84% want to live near their kids, but not with them. Is this a surprise?? Strangely, the Globe and Mail, who reported this study find it odd that only 4% of Canadians want to live with their kids, unlike seniors in Brazil (14%), China (25%) and India (32%). I might have thought that the cultural norms in those countries would have that effect. If you want to read the Globe story, here is the URL. http://www.theglobeandmail.com/globe-investor/personal-finance/home-cents/canadians-want-to-live-near---but-not-with---their-kids-when-they-retire/article2230789/
November 1st, 2011. The GPS shoe to track people who wander. The Toronto Star reports that GTX Corp, based in Los Angeles, has partnered with the shoe company Aetrex to create shoes that contain a GPS tracking device. They will be available in Canada in 2012 and only accessible online. The cost is expected to be about $300 a pair and they will operate through a cellphone provider. At the moment, they are planning to meet with Rogers to discuss this soon. To read the whole article, click http://www.thestar.com/article/1079210--these-shoes-weren-t-made-for-wandering
October 31st, 2011. Green Houses for nursing home residents....a good new idea. The New York Times reported that one new concept in nursing homes is the creation of "Green Houses", which de-institutionalize LTC. The homes do not look like traditional nursing homes. Only 10 residents live in each and all of their facilities are in these smaller unitized homes. There is a large open living and dining area, with an open kitchen so that residents and caregivers can talk while preparing meals. Private bedrooms and bathrooms surround this main living area. There are 117 Green Houses across the US currently. To read more about this concept, click http://www.nytimes.com/2011/11/01/health/shrinking-the-nursing-home-until-it-feels-like-a-home.html?_r=1