Senior Housing and Assisted Living

With Democrats attempting to push legislation for the Consumer Financial Protection Agency forward, the future of financial services regulation faces a cloudy future regarding the size and scope of financial protections for consumers.  With both sides of the aisle weighing in, the AARP recently released the results a nationwide survey to understand public opinion for 50+ consumers on consumer financial protection issues. The results show nearly unanimous support for numerous consumer financial protections including those for mortgage lending products, credit cards and retirement accounts regardless of party affiliation.  Not surprisingly, some of the results of the survey appear to reflect seniors’ lack of trust in the current state of the financial services industry.

Some of the findings from the survey are:

• Almost all respondents (96%) favor requiring banks to explain the terms and conditions of loans, including mortgages and credit card debt, in plain language people can understand. Support is consistent across all political parties, with over 9 in 10 members of all parties backing this requirement: Republicans (98%), Democrats (95%), and Independents (96%).
• More than 9 in 10 (93%) favor requiring companies that manage 401(k) retirement plans to explain the fees they charge to participants and to clearly state those fees on participants’ annual statements. Again, support is strong across political parties with endorsement by over 9 in 10 Republicans (93%), Democrats (94%), and Independents (92%).

• 92% favor requiring investment companies to disclose the costs, risks, and benefits of all the financial products they market and sell using plain language and a user-friendly format. Again, results show support of more than 9 in 10 respondents across parties: Republicans (91%), Democrats (91%), and Independents (95%).
• Overall, 90% favor holding financial salespeople who engage in deceptive marketing accountable, with consistent support from Republicans (92%), Democrats (89%), and Independents (90%).
• Almost 9 in 10 (89%) favor protecting people from predatory lending practices, such as excessive fees and penalties, on products ranging from mortgages to credit cards. Support is strong across political parties, with positive responses from 86% of Republicans and 91% of Democrats and Independents.
• Two-thirds (66%) favor allowing states to enact consumer protection laws that are stronger than federal law. This figure is fairly consistent across political parties: Republicans (68%), Democrats (67%), and Independents (66%).
• Approximately six in ten people (59%) do not think people and banks that sell financial products always make sure the product is suitable for the individual buying it. This sentiment is shared by similar numbers of Republicans (64%), Democrats (55%), and Independents (59%).

For more details, visit:  http://www.aarp.org/research/surveys/money/consumers/fraud/articles/finprotect_10.html

Our friends at the Illinois Governor’s (the current governor, not Apprentice Blagojevich) office sent over the the final report of the Nursing Home Safety Task Force was presented to Governor Pat Quinn last week.  It details recommendations to ensure the safety of nursing home residents and build a better system of treatment for people in need of care for physical or mental illnesses, disorders or disabilities in Illinois.  One of the topics that Senior Housing News strives to avoid covering/highlighting are the frequent discussions and articles on nursing home safety and abuse that are alarming and sensationalist.  However, we felt that the report was more constructive than caustic and alarmist and worth sharing.

Among the Nursing Home Safety Task Force recommendations:

• Reform the admissions and assessment of people in need of care to ensure they are referred to the residential setting most appropriate to their individual needs.

• Raise and enforce higher standards of treatment in all residential settings.
• Expand residential options and services in home and community-based settings to allow each individual to achieve his or her highest level of independent functioning and ensure that only those people who require 24-hour care are placed in nursing homes.

“I want to thank the Nursing Home Safety Task Force members for their thorough and thoughtful work. Their recommendations point the way to a system of long-term care that respects the needs and rights of all residents,” said Governor Quinn. “I look forward to evaluating their proposals, and working with legislators, advocates and state agencies to make these reforms a reality.”

Final Report (PDF, 281KB)

Everyone of us are aging however in today’s society, many countries are approaching a point where people over the age of sixty will outnumber the younger generations. This is because better health care is helping people live longer, more productive lives. Getting the right kind of aging care is important if you want to keep enjoying a good standard of living.

Keep in mind for anyone who is selecting a health care facility or care method for a loved one, you need to be realistic. It is normally hard to accurately view the health needs of a parent or relative since you want to think they are capable and in good health. But ignoring the needs of certain medical conditions, whether the wandering tendencies of an Alzheimer’s patient or the tremors of a person with Parkinson’s can actually do them harm.

Do you feel you are in good health but need assistance with daily chores and tasks? Should you be still mentally aware, have good balance and mobility, and are not in an altered mental state, you could possibly remain in your home and simply hire a nurse to come in. This can be great for some health conditions such as diabetes, where some specialised foot care may be needed but overall health is still fairly good.

There are also retirement homes, which may also be called assisted living facilities. These are fantastic if your health is good but you no longer want to live in your home or you want more companionship. One of the biggest problems that many elderly people can face is the feeling of isolation and the depression it can bring. Facilities where you still have your own living quarters but are around other people and can take part in activities may be what you need. Many retirement residences are now installing an alarm system into their residents’ rooms so that if there is a medical emergency, staff can be alerted with the press of a button.

The next step in aging care is normally a nursing home. This is often reserved for people who are physically unable to care for themselves. You will often live in a ward, although some facilities do have private or semi-private rooms. The facilities are often set up more like a hospital than an apartment complex. They normally have ways of handling people with diseases like Alzheimer’s or dementia, since these individuals like to wander and may need watching and extra security measures.

Palliative care isn’t simply for the aging. It provides quality end of life care to those who are expected to pass away imminently. This may include people suffering from cancer or other diseases. This type of facility is often a facility of last resort, when people are too ill even for a nursing home. Often people will pass away in a nursing home rather than in palliative care but if a disease is very advanced, they may be moved either to a separate facility or to a designated area of a nursing facility.

It is advisable to think beyond the immediate situation when determining whether an individual aging care arrangement is good for you. By studying the aging process and any specific needs you have, you will discover a facility that will help you grow old gracefully and enjoy any remaining years you could have.

Before you go out and buy a policy go to Long Term Care Insurance, ask questions and request a long term care insurance quote. We represent 20 of the top LTCi providers. This gives you tremendous options.

categories: elderly care,aging in america,insurance,long term care insurance,baby boomers,seniors,health,financial,retirement,family,long term care,financial planning,lifestyle,consumer guide

Health Care REIT, Inc. (NYSE:HCN) announced its operating results for the company’s fourth quarter and year ended December 31, 2009 last week that showed earnings of $1.49 per share for full year 2009 and earnings of $0.26 per share for Q4 2009. HCN announced its 2010 guidance and expects to report net income attributable to common stockholders in a range of $1.43 to $1.58 per diluted share; normalized FFO in a range of $3.10 to $3.25 per diluted share; and normalized FAD in a range of $2.87 to $3.02 per diluted share. 

HCN announced the following non-recurring Fourth Quarter 2009 items that impacted its earnings:

• $2.4 million of prepayment fees ($0.02 per diluted share) were recognized in connection with the repayment of a mortgage loan on two skilled nursing facilities prior to maturity.
• $16.5 million of net gains on sales of real estate ($0.13 per diluted share) were recognized in connection with the sale of six skilled nursing facilities, two assisted living facilities and three medical office buildings.
• $8.1 million of non-recurring income ($0.07 per diluted share) was recognized in connection with the termination of a hospital lease included in discontinued operations.
• $23.3 million of impairment charges ($0.19 per diluted share) were recognized in connection with a portfolio of five medical office buildings and one hospital that the company intends to sell in 2010. These properties, in addition to two remaining properties previously impaired, have been classified as held-for-sale and historical results have been reclassified to discontinued operations.
• $23.1 million provision for loan losses ($0.19 per diluted share) were recognized primarily in connection with the write-off of certain loans relating primarily to early stage senior housing operators.

"This was an unprecedented year for repositioning the company as a whole," commented George L. Chapman, chairman, CEO and president of Health Care REIT, Inc. "During a difficult economic and capital market environment, we enhanced the portfolio, further strengthened our balance sheet and broadened our team. We delivered over $700 million of high quality development projects while at the same time disposed of non-core assets. The $328 million in disposition proceeds, together with nearly $1 billion of incremental capital raised, funded our investments and allowed us to reduce debt. Throughout 2009, we remained focused on maintaining our operator relationships while exploring new opportunities to prepare the company for its next phase of growth.

For the company’s conference call transcript:  http://seekingalpha.com/article/190757-health-care-reit-inc-q4-2009-earnings-call-transcript

For the 8-K, click here.

Elderly people require Long term care when they need someone to care for them because they are no longer able carry out a number of every day normal activities unaided. These activities require assistance with day to day personal actions such as bathing, putting on clothes or toileting and can occur at home, in residential or nursing care.

The need for care can occur instantly without warning, such as the result of a stroke or heart condition. On the other hand the need for care could evolve progressively as the person’s dependency increases due to lack of mobility or dementia.

Why take out a long term care immediate needs policy? Essentially predicting life expectancy is not a precise science. When people pay for their own care they may live longer in a good care home but their money could run out. An insurance care plan policy guarantees life time payments.

The risk of a life time care insurance policy is that if a person dies early the original outlay is lost unless there is an element of insurance against premature death.

Long term care insurance plan premiums are calculated based on the individual’s life expectancy. this is forecast by reference to medical information provided by the person’s family doctor. Also insurance companies endeavour to speak to care home staff for an up to date hands on assessment. The cost of a care plan is less relative to correspondingly deteriorating health and frailty.

The amount of long term care insurance payments required is determined by the monthly cost of care less the person’s state pension, benefits and other income such as private pensions. The balance required to meet the care fees bill is the shortfall. It is this regular shortfall that can be paid for life by payment of a once only lump sum to an insurance company. It is possible to pay extra to make sure that the benefits increase each year in line with rising care costs.

If a care provider will agree to keep their annual care fee increases to say five percent each year, the long term care insurance plan can be structured to match this rate for the rest of the persons life.

The only potential snag is that the person’s health deteriorates to such an extent they may need to move to another more expensive care provider. However there may be help in the form of a nursing care contribution or even fully funded continuing care. In the case of the latter, further care fees payments may not be necessary and the care plan policy benefits can be credited direct to the individuals account.

Long term care plans have a significant tax saving benefit. This is because there is no tax liability on the person in care when benefits are payable direct to a registered care provider.

before to commence providing for long term care fees be sure to access Barbara Davies’s vital free report concerning long term care insurance policies.