Assisted Living Facilities Being Called Out For Giving Seniors “Chemical Straightjacket Drugs”

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The U.S. Department of Health and Human Services Office of the Inspector General recently noted that nursing homes and assisted living facilities are being closely monitored after they found that 8 in 10 residents (about 1 million) were being given psychiatric drugs which were deemed “chemical straightjacket drugs.â€Â  I am, unfortunately, all too familiar with this type of behavior.  I took care of my grandmother, who had Alzheimer’s disease, from the age of 92-98.  When it got too stressful, I took a vacation to France and had her stay in a rehab facility for three weeks while I was away.  I got a call from the rehab facility and they asked for my permission to put her in restraints because she was not being cooperative.  I said absolutely not, she is just reacting to being in an unfamiliar setting.  Unfortunately, facilities are understaffed and would prefer to sedate seniors instead of giving them the respect that they deserve.

1 Million Nursing Home Patients Drugged Excessively

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80% of nursing home residents on Medicare were prescribed psychiatric drugs during a recent nine-year period, according to a report from the U.S. Department of Health and Human Services (AARP Bulletin, January/February 2023, page 4).  It is well known that there is a labor shortage and nursing staffs are cut pretty slim, but unfortunately this often results in nursing home residents being overmedicated with anti-depressants and anti-psychotics so that they rarely get up and move around or socialize.  This is unfortunate as we have seen many of our clients put into nursing homes because of the high cost of home-care, and many of them pass away shortly thereafter.  I believe this is due to a number of factors including depression, lack of social interaction, and a desire to remain in their own home. Psychotropics have long been criticized by nursing home resident advocates as “chemical straitjackets†used to sedate unruly residents, including those with Alzheimer’s and dementia.  I have seen this first hand and it is very unsettling.

Investing In Aging In Place Companies

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Nobody wants to spend their final years in a nursing home, which is why I founded Family inHome Caregiving, which focuses on helping seniors remain in their own home safely and healthy.  The Wall Street Journal recently ran an interesting story about seniors wanting to invest in stocks which are focused on this growing market of providing goods and services to those aging in place.  Here are a few of your options:

Hartford Funds launched the Hartford Longevity Economy ETF (HLGE).  The ETF tracks the Hartford Longevity Economy Index, an index of companies that support aging in place, home modification, working longer, performance health, social connections, financial freedom, mobility, human enhancement and entertainment.  The fund has an expense ratio of 0.44%.

Global X Aging Population ETF (AGNG) invests in the services side of aging with positions in healthcare companies, pharmaceuticals, senior-living facilities and age-tech companies.  The fund has an expense ratio of 0.5%.

BlackRock’s iShares Aging Population UCITS ETF (AGED) offers a global play on the longevity theme.  The fund invests in developed and emerging markets companies focused on aging.  The fund’s expense ratio is 0.40%.

Investing In Aging In Place Companies

A woman is helping an old man


Nobody wants to spend their final years in a nursing home, which is why I founded Family inHome Caregiving, which focuses on helping seniors remain in their own home safely and healthy.  The Wall Street Journal recently ran an interesting story about seniors wanting to invest in stocks which are focused on this growing market of providing goods and services to those aging in place.  Here are a few of your options:

Hartford Funds launched the Hartford Longevity Economy ETF (HLGE).  The ETF tracks the Hartford Longevity Economy Index, an index of companies that support aging in place, home modification, working longer, performance health, social connections, financial freedom, mobility, human enhancement and entertainment.  The fund has an expense ratio of 0.44%.

Global X Aging Population ETF (AGNG) invests in the services side of aging with positions in healthcare companies, pharmaceuticals, senior-living facilities and age-tech companies.  The fund has an expense ratio of 0.5%.

BlackRock’s iShares Aging Population UCITS ETF (AGED) offers a global play on the longevity theme.  The fund invests in developed and emerging markets companies focused on aging.  The fund’s expense ratio is 0.40%.

Price Hikes Abound At Nursing Homes And Assisted Living Facilities

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The COLA increase coming in January to Social Security recipients will help, but some segments of senior spending are rising at alarming double-digit rates.  The Wall Street Journal recently ran a story on price-hikes at nursing homes, assisted living and other senior living facilities.  It featured an interview with Dan Gallo, who received a letter saying that the cost of his grandmother’s care would go up 10.2% effective on September 15 to be followed by another 9.7% increase in 2023.  “How many seniors can afford an immediate $750 a month additional to their monthly fixed budget?†he asked rhetorically.  Blaming inflation, the nursing home said it would start adding a $25 daily fee to cover inflation

Monterey, CA Nursing Homes & Assisted Living Facilities Struggle To Hire Staff

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It should come as no surprise that nursing home staff shrunk dramatically during the COVID-19 pandemic.  According to a new study and federal data, most facilities lost more than half their nurses and aides in the past year.  The study found that facilities have struggled to refill openings, particularly certified nursing assistants or CNA’s.  Unfortunately, health care companies and hospitals are also suffering from staffing shortages so it’s unclear how quickly these assisted living facilities will be able to replace their staff.

Nursing Homes And Assisted Living Facilities Closing : Seniors Forced To Relocate

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A number of nursing homes across the country are shutting their doors, a combination of COVID-19 costs, difficulty finding employees, and costs rising faster than payments from Medicare and Medicaid/MediCal.  One home told USA Today that they were losing more than $100 a day for every resident covered by Medicaid, which represented 95% of its residents, and they were forced to close.  Sadly, this is forcing many seniors to relocate and if you are on MediCal, it will be tough to find an open spot.  “It’s a result of the values of our society—we just don’t value taking care of old, poor people,†said Danny Williams, the owner of the home that was forced to close.  According to an analysis of federal data by the American Health Care Association and National Center for Assisted Living, more than 300 homes have closed or are in the process of winding down.

 

Monterey, CA Nursing Homes, Assisted Living Facilities To Face Minimum Staffing Standards

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The White House, some members of Congress and the National Academies of Sciences, Engineering, and Medicine are all pushing hard to pass nursing home reform legislation targeting “profiteering, cold-hearted†corporations who left many seniors vulnerable against COVID-19.  Many of them died.

“It is up to Congress…to shine a bright light on the current practice, to reign them in, and strictly enforce high standards for performance,†U.S. Rep. Bobby Rush (D-Ill.) wrote to the chair of the House Oversight Committee.  “It is Congress’s job to stand in-between greedy corporations and those who are the most defenseless,†he said.

Help appears to be on the way.  The White House is reportedly getting ready to use executive authority to tighten industry regulations.  The proposals include setting the first nationwide minimum staffing requirements and expanding regulatory authority to crack down on corporate owners with a poor track record.

Monterey, CA President Biden To Focus On Nursing Home & Assisted Living Reform

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A USA TODAY investigation into nursing home care during the pandemic showed widespread problems which endangered the health of seniors and in some cases took advantage of them financially.  This has caused health advisors to President Joe Boden to suggest taking a look at nursing home reforms.  The report, which was released in early March, found that at one nursing home chain with 115 different facilities, residents died of COVID-19 at twice the national average for nursing homes.  A focus on health, minimum staffing standards and financial transparency is part of a sweeping set of proposals Biden early mentioned during his State of the Union speech on March 1.

People Are Living So Long Many Seniors Now Caring For Their Own Parents

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The Wall Street Journal recently ran a story about the fact that seniors are living longer and sometimes forced to care for their own parents in what are supposed to be their relaxing golden years.  We believe it!  Most of our caregivers are usually in their 20’s or 30’s or they are 50 and older.  The Journal story profiled Bob Tiller, an 80-year old retired lobbyist for nonprofits, who manages care for his 101-year old mother.  Both Bob and his mother are in continuing care facilities, but very far away from each other.  If there is an emergency with his mother, he makes the five-hour drive to see her.  He’s not alone.  An estimated 19% of the nation’s 53 million unpaid family caregivers are 65 and older, up from 13% in 2004.  Those 75 years and older make up a healthy 7% of our nation’s caregivers, according to the 2020 Caregiving in the U.S. report by the National Alliance for Caregiving and AARP.  This will continue to contribute to a growing crisis as people live longer and there aren’t enough caregivers to care for them.