caring for elderly parent

Resident and Family Councils Act

Resident and Family Councils Act

New Alberta Legislation

Alberta Resident and Family Councils Act

In a move that should give beleaguered families more say over the quality of life their loved ones receive in long-term care facilities, the Alberta government has passed the Resident and Family Councils Act.  The NDP’s new legislation, which came into effect in April 2018, guarantees residents and families the rights to establish self-governing councils in long-term care facilities.  That means if a home is providing substandard food, services or activities, the law requires them to work with the family council to resolve any concerns.  The councils are seen as a way for residents and their families to be more involved and in control of their lives.

“As a government, we completely agree that Albertans should have a voice in these matters,” said Sarah Hoffman, Alberta’s minister of health.

If you are interested in setting up a family or resident council, download the toolkit now.


Posted by Admin-FCI in Seniors Health and Wellness, 0 comments

Financial Vulnerability

Age-Associated Financial Vulnerability

We spend millions of dollars annually in the pursuit of longevity. Inevitably, one day we realize that something has changed. We are still the same person, with the same passions and values, but some of our abilities have started to wane.

Cognitive decline is the most significant factor in becoming financially vulnerable. Dr. Mark Lachs of Weill Cornell Medical College and Duke Han of Rush University Medical Center have termed the set of behaviors that lead to poor financial decision-making “Age-Associated Financial Vulnerability”. The reasons for it can vary from lack of sleep to medication changes to changes in the brain. Often, adverse financial behaviors are the first sign that a change has occurred.

Not everyone is proficient at managing money even when they are young. It is important to notice changes from normal, and not just normal mistakes.

Indicators of Vulnerability

  1. Late charges on billing statements. This is significant if you have always paid bills on time throughout your life. It can become challenging to remember and anticipate, especially quarterly and annual bills. Sometimes you just lose focus and fail to organize paperwork so bills don’t get lost.
  2. Calls from creditors. Again, if you have been in debt your whole life this is probably nothing new, but if it begins in later years, it can be a warning sign. Spending money without managing the timing of income and expenses can be catastrophic. If maintaining a chequebook or money management software has become a challenge, then you may need help to reconcile your accounts and know if you can spend a given amount of money.
  3. Donations to many charities. Retirement for some is a time to be generous and philanthropic but if you look back through your chequebook and find numerous donations, usually in small amounts, to a wide variety of charitable organizations then either learn to say no or consider getting some help to manage your money. Charities and scammers who receive small amounts are more likely to sell your name to a list. Then you become vulnerable to all kinds of ploys to get your money.
  4. Undeposited cheques. If you are losing track of cheques and needing to have them re-issued, this can also be a sign that you are vulnerable to the unscrupulous and could become a victim of abuse.
  5. Scam victim. Once you become a victim of a scam or fraud, the likelihood of reoccurrence is high, even if the original loss was nominal. The 2015 True Link study found that those who lost just $20 in one year could be expected to lose $2000 annually.

The same study found that those who are outgoing lose four times as much as older introverts. Financially sophisticated seniors lose more to fraud, probably because they move more money around. Thrifty seniors lose 5 times as much to fraud because they are enticed by bargains and don’t know how to check on the validity of an offer.

If you feel that you or a loved one need a little polish to keep your finances shining, you do not need to go it alone. Contact us and we will assist you with obtaining Peace of Mind around your day to day financial affairs.

SOURCES: “Age-Associated Financial Vulnerability”, Annals of Internal Medicine, Dec. 2015 and the True Link Report on Elder Financial Abuse, 2015.

Posted by Admin-FCI in Financial Abuse, 0 comments

March Events

Events this month that you may be interested in attending:

Caring for Your Aging Parents, Speaker Series

A group of service providers has teamed up to bring you information you may need as you navigate Caring for Your Aging Parents.

In this Speaker Series, each evening will include one segment followed by a Q & A session with the panel, as well as an opportunity to meet our partners and have a light chat.
This event takes place in its entirety over Thursdays (March 8, 15 & 22, 2018).
General health and care (March 8)
Financial and homecare (March 15)
Housing options (March 22)
Each night’s session will run from 7:30 pm – 9:00 pm.
Event ticket will give you entry to all sessions.

Caring for your Aging Parents

Also, check out PocketBook “Health” 101

Posted by Jill Chambers in Money Management, 0 comments