Vol 10, No 4 - Financial Planning Association of Malaysia

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Retirement Village Retirement Units Residential Aged Care Facility The “Ageing-in-Place” Master Plan. Ageing-In-Place Development Where the retirement village and the aged care facility are co-located in one location – residents changing care needs over time are met in one familiar place. In a typical resort style retirement village, there is a wide range of amenities, activities and services to cater for the social, physical and health needs of its residents. The objective is to create a secure environment where its residents can socialise and mix with people of their own age and with similar interests, thus helping to remove some of the loneliness and boredom often associated with growing old. The residents’ independent living units or apartments are designed and built to meet their changing needs as they age. The many benefits of retirement village living As a result of being misinformed or uninformed, most people tend to become emotional and irrational, feel guilty or regard themselves as “not being filial” when debating the pros and cons of encouraging their parents to move into a retirement village. Consequently they tend to have misconceptions of what retirement living is, some of which are as follows: Myth – A retirement village is a place where a lot of old people sit around waiting for the inevitable or a place to be “put-away.” Fact – Lifestyle retirement villages provide a range of activities and facilities that enable residents to retain their independence. Also they offer companionship, social, intellectual and physical activities for the residents. In reality, it is more likely a vibrant community of active people enjoying life. A research conducted in 2002 for the Retirement Village Association of Australia found that a retirement village lifestyle could extend a resident’s life expectancy by up to three years. village participants score of 77.0 percent. (The survey involved eight aspects of life: standard of living, health, achievements in life, personal relationship, how safe you feel, community connectedness, future security and spirituality and religion.) These two findings are not surprising as the many social and physical activities and support services readily available in the retirement villages “enrich” the residents’ lives, their well-being and happiness. Aged Care or Nursing Home With a nursing home (that embraces international’s best care practices and a care model that empowers the resident) in the same vicinity, it greatly lessens the emotional trauma, known as “relocation stress syndrome,” associated with the move from their independent living units or apartments to the nursing home as the residents are similar with the surrounding environment and the people and where the place has a homely ambient and caring staff. Such “ageing-in-place” development is able to offer “a continuum of care” to their residents so that the residents can age gracefully and with dignity and where their changing care needs over time can be met at one familiar location. Some of the built-in features include secure railings in the bathroom and toilets, minimal steps, wider doors, benches accessible for those in wheelchairs and non-slip floors. Telecare and assistive devices include 24/7 emergency response system in the bedroom, bathroom and toile), nonmovement sensors, gas shut-off devices, falls sensors, automatic lighting sensors, wrist-worn well-being monitors and temperature control devices. A diversional therapist will organise activities tailored to meet the needs of the residents. The resort-owned village bus will provide transport for residents to undertake their daily living activities if they choose not to drive. Telecare and assistive devices include 24/7 emergency response system Myth – The elderly are more independent living at home Fact – Living at home is in fact is more dependent – depending on the help and good will of others (family and friends). Retirement villages offer the security and freedom of choice of activities. Residents can choose to take part in the village’s activities or be alone. This is true independence. In time of crisis, other like-minded residents can offer immediate support. Myth – The elderly are happier being cared for in an extended family household. Fact – A study undertaken in Hong Kong in 2004 revealed that residents living in a communal environment (senior accommodation/retirement village) showed higher psychological well-being than residents living alone or with their families. A survey report in 2009, conducted over four years by the Australian Centre on Quality of Life (Deakin University) based on Australian Unity “Personal Well-being Index” found that retirement village residents aged 65 and over scored 80.3 percent against other non-retirement Generally, the current practice and standard of care in Malaysia leave much to be desired. The management culture and environment is very institutional and sterile, almost devoid of human warmth. Caring is more like giving out treatment rather than looking after the resident with compassion. Duty of care is being used by carers as a reason to justify the use of power and control, enforcing restrictions on the residents, instead of providing support and encouragement to enable the residents to live life to their fullest potential and ensuring that their needs are fulfilled. The aged care or nursing home industry in Malaysia is still in the nascent stage of development. As such, it has the A nursing home that has a homely ambient and caring staff. 22 The 4E Journal
Normal Living & Life opportunity to bypass the outdated medical model of care and go straight to a more contemporary social model (picture 6) with a focus on the residents and their social well-being, a care model like the “Eden Alternative.” The financial cost to implement such care model is negligible as it is more the need of a paradigm shift in the management mindset. The Eden Alternative Care Model The core concept of the Eden Alternative is strikingly simple. It is about where the residents live – it must be a habitat for human beings, not a sterile medical institution. This concept shows how companionships, the opportunity to give meaningful care to other living beings, and the variety and spontaneity that mark an enlivened environment can succeed where pills and therapies often fail. The Eden Alternative is about changing the culture of long-term care organisations. The departmentalised, task-orientation of the current medical model of care has created a culture that is characterised by pessimism, cynicism and stinginess. By moving away from the top-down bureaucratic approach to management and moving decision-making closer to the residents, they can have a meaningful life. Studies have shown that implementation of the Eden Alternative is a powerful tool for improving quality of life and quality of care for those living in nursing homes. Also, in homes that have adopted this principle, there is often improved staff satisfaction and retention and significant decreases in the overuse of medications and restraints. And most importantly, the residents enjoy themselves and have a “life worth living for.” Successfully undertaking an “Ageing-in-Place’ development For a retirement village with aged care (nursing home) facility development to be successful as a commercial venture, the following critical factors must be fully considered and understood: • Understanding the ageing process, psychology of colours and the physiological and psychological changes to the abilities, behaviour and social attitudes of its residents (Example: When the author undertook the project in Australia, anthropometric information was gathered on the reach and height of its target market. Consequently, the Physical Care Spiritual Care Encouraging Humour, Joy Smiles Supporting Psychological/ Emotional Welfare Home Valuing & Respecting Diversity Giving Compassion, Empathy, Love Valuing Commitment Family Members Clients Harmony with the Environment Asian Communities INDIVIDUAL Staff Maintaining Dignity Ensuring Comforting & Security Communicating Respect & Trust Model of Care Encouraging Individuality Taking Pride and Satisfaction in Work Providing Visitors Volunteers Residents kitchen bench height was reduced to meet the functional needs of its elderly residents.) • Understanding the lifestyle needs of the residents – the “pull” and “push” factors that draw Malaysian retirees to such lifestyle development. (Example: A retired Malaysian nurse migrated to Australia recently. She did not want to stay with her children for lifestyle reasons, but was worried about living alone. When the idea of living in a retirement village was sounded to her, she was very sceptical until she visited one. She bought into the retirement village concept instantly as the retirement village “pull” and “push” factors answered all her needs and addressed all her concerns and fears.) • Appreciating that it is a long-term “lifestyle play” underpin by the property element. (The author’s project in Australia – the retirement villa units’ prices were 25 percent more than similar size residential villa units in comparable locations. Initially, the project encountered resistance from Asian buyers until a change of sales strategy which focused on selling solutions to the buyers’ ageing needs and problems. The higher price factor then became secondary.) • It is a long-term commitment with a strong social overtone. (Whilst the developer makes the initial development margin, managing the development effectively will deliver attractive on-going profit. The developer has the responsibility to create a lifestyle that meets the expectations of its residents. As reported in the Australian newspaper The Age on October 20, 2007 ... “Retirement villages, it seems have become the new frontier in property Time & Other Resources Advocating for Those Who Cannot Expressing Spirituality Psychological / Emotional Care Palliative Care Providing Education - Internal & External Fostering Relationships Between People Promoting A Sense of Belonging Spatial Bereavement Care Quality of Care – consider individual needs and a host of complex and inter-related relationships and the environment. Individual - Focus Rights Dignity Quality of Life Lifestyle Independence Social Opportunities development ... but for the majority property developers moving into the sector, its correct calculation promises unfathomable riches”.) • Evolve a business model that is relevant to the market and equitable both to the developers and residents alike. (The author’s project in Australia – when a resident leaves the village, the developer charges up to 27 percent of that resident’s unit selling price as DMF (Deferred Management Fee) and then takes another 50 percent share of any capital gain. Consequently for every one transacted sale, there was a loss of three to four potential sales. Two bites of the cherry pie – a lesson learnt.) A nursing care standard that embraces international best practices and a model of care that focuses on the resident’s social well-being. (The author has experiences with friend’s parents in Malaysia and Singapore – they checked themselves out of nursing homes after a short period of stay, complaining to their children that they would continue staying if the standards were similar to what they saw in Australia. There was an instance in Singapore where two elderly residents fell in love. Instead of celebrating such joyous occasion, the nursing home warned the couple that they could not fall in love and they need to move out if they continued their courtship.) Richard Lim has over 12 years of experience in the retirement and aged care industry. He was one of the founding directors of Australia’s first Asian specific “Ageing-in-Place” development based on Asian values and philosophies (www.jetagardens.com). He is also a founding director of Skylight Lifestyles Group with offices in Australia and Kuala Lumpur. The group specialises in wellness, retirement and aged care advisory services and telecare and assistive technologies sourcing. He can be reached at: richardlim.47@gmail.com The 4E Journal 23
Page 1 and 2: 4E JOURNAL Education • Examinatio
Page 3: EDITORIAL Editorial Board Dear Memb
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Page 9 and 10: financial advice is inconsistent wi
Page 11 and 12: fears concerning the saving (retire
Page 13 and 14: References Ainslie, George (1991).
Page 15 and 16: Washington Mutual was seized by the
Page 17 and 18: instruments are known, risks in man
Page 19: prior equivalent designation in the
Page 24 and 25: Aziz with his son, Ray & grandson,
Page 26 and 27: market economies. Although industri
Page 28 and 29: COVER STORY October - December 2010
Page 30 and 31: TIew: Wealth management is a knowle
Page 32 and 33: Jobstreet.com fast becoming a regio
Page 34 and 35: INDUSTRY October - December 2010 By
Page 36 and 37: Choose from 3 Professional Planning
Page 38 and 39: “Contracting” and Goal Alignmen
Page 40 and 41: NEWS IN BRIEF October - December 20
Page 42 and 43: Putting our stamp on Malaysia for t
Page 44 and 45: The Way Banking Should Be SIRIM Cer
Page 46 and 47: 2010 compared to a month ago, and I
Page 48 and 49: INDUSTRY October - December 2010 Bu
Page 50 and 51: INDUSTRY October - December 2010 A

Vol 10, No 4 - Financial Planning Association of Malaysia

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