Evaluation of the H-Coil Transcranial Magnetic Stimulation (TMS) Device - Safety and Feasibility Study for Treatment of Major Depressive Episode in the Elderly

Inclusion Criteria: * Diagnosed by a senior psychiatrist as suffering from major depression episode according to DSM-IV (either as a part of a unipolar or a bipolar disorder). * Rating on HDRS ≥ 20. * Age: 68 years and above * Treated for the current depressive episode, at least 6 weeks per antidepressant with one antidepressant in accepted dose, without improvement, and/or intolerance to 2 antidepressants, according to medical chart and ATHF (antidepressant treatment history form) instruction guidelines. * Gave informed consent for participation in the study. * Negative answers on safety screening questionnaire for TMS. * If referred by a treating psychiatrist, he or she approves of the subject's participation in the study. Exclusion Criteria: * Axis 2 diagnosis, which is considered prominent to the current depressive episode. * Substantial suicidal risk as judged by the treating psychiatrist or by an independent psychiatrist. * Attempted suicide in the past year. * Cognitive impermanent - if MMSE \< 24, patient will be further assessed , and may be excluded according to the primary investigator's discretion * History of seizure. * History of epilepsy or seizure in first degree relatives. * Any CNS disorder that may increase risk of seizure significantly * History of a significant head injury. * History of any metal in the head (outside the mouth). * Known history of any metallic particles in the eye, implanted cardiac pacemaker or any intracardiac lines, implanted neurostimulators, surgical clips or any medical pumps. * History of frequent or severe headaches. * Use of hearing aids for hearing loss. * Known history of cochlear implants. * History of drug abuse or alcoholism. * Serious and unstable medical condition, which is likely to exacerbate or endanger the patient during the treatment period. * Inadequate communication with the patient. * Under custodial care. * Participation in current clinical study or clinical study within 30 days prior to this study. * Patients suffering from bipolar disorder, not currently treated by mood stabilizers * Patients declared as legally incompetent, with an appointed physical guardian and/or cannot sign informed consent due to cognitive incompetence.