25 Oct Non-profit vs. For-profit Senior Living Communities
After researching and visiting a number of communities, perhaps they all start to look the same. How do you distinguish the subtle variances that can make a big difference in your choice?
One unique feature you should pay attention to is whether a community is non-profit or for-profit.
- Mission driven organizations
- Oversight by a volunteer Board of Directors
- Fees are charged to remain in business – any profits are reinvested back into the community
- Are an integral part, volunteer and contribute to their town.
- Have options for individuals that out-live their assets.
- Beholden to their shareholders or to a corporate chain
- Designed to turn a profit
- Since it is easier to turn a profit when you have fewer expenses, for profit corporations may be understaffed, have less qualified staff or more part time staff.
- If you change your mind you may have to give unreasonable notice or pay a penalty?
- Often charge for care by the service or time and you spend more than you expected.