No matter how heavy or light your pockets may be, financial considerations factor heavily into any decision about senior living. As well they should. It’s among the most important investments of a lifetime, and, in the context of a Life Plan community, it’s a decision that’s meant to sustain an older adult — quite literally — for life.
When you’re exploring senior living options for yourself or an aging parent, you’re sure to encounter money talk in numerous contexts, including whether the community is providing for-profit or nonprofit senior living care.
You probably expect to discuss details like a cost comparison between current living expenses and anticipated monthly fees. There are contract types to consider along with tax implications and potential future health care costs to evaluate.
It’s perfectly normal for families to focus on the financial factors that most obviously and immediately affect their own wallets, but you may be surprised to learn that a community’s operational model can make a significant difference in its residents’ quality of life and even in their long-term finances.
Before you begin narrowing your options, it’s a good idea to gain a better understanding of the meaningful differences between for-profit and nonprofit retirement communities.
Mission-Driven Decision-Making
On the surface, the purpose of a Life Plan community (which you might also hear called a “continuing care retirement community” or “CCRC”) seems fairly obvious. They exist to provide a continuum of care for older adults, offering the advantages of senior-friendly amenities and resources in the short term and peace of mind that additional care is available if needed in the future.
However, a deeper look at a community’s operating structure tells you more. With a nonprofit CCRC, operations are closely aligned to that purpose or mission: to serve residents.
There are no shareholders or investors whose financial interests influence how profits get spent. A mission-driven community is beholden to its residents and operates solely to serve their best interests. Profits get reinvested in the community, providing for continual improvements that affect residents’ quality of life.
That might mean enhanced programming, upgraded services, expansions to serve more residents or any number of other efforts that connect directly to the interests of current and future residents.
A nonprofit senior living community doesn’t have to worry about striking a balance between investors’ wants and residents’ needs. Put simply, residents’ investment in the community stays within the community.
Community Reinvestment
Like any other business, a senior living community requires ongoing maintenance and upkeep. However, there’s a fairly significant distinction between repairs made to sustain existing facilities and investments that enhance the community for current and future generations.
At Canterbury Court, a trusted choice serving residents for more than 60 years, you can find evidence of community enhancements everywhere you look. One of the most notable examples is the addition of the Monarch Pavilion, which provides updated and upgraded health services for residents.
As Atlanta’s original Life Plan community, Canterbury Court has always been a place for residents to call home for life, no matter how their needs change over time. The new Monarch Pavilion — completed in 2023 — takes a lifetime of care to new levels with thoughtful care and attention to every detail. The pavilion is home to the community’s Assisted Living, Memory Support and Skilled Nursing neighborhoods.
The same enhancement project also brought the Garden Tower, a 10-floor independent living neighborhood that features some of the community’s largest, most luxurious apartments. Other features include amenities accessible to all residents, including The Grille indoor/outdoor dining venue, an expansive patio and access to a community outdoor space featuring a firepit, bocce ball and a putting green.
Nonprofit communities put revenue that exceeds operational costs back into the community, benefiting the residents collectively. For-profit communities must balance potential improvement projects against their obligation to their owners or shareholders.
Quality of Care
You may think that a community backed by wealthy owners or investors is better positioned to deliver high-quality care, but research shows the opposite is true. In comparisons, nonprofits outperform their counterparts in critical areas, including staffing, clinical outcomes and compliance with regulatory standards. Residents of these communities also have a lower rate of hospitalization.
While the data consistently reinforces nonprofit communities’ superior performance, the reasons for the differences aren’t as clearly cut and dried. The cause is likely a blend of their resident-focused mission, which prioritizes people and caring over profit, and leadership’s willingness to invest in the communities — including hiring the best qualified candidates.
Resident Voice
In a community that operates as a nonprofit organization with a resident-first mindset, it only makes sense that residents have a prominent voice in the decisions that affect day-to-day living, as well as planning for the future. That’s why you’ll find resident representation on the Board of Trustees and resident leadership committees.
You’ll also see resident voices represented less formally, with requests for input on things like programming, dining and other aspects of daily life.
Financial Assistance
These are all sound justifications for considering a nonprofit senior living community, but there’s at least one more deeply compelling reason a nonprofit community might be your best plan for the future.
When you enter a Life Plan community, it’s with the assumption that you have the financial resources to remain in the community for the rest of your life. Financial fit calculators and open dialogue with the community’s admissions team give you a very clear idea of what to expect financially in both immediate and long terms.
What’s less clear is how your future may unfold. You may get sick, or you may lead a healthy and vibrant life that extends longer than anticipated. Many nonprofit communities offer benevolent care programs designed to help you remain in your familiar home if your financial resources become depleted through no fault of your own.
In a similar vein, reflecting its resident-first approach, Canterbury Court recently launched the Tapestry Grant program to subsidize a portion of entrance fees and monthly service fees for residents. Grants are based on available funds and demonstrated financial need.
What a Community’s Operational Model Means for You
Ultimately, the right community for you is the one that feels most like home and delivers a lifestyle that suits you best. However, for families exploring the diverse senior living Atlanta offers, understanding a community’s nonprofit structure can provide valuable clarity.
After all, the distinction between nonprofit and for-profit structures isn’t just a matter of money and operations; it’s a statement on the community’s values and how it works to better residents’ lives.
As you’re comparing senior living communities in Atlanta, be sure to consider:
- Whether the community’s mission puts residents first
- How the community makes decisions about spending on improvements
- What history tells you about the community’s commitment to reinvesting
- How residents are invited to contribute their thoughts and opinions
- What foundations or charitable funds the community oversees
What else would you add to this list? Schedule time to talk with the caring and knowledgeable admissions team at Canterbury Court and ask these questions and more. It’s a terrific opportunity to hear firsthand how a community’s nonprofit status influences the residents it serves.