When researching your options for a retirement neighborhood, you already have a lot to consider. Is the location right? Will you have access to the services, amenities and life-enrichment opportunities you desire? Is it easy to access additional care support if needs change in the future? The list goes on. However, there’s another important consideration many people overlook: is the community a non-profit or a for-profit organization – and does it really matter?
While both community types can appear similar in terms of what they offer, there are important foundational differences in how they operate – differences that may have a real impact on you or your loved one. In this post, we’ll explore some of the key differences between non-profit and for-profit senior living communities so you can make a more informed decision about what’s right for you.
What’s the Difference Between Non-Profit and For-Profit Senior Living?
The easiest way to understand how a non-profit senior living community differs from a for-profit community is to consider the basic motivations behind these two organizational models.
A common misconception is that a non-profit organization cannot make a profit – this couldn’t be further from the truth. Non-profit organizations, just like for-profit organizations, must generate revenue to survive; the difference is what they do with the profits that are earned.
Non-profit senior living communities, like Silver Maples, are privately owned, mission-driven organizations that reinvest the money they make to enhance programs and services for their residents, the organization and the community in which they serve. This continual reinvestment helps support things like operational costs, on-going community maintenance and general improvements that ultimately benefit their residents and families.
Around 80% of senior living communities are owned and operated by for-profit entities, many are part of a large, national corporate chain. For-profit senior living communities, first and foremost, must generate a return on investment for investors and other key stakeholders. Of course, it would be unfair and inaccurate to assume that for-profit communities don’t reinvest any of their capital into community maintenance and improvements. In order to offer the lifestyle and care options people want, all senior living communities must keep up with industry trends and constantly changing consumer preferences.
Which is Right for You: Non-Profit or For-Profit Senior Living?
Let’s say you find yourself deciding between a non-profit retirement neighborhood and a comparable for-profit community – which one should you choose? Well, it depends. Despite their different organizational motivations, either option could offer exactly what you’re looking for in the next chapter of your life. It all comes down to how comfortable you feel and whether or not you trust the community to act in your best interests. By default, this is Silver Maples of Chelsea’s social responsibility as a non-profit senior living community.
“Silver Maples gives thousands of dollars each year in time and resources by supporting local charities and organizations. Giving back to our community is an important part of our vision to create meaningful relationships among our friends, family and community,” shares Julie Deppner, Executive Director and CEO at Silver Maples.
Learn More About Silver Maples: A Non-Profit Senior Living Community in Chelsea, Michigan
We invite you to learn more about our vibrant senior living community in Chelsea, MI. You can visit our website to access informative videos, personal stories, and testimonials from residents, their families and our staff. Or, feel free to connect with us through social media to get a peek at daily life at Silver Maples. Contact us when you’re ready to discuss options, our knowledgeable staff are eager to assist and help you find an active, engaging lifestyle that you’ll love.