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In addition to key factors such as location, price and lifestyle, active older adults should also consider whether a senior living community is for-profit or not-for-profit. While at a glance it may seem marginally impactful for your future, let’s examine some of the key differences between these types of communities—and why the type you choose really matters.
People over profits
Think about your favorite locally owned restaurant, and then think about a competing nationwide chain. The mom-and-pop operation generally keeps what it earns within its community, through paying its employees, making improvements to the restaurant itself and supporting local causes when possible. By contrast, the nationwide chain typically hands over a significant portion of its profits to faraway anonymous shareholders.
The restaurant example serves as a metaphor for the key difference between for-profit and not-for-profit senior living communities. Not-for-profit communities operate with an obligation to serve and invest in residents above all else, while for-profit communities’ primary obligation is to generate value for shareholders of the large conglomerates that manage them.
In simpler terms, communities like The Osborn, a leading senior living option in Rye, N.Y., put people over profits. After accounting for their operating expenses, not-for-profit senior living communities must reinvest any profits into serving the mission of the community. Not only that, but the organization’s bylaws as well as federal nonprofit regulations mandate it.
What does this mean for you, the prospective resident? It means that choosing a not-for-profit senior living community—especially one that has been trusted to serve Westchester County for more than 115 years—is really an investment in your best future.
A community of your peers, guided by strong leaders
While for-profit Life Plan Communities may take orders from suits at corporate headquarters, not-for-profit communities function with the oversight of local, credible and devoted members of a board of directors. Generally, these proven leaders bring diverse business and civic experience to the table and relish the responsibility of making the entire community better for everyone.
For example, you can review The Osborn’s Board of Trustees and meet the Senior Management Team, and see with full transparency who’s leading the charge in helping The Osborn accomplish its mission to “enrich the lives of those we serve in an inspiring, caring community while sustaining our commitment to excellence.”
Take a tour of a not-for-profit Life Plan Community near NYC like The Osborn, and there’s even a good chance you’ll bump into a board member. This is because many trustees and board members are also residents (and advocates) of the senior living communities in which they live. This means they’re connected to the community better than any profit-focused exec could ever be, and they know how to best serve the diverse interests and needs of their neighbors, like you.
Security, support, service
A key benefit of choosing a Life Plan Community like The Osborn is the everlasting peace of mind that it provides for residents and their loved ones. When factoring in the not-for-profit structure, that long-term security reaches even further.
This is because residents of The Osborn have a home for life. If a member of the community outlives their financial assets, the community steps up to support them and eliminates the worry of ever being asked to leave should their resources run out. Arrangements like this are not always guaranteed at for-profit senior living communities, so check twice before signing and be sure to meet with your trusted financial advisor about any long-term financial goals.
Finally, like many other types of not-for-profits, communities like The Osborn have charitable arms as well. Residents can share the sense of pride, community and fulfillment that comes with supporting causes greater than themselves, rather than lining shareholders’ pockets.
For example, for nearly a decade, The Osborn Foundation has supported programs and projects that improve the lives of those at The Osborn and within the greater Rye community. This includes the aforementioned Charity Care Program for residents in need of financial assistance, as well as:
On the surface, many senior living communities near Westchester may look similar. But take a closer look and you’ll find why the not-for-profit distinction can have such a profound impact on your future. If you have questions about what else sets not-for-profit senior living communities like The Osborn apart, we’re here to help.
Simply call us at 914-430-0523 today or click here to reach out with any questions. We look forward to hearing from you!