The Benefits & Value Of Not-for-Profit Senior Living
If you’re considering senior living for yourself or a loved one you’ve likely been researching your options. Luckily you have many, from independent living to assisted living to memory care, often within the same senior living community. But what you may not realize is that beyond the type of care, the senior living communities themselves can be different types: either for-profit or not-for-profit. Here’s how they differ and the value a not-for-profit senior living community can provide.
For-Profit vs Not-for-Profit Senior Living
The majority of senior living communities are for-profit which of course means that they provide services to generate a return on investment. As such, they ultimately answer to their shareholders or investors.
On the other hand, not-for-profit communities such as Richfield Living are mission-based. For example, we’re governed by a Board of Directors who guide our mission and provide fiduciary oversight. They are volunteers elected to serve one- to three-year terms and put their knowledge and expertise to use in committees such as Quality, Finance, Governance, Development and Strategic Planning. We are not owned or affiliated with any entity.
Benefits of Not-for-Profit Senior Living
A not-for-profit senior living community offers a number of advantages to residents including:
The governing board of directors is usually comprised of volunteers made up of local individuals meaning they have strong ties and a vested interest in the betterment not only of the senior living community but the local area as well. You’ll find our leadership and board regularly supporting and partnering with organizations throughout Roanoke County.
With not-for-profit senior living, the investment you make to live here comes right back to the community instead of into shareholders’ pockets. For example, our profits go toward improving the care, services and amenities our residents receive, as well as community improvements including the exciting expansion we’re currently undergoing.
Again, not-for-profit senior living communities aren’t beholden to any outside entities. At Richfield, this means we can truly focus on our mission: Helping individuals experience life to the fullest through every phase of their journey. Our residents needs drive our decisions and we are committed to being a good steward of your investment.
Additional Value at Richfield Living
Many for-profit and not-for-profit senior living communities are known as Continuing Care Retirement Communities (CCRCs) because they offer three or more levels of care on one campus. Although not a CCRC, Richfield Living offers this full continuum of care all on one campus as well. The difference (and added value) is that we follow a rental model so there is no large upfront (‘buy-in’) fee to move into any level of care and you’re not locked into a permanent contract. Instead, you pay for only what you need and have more financial flexibility for your future. All while enjoying the added convenience and peace of mind of being able to stay in the same place, with friends, familiar surroundings and continuity of care as your health needs evolve.
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