The Value of Senior Living: How Does Holland Home Compare?
The Greater Grand Rapids area has one of the highest concentrations of Continuing Care Retirement Communities (CCRC) in the Midwest. Each CCRC has unique pricing, entrance fee modeling, and monthly fee requirements that include varying amenities. For the prospective resident, this makes it incredibly challenging to compare and contrast the total costs and net benefits of one community to the next.
Through the Freedom of Information Act, we gathered data on the pricing, entrance fees, and Continuing Care Agreement (CCA) data from eight different communities in Grand Rapids, Holland, and Kalamazoo. Here’s how Holland Home stacked up.
Our Entrance Fee Options
When you move into our community, one of the first financial decisions you’ll have to make is which entrance fee plan to choose. There are three different options, and it really is just based on your personal preference and circumstance. Each option is made up of a refundable and non-refundable portion.
The non-refundable portion is what pays for what we call our Lifecare Promise (which guarantees higher care to residents for the rest of their lives, even if they outlive their financial resources). If you are a couple, you will need to purchase an additional Lifecare Promise for $350/month or a one-time payment of $30k. Remember, when you move into senior living, rather than buying property or real estate, you are buying into this agreement of lifelong care and housing. Should you ever move out of Independent Living to a higher level of care, the refundable portion will come back to you to spend as you wish. Here’s how the three entrance fee options break down (nonrefundable/refundable):
You won’t find this level of choice at other senior living communities. At Holland Home, our culture is built around meeting the needs of residents based on their unique wants and wishes as they age. Moving here isn’t about changing your lifestyle but enhancing it, and choice plays a big role in that.
Independent Living for Less
If you have already started looking into senior living communities in our area, you may already be aware of how different the pricing structures and offerings are. For example, some have meal plans included or weekly housekeeping. Holland Home’s offerings are more a la carte to maximize choice for our residents. But, this can make it difficult to compare what exactly you are getting for your money. Our Independent Living offerings include access to our award-winning Vibrant Living model, Lifecare Promise, modern facilities, energetic campuses, and expert care should you ever need it. We also have restaurants and cafes on campus, as well as take-away options, and our residences come with stylish kitchens where residents can continue cooking their favorite meals.
The following stats compare Holland Home’s offerings to those of our closest peer community over a 10-year period using the 50/50 entrance fee plan and monthly fees at double occupancy rates for 1-bedroom and 2-bedroom residences.
Based on the 50/50 entrance fee and an average length of stay of 10 years in Independent Living, here’s how we stack up to our closest peer community (that also offers a Continuing Care Agreement).
- A 1 bedroom w/ double occupancy costs: 22% less annually and 53% less/sq. ft.
- A 2 bedroom w/ double occupancy costs: 9% less annually and 54% less/sq. ft.
A Higher Level of Offerings for a Higher Quality of Senior Living
These lower rates and fees, however, do not equate to lesser services. From our award-winning Vibrant Living model to our PAC-designated Memory Care, Holland Home delivers the most comprehensive and highest quality senior living and care options in West Michigan. Along with our diverse Independent Living options, our full continuum of care features Assisted Living, Memory Care, Rehabilitation, and 5-star Skilled Nursing services. Our campuses also offer convenient on-site access to residential health clinics, Medicare/Medicaid benefit support, and case management support, including coordination of care with doctors. And as part of the Christian Living Services organization, those who live at Holland Home also have unique access points to Atrio Home Care, Trillium Palliative Care Services, Faith Hospice, and Reliance Integrated Health Services to meet the many changing needs that come with aging.Mission Over Profit
As you can see, there is a lot of value in choosing to live at Holland Home, and, as a non-profit organization, we are mission-driven rather than profit-driven. Therefore, the vast majority of fees we receive from our residents go right back to them in the form of facility amenities, maintenance and improvements, Vibrant Living programs and activities, care staff pay, and more. All this ensures that we live up to our mission to serve with excellence and follow Christ’s example in all we do.Peace of Mind
Holland Home and its generous donor community contribute to our resident assistance fund to ensure that each and every resident will have a home at Holland Home and access to our expert continuing care for life, no matter their future financial circumstances. While we find our entrance and monthly fees to stack up exceptionally well with others in our area, the peace of mind we are able to provide is priceless.
To learn more about our pricing and all that is included, contact a Senior Living Consultant at (616)-643-2730.