The cost of a senior living community plays a huge role in a prospective resident’s decision-making process. “Can I afford it? Is it worth the investment? What does it mean for the legacy I will leave behind?” As aging adults consider their future senior living and care options, it is likely they will look to their financial advisors for guidance. To help you advise your clients as best as possible, we’ve put together some pertinent resources and information so you can better understand the financial side of moving into Holland Home and the value it will bring your
Key Takeaways
- Holland Home residents buy into a Continuing Care Agreement (CCA). Senior living is not a real estate purchase.
- The Greater Grand Rapids area has one of the highest concentrations of Continuing Care Retirement Communities (CCRC) in the Midwest.
- On average, Holland Home costs 19% less annually* than comparable senior living communities.
- The average waitlist period for a senior living community is 5 years —help your clients plan ahead before they hit a crisis.
Our Lifecare Promise
Our Lifecare Promise (what we call our CCA) guarantees living accommodations and care services for the life of the resident, even if they outlive their financial resources. At Holland Home, our continuum of care consists of Independent Living, Assisted Living, Skilled Nursing, and Dementia Care. This means your clients can have peace of mind knowing they’ll be taken care of for life—what other investments can provide that?
The Value of Holland Home
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 the total costs and net benefits of one community to the next.
Through the Freedom of Information Act, we gathered data on the costs from eight different communities in Grand Rapids, Holland, and Kalamazoo. Holland Home came out on top.
Adding to the value of our community, as a non-profit organization, Holland Home puts our mission before our margin. The fees we receive from our residents are poured back into our care staff, our facilities, our amenities, and our Vibrant Living programs.
The Housing Market
Despite the record hikes in interest rates, people are still actively buying, meaning now is the perfect time to take advantage of the current, stable housing market and sell your home. After investing in their future at Holland Home, your client will still have money left from their home sale to use as they wish.
Help prepare your clients for the future rather than be a last-minute call in a crisis. If you have questions about Holland Home, give us a call at 616-643-2730.
Download the Financial Advisor Sheet here.
*Based upon Holland Home’s weighted average 50/50 entrance fees.