Tag Archives: Sherwood Oaks
Are Retirement Communities Financially Stable?
It is important for seniors to ask careful questions as they consider which retirement community is best suited to their needs. Some recent newspaper stories have asked if retirement communities in PA are financially stable. Sherwood Oaks willingly answers inquiries about our financial stability as a retirement community-PA facility. We believe that Sherwood Oaks is among the financially strongest retirement communities in the region because:
- The Sherwood Oaks Retirement Community has successfully operated for 28 years. We are proud of the good reputation that we’ve established, especially in the North Hills and Cranberry Township areas.
- The Sherwood Oaks audited 2009 financial statements show positive net assets of $5.5 million. Audited statements for FY 2010 will be released soon, and they are expected to show strong operating income, positive investment returns, and continued investment in capital assets.
- Resident satisfaction at Sherwood Oaks, as measured by an outside consulting firm, shows that residents have rated Sherwood Oaks as exceeding national benchmark scores for many years.
- The University of Pittsburgh Medical Center UPMC is our parent company and one of the most financially sound organizations in the region.
- Sherwood Oaks is one of the few retirement communities PA has that is fully accredited by the Continuing Care Accreditation Commission, www.carf.org. We have achieved this mark of distinction and maintained it since1993.
Experts have commented that retirement communities in PA requiring an entrance fee present a risk, “perhaps a little risk, but still a risk.” Although this is true with any endeavor, we would point out that not living at Sherwood Oaks presents a risk, too. We believe that the enjoyment of the amenities, physical security, and the knowledge that unlimited continuing care is guaranteed at Sherwood Oaks far outweighs the small risk.
Please contact our marketing office at 1-800-642-2217 if you have questions about Sherwood Oaks. We are happy to provide any information you may need about all aspects of our retirement community and the many entrance options available at Sherwood Oaks.
It is important for seniors to ask careful questions as they consider which retirement community is best suited to their needs. Some recent newspaper stories have asked if retirement communities in PA are financially stable. Sherwood Oaks willingly answers inquiries about our financial stability as a retirement community-PA facility. We believe that Sherwood Oaks is among the financially strongest retirement communities in the region because:
Research Shows #1 Reason Why Retirees Move to a Retirement Community
Our most recent survey of residents shows that the #1 reason why retirees move to Sherwood Oaks is the availability of guaranteed, on-site health care. “Retirees really want to plan for their futures,” remarks Mark D. Bondi, President and CEO of Sherwood Oaks, “and securing convenient and top notch health care is a prime consideration for where they want to live.”
In 2009 Sherwood Oaks undertook a major expansion of health care services. The Oak Grove Center, a 30 bed care facility was recently completed that offers private, personal care to persons suffering with memory loss. In addition, renovation is currently underway to the community’s skilled nursing facility. These changes will provide residents with private rooms that are organized in a home-like setting. The renovations to nursing care are expected to be completed in 2011.
“These renovations are a wonderful benefit to persons considering a move to Sherwood Oaks” concludes Bondi, “although you may not need health care now – you want to be prepared for what life has in store for you in the future.”
Our next story will discuss the reasons why retirees decide not to move to a retirement community-PA facility. Stay tuned.
A Note Recently Written to Sherry Cook, Client Advisor
Dear Sherry,
Thank you for all of the thoughtful ways you helped us in the decision-making process as we considered Sherwood Oaks. We are sooo glad this community “won” in our evaluations, and the professionalism with which you met us and your desire to have us here played a large part in our decision.
Thank you again and may God bless you!
Sincerely,
John and Harriet Burress
PS – The Moving Seminar was great. did i get oral herpes We recommend it as an ongoing marketing tool.
Understanding the Differences Between Continuing Care Retirement Communities
A Continuing Care Retirement Community, or CCRC, is generally a senior community which offers housing, services and nursing care, usually all in one location.
In order to attain a CCRC certificate, an organization applies to the PA Department of Insurance for a “certificate of authority.” If granted, the organization is able to use the title of continuing care retirement community and qualifies for certain tax benefits.
Mark Bondi, President and CEO of Sherwood Oaks, advises seniors to be very well informed when selecting a CCRC for their retirement living. “The tax benefits have spurred a marked increase in the number of communities applying for CCRC certifications during the past five years. Simply having a certification and calling yourself a CCRC doesn’t really mean much,” Bondi cautions. “The CCRC certification does not demand any set of standard services or amenities.”
So, how can seniors be sure which continuing care retirement community is right for them? “The key is knowing that the services that will be rendered to you are governed by the written agreement between the community and the resident. These agreements must be read carefully to determine exactly what is—or isn’t included,” says Bondi.
When John and Harriet Burress began researching retirement communities, they prepared to meet the challenge. “We determined our priorities, and set out to find a community that met them. We visited five different facilities at least four times each,” said Harriet. “Selecting a place to retire is a very big decision and an important financial investment. We did our research accordingly before selecting Sherwood Oaks,” said John.
CCRCs offer many different types of agreements. Sherwood Oaks is a Type A community. The most commonly offered CCRC agreements are:
- Type A (Extensive) Agreement – includes housing, residential services, amenities and unlimited, specific health-related services with little or no increase in monthly payments except to cover normal operating costs and inflation adjustments.
- Type B (Modified) Agreement – like A above, except that a specified amount of health care services are included. After the specified amount of health care is used, a discounted rate or full per day rates for required health services will be charged.
- Type C (Fee-for-Service) – Includes housing, residential services and amenities for the fees stated in the agreement. Access to health care is guaranteed, but it may be required at full fee-for-service rates.
- Rental Agreement – Allows residents the opportunity to rent their housing and provides, but does not guarantee, access to health care services paid on a fee-for-service basis.
Bondi describes an example to illustrate the big differences between CCRC agreements. “If a resident becomes ill at Sherwood Oaks, our Type A agreement offers multiple levels of care at no additional cost allowing the residents’ needs to be met on campus as they change. Other types of agreements do not. Residents who fall ill at other CCRCs will need to find a health provider and arrange for payment of health services on their own. And these payments may be significant—costs for one year of skilled nursing services can exceed $70,000.”
John and Harriet Buress gathered information about various CCRCs and evaluated health services, living spaces, staffing, security features and spoke with residents on their visits. “We selected Sherwood Oaks because it best provided for our needs. The agreement was clear and understandable and we have been overwhelmed with friendly faces and the professional and helpful staff,” the Buresses said.
After only two months, John and Harriet Buress are happy to say that they already feel at home at Sherwood Oaks. “It’s so comforting to know that our healthcare, including assisted living are here on campus and guaranteed. We’re glad we came to Sherwood Oaks when we’re healthy enough to enjoy life, friendships and fun.”