My parents are currently living in an independent living facility. However my parents are getting on. My mother has Parkinsons which continues to limit her mobility and my father has recently had a recurrence of a dementia episode. The Professional Services firm appointed by their Elder Law attorney has raised the issue that at some point they would no longer qualify to live in their independent living facility and would need to be in a place with more assistance available to meet their needs.
The Professional Services firm has recommended that they be moved to a Not for Profit facility, since, as they say "even if they run out of money they will be able to continue to stay there and receive care."
What is the difference between Not for Profit and For Profit facilities?
Is there a preference for one over the other, or could both provide equal quality of care?
The other issue that concerned me is that the The Professional Services firm was advocating Not for Profit to address the issue of if my parents run out of money. However at last check, my parent's financial state was very good. My father is 83 and my mother is 87. They just sold their home last year for over $500K and have a sizable amount of money in savings, which I would assume could support them for where ever they chose. Is this correct? Is there cause for concern?