To our Plymouth Place™ community,
My name is Jay Biere, and I am the CEO and President of Plymouth Place. We recently had a MythBusters panel marketing event for folks who are considering our community for their near future, and right off the bat, we discussed the million-dollar question in today’s climate: “Is this a good time to move to Plymouth Place? What are the financial ramifications with this type of decision?”
What I’d like to do is just lay things out here and be honest and candid so you can make the best decision. I’ve been in the industry for almost 40 years and going on 3 years at Plymouth Place. I chose to come to Plymouth Place based upon what I’m about to share, and I think these factors will help inform your decision.
First, it is important to realize that we have been in business, so to speak, serving seniors faithfully for 75 years. Not a lot of places have been around 75 years. I would equate that to a blue chip stock. We’re very sound and very solid. We have a great history, and I think that’s why our guests joined us at an event in the midst of a pandemic health concern – otherwise, they wouldn’t have taken the time to visit with us.
Secondly, and maybe the most important thing, is that our residents are guaranteed 90% back on their entrance fees – your investment, your money, your trust; the things you leave in your will; what you pass on as a legacy to others. That number is guaranteed. Now, three weeks ago you would have said “That’s pretty good.” Today you’d say, “That’s really good.” When the stock market becomes volatile, it is even more important to think about the safety and security associated with a guaranteed return. We are glad to discuss possible financial options with you, as well as customizing the opportunity for each person.
Third, some people will say, “I’m going to wait” or may not make a decision at all. I’ve seen that in my 40 years again and again. What happens then is people get into a position where they don’t medically qualify for life care and end up in a private pay situation; there’s a financial risk in taking that gamble. Not to mention, choosing to call Plymouth Place home is a lifestyle decision. You want to make sure to move when you are still able to take advantage of all of the things Plymouth Place has to offer – all the social programming, travel, etc. These are things you’ve got to think through, but, it’s critical to really think about what is at risk by waiting.
Something else to consider in the decision is that in 75 years, Plymouth Place has never asked anyone to leave because they couldn’t afford to pay. We have $30 million set aside in an endowment fund. That endowment is to support those on a benevolence basis – a reserve for a rainy day and, also, a reserve for capital security. We’re in a very strong position. Don’t just take it from me – do your due diligence by looking at our financial statements.
That, also, leads to the issue of COVID-19. We achieved our financial success no differently than how we have achieved our operational success. They work together – right oar, left oar. From an operational perspective, we are a 5-star community, meaning we have 5-star practices. It is extremely difficult to receive 5-stars with regard to your protocol, your practice, your ratios of staff-to-resident, and so forth. We were recognized among the Top 500 by US News and World Report and we were voted one of the Great Places to Work by our employees in Fortune magazine. Now why are these things important? Because, if you’re going to be safe and secure, it’s the front line that’s doing the work every single day. Each day, each moment, each minute, we’re following the Centers for Disease Control (CDC) guidelines, as well as the Illinois Department of Public Health (IDPH). We are in contact with these folks every day. Every day we have a meeting and we employ the best practices to make sure our residents are safe and secure.
Be assured that our community is sanitized and cleaned every single day. If you go out in public to the grocery store or other places, I don’t know their practices. But, I do know what we do with regard to our 5-star practices. It’s a matter of risk and return. Who do I trust with regard to financial risk and health risk? I think you have to ask our residents what they think the answer is. I believe that’s Plymouth Place – where we have a chance to not only thrive, but, to succeed.