A. Inverness Village offers a vibrant lifestyle filled with conveniences and daily opportunities for warm and interesting social interactions with others. There’s a special energy that comes from living in a multi-faceted community, along with a sense of belonging, of being among extended family. But many residents believe the most important aspect of living at an Asbury community such as Inverness Village is having a secure plan for the future. With lifetime priority access to a full continuum of services, Inverness residents and their family members have peace of mind knowing that they will have access to assisted living, skilled care and memory support services, even if they exhaust their financial resources through no fault of their own. Most importantly, you can be among people you call friends and those you trust, no matter what life brings.
A. Life Care means that in addition to the beauty and comfort of residential living, private, on-site assisted living, memory support, and Inverness Village’s five-star-rated skilled nursing care will be available to you if ever you need it – without any unexpected costs. Regardless of which neighborhood you’re living in at Inverness Village, your basic monthly fee remains essentially the same, with no sharp increases in costs if you ever need assisted living, memory support or skilled care. Inverness Village is the only retirement community in Tulsa offering this approach to retirement planning, which is structured to help you preserve your lifetime savings and avoid surprises.
A. At Inverness Village, as your need for services changes over your lifetime, you have the opportunity to order home health services into your residential living apartment. Or, you could relocate either to Redbud Court Assisted Living or Heather Hall Health Care Center to secure the services you need.
A. One of the major benefits of Life Care at Inverness Village is that the cost for a spouse to benefit from living in a health-care neighborhood is very low.
At Inverness Village, if one member of a couple experiences either a temporary or permanent stay in any neighborhood providing health services, then that individual would pay only the cost of two additional meals per day (about $450 per month). The couple’s monthly fee doesn’t change! Without Life Care, couples faced with this situation end up paying a full monthly fee for an independent living residence PLUS the full monthly cost for assisted living, memory care or skilled care. One of our retirement counselors will be happy to explain this benefit to you further. Many people believe this sounds too good to be true, but it is true at Inverness Village.
A. Many long-term care insurance policies work together with Life Care and pay earned benefits directly back to the holder. Typically, this coverage extends to assisted living, skilled care and memory support. Because the cost of long-term care at Inverness Village already is low due to Life Care (currently about $111 a day based on a 30-day month), many residents with long-term care insurance end up paying nothing out-of-pocket when they move to a long-term care neighborhood. Every policy is different, however, so it is a good idea to check with your policy holder about how your policy would benefit you at Inverness Village.
A. Yes. At Inverness Village, you can choose from two different entrance fee plans. One of these plans will refund 95% of the entrance fee according to the terms and conditions of your residency agreement. The second option is a non-refundable plan, called the standard plan. The standard fee amortizes over the first 100 months of residency. This means that for the first 100 months you live at Inverness Village, you could receive a partial refund of your entrance fee. After 100 months, however, no refundable portion of the standard entrance fee remains. Refunds are paid within 30 days after Inverness Village receives an entrance fee from the next person who occupies your residence, and you no longer reside in any accommodation at Inverness Village.
A. The amount of your monthly fee is based on the style of residence you choose and the array of services provided in that neighborhood. For instance, most residents’ monthly fees include a daily meal plan, interior and exterior maintenance of the residence, all of the utilities (except phone and internet), 24-hour emergency call systems, transportation, housekeeping, access to all of the amenities and common areas, and priority access to all levels of Inverness Village’s celebrated health care
A. With more than 15 different floor plans, Inverness Village offers so many living options that it can accommodate a wide range of people age 55-plus. Before being accepted for residency, you are asked to show that you have enough income and assets to support your living expenses through your projected lifespan. This calculation is made through a system maintained by an outside actuary. (If you outlive your resources, you would be eligible for Asbury’s Benevolent Care program. See below for more information.) Generally, someone with a retirement income who owns a home in the area or has equivalent assets can afford the security and benefits of the Inverness lifestyle. In some cases, people with lower assets are able to live at Inverness Village if a relative agrees to place a designated sum of money in trust. In these cases, the trust is released and the funds are returned if not needed to cover the resident’s expenses. An Inverness Village retirement counselor will be happy to help you understand the best options for you.
A. A significant part of the not-for-profit mission of the Asbury system of communities is to ensure that residents who outlive their resources through no fault of their own are able to continue living within their chosen community, such as Inverness Village. These residents are able to apply for and receive support to cover their expenses, regardless of whether they live in residential living, assisted living or in skilled care. The Asbury Foundation actively seeks donations for Benevolent Care, including a special endowment fund, to offset the costs of providing this support.
A. If you ever require services in Heather Hall, our private Health Care Center, you will always have preference over non-resident applicants to available openings. This is an important aspect of life at Inverness Village. Residents and their family members have peace of mind knowing that if services are ever needed, Inverness Village will ensure that care is provided throughout your life.
A. Inverness Village is a Type A Life Care retirement community. This means there is a significant tax deduction that changes from year to year. The Internal Revenue Service generally has held that a portion of your entrance fee or your monthly service fees can be considered for a medical tax deduction, when paid in connection with obtaining lifetime care. The deductibility of these expenses is provided for in Section 213 of the Internal Revenue code. Many residents find that this deduction – especially when added to deductions for prescription medicines and charitable contributions, allow them to itemize their taxes for the first time in many years. To determine which deductions may apply to you, it is best to talk with a tax adviser.
A. Under direction of the Executive Director, a management team is responsible for the day-to-day operations and overall functioning of Inverness Village. The Inverness Village Board of Governors, which includes several leading members of the Tulsa community, works directly with the Executive Director and is focused exclusively on Inverness Village’s programs, quality of care and service, master campus planning, and fundraising activities (in conjunction with the Asbury Foundation). The Board of Governors makes recommendations to the Asbury Board of Directors, which is legally responsible for control of Inverness Village. Additionally, the Asbury Board of Directors has the primary responsibility for approving the budget and maintaining financial health as well as monitoring quality of care and services. The Asbury board is focused on enhancing the strength of the entire organization, ensuring fulfillment of its mission and tax-exempt purpose, and recognizing its full potential for providing services to seniors.
Please see the Residency Agreement for more detailed information.