Nursing Homes Must Keep Separate Deposit of Resident Funds
It is a Requirement that Nursing Homes Must Keep Separate Deposit of Resident Funds 42 CFR §483.10 Resident rights. The resident has a right to a dignified existence, self-determination, and communication with and access to persons and services inside and outside the facility. A facility must protect and promote the rights of each resident, including each of the following rights:
(a) Exercise of rights.
(c) Protection of resident funds.
(3) Deposit of funds. (i) Funds in excess of $50. The facility must deposit any residents’ personal funds in excess of $50 in an interest bearing account (or accounts) that is separate from any of the facility’s operating accounts, and that credits all interest earned on resident’s funds to that account.
(In pooled accounts, there must be a separate accounting for each resident’s share.)
It is important to the resident that they have some amount of available funds for needed purchases such as hair supplies, haircuts and styles, personal products such as shampoo, tooth paste, etc. Also residents need to have funds to get out of the facility when possible for a movie, or other activity, family visits, etc. Each resident should have their own account in the facility so they can track the money they have and how to use it. This information needs to be easy for the resident to access and understand and should be accurate.
Call Ken for more information at 612-743-9048