Protections of a Resident’s Funds
You may be wondering what rights you have in a nursing home that is certified by Medicaid or Medicare. It’s important to remember that you do have certain rights and protections under the law—both federal and state—that work together to help ensure you get the care and services you require. In this article, we’ll take a look at one right in particular: Protection of a resident’s fund.
Everyone likes money in some capacity or another. After all, money is a basic necessity to provide for the needs of our daily lives. You spend a majority of your life working to earn money, so you should be able to do what you want with that money without fear of some entity using it without proper permission from you.
If you find yourself in nursing home care, you may be worried that the nursing home could use your money in ways you don’t want. However, it is important to remember that even in a nursing home, you have the right to manage your own money. You also have the right to choose someone, such as a trusted friend or family member, to manage your money for you.
There are a few things you should also be aware of before you decide anything regarding your financial management.
First, if you decide to deposit your money with the nursing home or you ask them to either hold or account for your money, you have to sign a written statement saying you wish for them to do this. Secondly, the nursing home has to allow you access to your bank accounts, cash, and any other financial records. They must also have a system that ensures full accounting for your funds, and they cannot combine your funds with those of the nursing home Next, they have to safeguard your funds by providing an acceptable protection, such as buying a surety bond.
Finally, if a resident who has a fund passes away, the nursing home is legally required to return his or her funds with a final accounting to the person or court who is handling the resident’s estate within 30 days.
So there you have it. If you or a loved one are concerned about what will happen to your money when you enter a nursing home, please remember that you do have options. Hopefully this article has been able to bring you or your loved one some peace of mind in what can otherwise be very difficult, trying, and confusing times.