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Cheatography

Nursing Center Resident Trust Funds Cheat Sheet (DRAFT) by [deleted]

Nursing Center Resident Trust Funds

This is a draft cheat sheet. It is a work in progress and is not finished yet.

Introd­uction

A resident trust fund is money held by a nursing center for a resident of the center.

Optional

Nursing centers cannot require a resident to set up a trust fund.
State and federal laws give indivi­duals the right to manage their finances.
If a nursing center resident needs assistance managing their finances, nursing centers are required to explain all available options, including a trust fund.

Interest Bearing Trust Fund Account

Nursing centers are required to set up an interest bearing accoun­t–known as a trust fund --if a resident requests the center manage their funds.
The account must be separate from the center’s own funds.
This applies to any resident funds over $50.

Resident Permission Required

A nursing center cannot use a resident’s money without specific permis­sion.
A resident must give specific per mission for each use of funds from a trust fund account. Residents can appoint a patient repres­ent­ative to help manage personal or financial affairs.
A nursing center must give you access to any or all of your funds within three business days of
your request or if you are discha­rged.
Centers are required to provide a resident or patient repres­ent­ative with a quarterly accounting
of funds

Strict Federal & State Regula­tions

There are several strict federal and state (varies by state) guidelines on how these trust funds are held, monitored and distri­buted.
Nursing centers are required to have a surety bond in case something occurs so the resident never has his or her account threatened if monies a re stolen or lost.
The surety bond provides protection to a resident in the case that funds are misused.
The restri­ctions are numerous and typically very regime­nted.
Some examples of state regula­tions include: centers may be audited every year by the state; each center is required to submit monthly activity statements to every resident and/or family.
Resident trust fund accounts are audited by surveyors.
Typically, nursing centers reconcile and self-audit these accounts monthly
 

Trust Funds