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Nursing Home Investigation Reveals Personal Savings Mismanagement

October 23rd, 2013 by WCBC Radio

A USA TODAY investigation last week revealed that thousands of residents in U.S. nursing homes and other long-term care institutions for the aged and disabled have had their personal savings raided or mismanaged after relying on the facilities to safeguard the money in special trust fund accounts.  These trust funds, which most long-term care providers are required to maintain for residents who request that the facility handle their money, are supposed to work like conventional bank accounts, with accrued interest, regular statements and reliable oversight. But according to the USA TODAY report, more than 1,500 recent cases were found  in which nursing homes have been cited by state and federal regulators for mishandling the funds. WCBC News today continues a special series looking at how some local nursing homes deal with this problem. Troy Raines is the administrator for the Lions Center for Rehabilitation and Extended Care. He said it’s a tricky situation that unfortunately can sometimes prove costly for the nursing home’s overall operation…


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