The facility must deposit any resident's personal funds in excess of what amount in an interest-bearing account?

In Indiana, the regulations stipulate that any personal funds of a resident that exceed a certain threshold must be deposited into an interest-bearing account to ensure that the resident's funds are safeguarded and can earn interest. The specific amount at which this deposit requirement kicks in is $50.

This rule is designed to protect residents, particularly in long-term care facilities, ensuring that their funds are managed responsibly and that they can accrue some interest over time rather than being held in non-interest-bearing accounts. The choice of $50 reflects a balance between allowing residents to have some accessible cash on hand for personal use while also ensuring that larger sums are handled in a manner that benefits the resident through potential interest accumulation.