New scheme to see care patients’ money invested

MONEY belonging to patients in long-term care will be placed in approved investments or stocks under a new scheme approved by the Department of Health.

According to the most recent estimates, the state held over €69.3 million in patients’ private accounts in 2005. However, this money is expected to increase significantly following the illegal nursing home charges debacle with repayments to patients or their estates averaging €21,000.

The Public Accounts Committee (PAC) heard yesterday that, according to new legislation and guidelines being prepared, the Health Service Executive (HSE) will be allowed to invest patients’ funds.