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Information on Patient Trust Bonding
SuretyBonds.com is legally licensed to issue patient trust surety bonds in all 50 states.
It is important for all elder care facilities to take care of patients in all aspects including financially. To guarantee patient trust funds are protected and managed appropriately, state agencies require that these facilities file a surety bond. A patient trust bond (also called a medicaid or medicare bond) is a fiduciary type coverage that ensures a patient’s personal funds will be disbursed in an appropriate and ethical manner. The experts at SuretyBonds.com developed this guide to explain how patient trust bonds work and how a facility can get one.
Learn More About Patient Trust Bonds
Surety bonds act as a legally binding guarantee that joins together three parties:
- The obligee is the government agency that requires the bond.
- The principal is the nursing home that purchases the bond to guarantee proper management of patient funds.
- The surety is the insurance underwriter that issues the bond.
If the care facility fails to fulfill the bond’s terms, harmed parties can file a claim against the bond. If the claim is validated, the surety will reimburse the harmed party. The surety will then seek reimbursement from the facility according to the bond’s contractual agreement.
Patient Trust Bond Requirements
The patient trust bond outlines the legal guarantees required by specific care facilities. The bond may require that patient funds deposited at with the facility are:
- Held separately and in trust
- Administered on behalf of patients in the manner directed by the depositors
- Accounted for truthfully and wholly to the patients, the depositors and the obligee when requested
State Specific Costs
Patient trust bond costs and requirements vary greatly by state as the bond amounts and regulations surrounding each license are established on a state level. Select your state below for more information about patient trust bonds in your area or call 1 (800) 308-4358 to speak with a surety expert.
Pay a Low Rate for Your Patient Trust Bond
Currently, the market for patient trust bonds is strong because of the low risk associated for this bond type. This calls for competitive rates for patient trust bonds. The surety specialists at SuretyBonds.com will shop your bond around with multiple insurance underwriters to guarantee you get the lowest rate available for your bond.
Applicants with strong financial credentials can expect to pay a premium that’s calculated at just 1-5% of the bond amount, which means you could pay just $100 for a standard $10,000 bond. At SuretyBonds.com, we provide every applicant with a free, no-obligation price quote.
Bad Credit? Don’t Worry!
At SuretyBonds.com, we believe that every client should be able to get the patient trust bond they need, so we developed an exclusive Bad Credit Surety Bond Program that can approve applicants with poor credit for the bonds they need. If you have credit issues, ask your account manager about our special premium financing option which allows applicants to split their premiums up into smaller amounts that they can pay off over time.
Get Your Patient Trust Bond Fast
At SuretyBonds.com, we make the surety bond process fast, easy and accurate. An account manager will issue the bond as soon as your payment is processed, you will then receive a copy of your bond immediately via email, and your original bond form will be sent in the mail via your preferred shipping option. Its that easy! What are you waiting for? Apply now to get started!