Florida Patient Trust Bond Overview
- Purpose: To ensure patient funds are protected and disbursed appropriately
- Who Needs It: Long-term care facility and nursing home owners that manage patient funds
- Regulating Body: The Agency for Health Care Administration
- Bond Amount: Varies based on financial liability
- Minimum Price: 1% of the bond amount
What Is a Florida Patient Trust Bond?
A Florida patient trust bond protects patients in long-term care facilities. It ensures that nursing homes that manage patient funds meet these requirements:
- Administer funds on behalf of patients as directed by Florida Statutes
- Tender true and complete accounts to the patients, the depositors, and the state when requested
- Account for all funds received, expended, and held upon termination of each deposit
Bond Coverage Requirements for Florida Nursing Homes
All nursing homes in Florida need a bond amount equal to twice the average monthly balance in the patient trust fund during the prior year or $5,000.00 — whichever is greater.
Note: There is a separate bond requirement for leased nursing homes in Florida.
How Much Do Patient Trust Bonds Cost in Florida?
Florida patient trust bonds cost 1–10% of the bond amount. With strong financials, you could pay just $50 for the minimum $5,000 bond. Apply for your free quote today.
SuretyBonds.com offers the lowest available rates from our nationwide provider network with no added fees.
How Does a Florida Patient Trust Bond Work?
This type of surety bond creates a legal contract between three parties.
| Bond Party | Description |
|---|---|
| 1) Principal | The long-term care facility owner(s) filing the bond |
| 2) Obligee | The Florida Agency for Health Care Administration |
| 3) Surety | The issuing surety provider |
If a nursing care facility breaks applicable Florida Statutes covered by the contract, harmed patients can file a claim. The surety will reimburse the patient for valid claims and then seek reimbursement from the facility.
How Do I Get a Patient Trust Bond in Florida?
We offer the best service, fastest delivery and most affordable prices for Florida patient trust bonds. Follow these simple steps get yours:
- Apply for your bond online and receive your price quote.
- Pay your invoice online anytime or over the phone.
- Receive your original bond form in the mail
You can select your shipping method: one-day, two-day or three-day. This costs $20–$40 depending on the shipping speed.
Can I Get Bonded With Bad Credit?
The personal credit score of nursing home owners is a qualifying factor for Florida patient trust bonds. We aim to approve most applicants. If you pay a higher premium due to low credit, you may qualify for a lower rate in the future if you improve your credit score.
How Do I Renew My Bond?
The bond will expire after one year. We’ll send reminders before the patient trust bond expires. To extend your coverage for another year, pay your renewal premium and file the continuation certificate with the agency.
