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How much does a $50,000 Texas Medicaid provider surety bond cost?
Medicaid provider surety bonds are required by the Texas Health and Human Services Commission (HHSC) and can cost as little as $250, though the exact cost varies.
The price of a Medicaid provider bond is subject to review by an underwriter, who will look at things such as the applicant’s experience in the industry, business financial information, and personal credit. Submit a bond request to receive a free, no-obligation surety bond quote within 24 hours.
Whether you’re getting bonded for the first time or renewing your medicaid bond, our team of surety specialists will work hard to get you approved for the lowest price possible. Call 1 (800) 308-4358 if you have any questions.
Why do I need this bond?
Surety bonds are required of all Texas Medicaid providers in the state, pursuant to Title 1 Texas Administrative Code § 352.15. These bonds ensure companies, agencies, and health providers with patients who use Medicaid as an insurance method do not have any uncollected overpayments due to Medicaid or the Children’s Health Insurance Program.
If a Medicaid provider fails to pay the state or overcharges the state for Medicaid, the bond protects the state from any resulting financial loss up to the full penal sum of the bond.
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What’s the fine print?
Texas Medicaid provider bonds are continuous until canceled and must be renewed annually for as many years as the Medicaid provider wishes to maintain a license. The bond allows for the surety or principal to cancel the bond at any point during the term by providing 30 days’ written notice of cancellation to the Health and Human Services Commission.
Per the terms of the bond, the surety will be liable for uncollected overpayments that occurred during the term of the bond for two years after the bond’s expiration or cancellation date.
How to become a Medicaid provider in Texas
Before the Texas Health and Human Services Commission allows Medicaid providers to enroll in the program, the following requirements must be completed:
- Adherence to requirements established by TAC §352.5
- Submit complete enrollment application and supplemental application form(s)
- Pay application fees for each practice location
- Provide proof of registration and good standing with Texas Comptroller of Public Accounts
- Submit surety bond
- Certify all application information is accurate
- Sign provider agreement with each enrollment application