Patient Trust Funds Surety Bonds

Nursing home facilities, home and community based services providers, and intermediate care facilities that provide patient or resident trust fund services for the elderly or developmentally disabled may be required to post a surety bond with the state to manage or act in a fiduciary role of patient or resident funds. The surety bond guarantees the facility will spend the funds on behalf of the patient or resident honestly, ethically and appropriately.

States With Surety Bond Requirements:

Each state has their own requirements as to the bond amount required. Often the bond amount is on based on how much the patient or resident has in their account. A patient trust fund or resident funds held in trust surety bond will include bond language that refers to state statutes in which stipulates as to when a facility needs a bond to manage patient funds. If the bonded facility fails to fulfill the bonds terms, a claim can be filed against the bond. States such as Florida, Tennessee, California, Virginia and Colorado require nursing homes to establish patient trust funds and be licensed or on a registry.

How Much Will This Bond Cost?

The premium that you pay for a Patient Trust Fund Surety Bond is dependent on credit and bond amount required. Rates start as low as $100 or 1% for bond amounts over $10,000. Contact our Surety Bond Specialists for a free quote.

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