When a nursing home facility accepts and manages a resident's funds, the facility must take care to keep the funds safe. The Illinois Department of Health requires nursing home facilities who manage a resident's funds to obtain a surety bond. The bond amount is determined by the amount of funds the facility is managing.
A surety bond guarantees that the nursing home facility will abide by the Nursing Home Care Act, which states requirements regarding a resident's funds:
The premium you pay for an Illinois Long-Term Facility Resident Fund Surety Bond depends on the bond amount and your financials. Our low rates start at 1% of the bond amount with good credit. Contact our Surety Bond Specialists for a free quote that fits your specific situation.
Check out our FAQ page or What’s a Surety Bond? page. Should you need or choose to buy a surety bond, buy from us. SuretyGroup.com has been underwriting surety bonds throughout the U.S. for more than 35 years. When you work with us, you enjoy the unique benefit of dealing with a team of highly experienced surety agents with in-house underwriting authority. This allows you to receive competitive, low rates, quick approvals, and immediate bond delivery. In most cases, your bond will be delivered within 24 hours after you apply for it.
For a downloadable application