Nursing home residents across the US are vulnerable to improper use of trust fund finances. In order to provide financial protection to residents and their family members who set up trust fund accounts, many states require nursing homes and assisted living facilities to purchase Patient Trust Surety Bonds.
These surety bonds act as a type of insurance, which spell out how the facility must appropriately 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, Kentucky, Tennessee, California, Virginia and Colorado require nursing homes to establish patient trust funds and be licensed or on a registry.
SuretyGroup.com bond professionals are educated in each State's specific patient trust surety bond requirements. We can assist you in becoming bonded, whether you are a single location or have multiple locations across the country. Not only will this meet legal requirements, it will show your patients that your company puts their needs and peace of mind above all else.
The premium that you pay for a Patient Trust 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.
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.
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