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Patient Trust Funds Surety Bonds

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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.

Related Links:

Florida Patient Trust Fund Statutes
Tennessee Resident Funds Held In Trust
California Patient Trust Fund Bonds
Virginia Regulations for Nursing Home Facilities
Colorado Patient Trust Fund
Illinois Long Term Care Facility Resident Fund Surety Bond

More Surety Bond Questions?

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