Patient Trust Bonds ensure that any patient’s funds mismanaged by a care facility are guaranteed to be reimbursed. These bonds may be held by those operating care facilities or by those providing in home care services. These bonds are also known as Medicare Bonds which are required by any health care service provider who bills Medicare for some or part of the services they provide to clients. One example is a Nursing Home Patient Trust Bond which safeguards those who reside at the nursing home itself. This is accomplished by ensuring that the funds kept by the nursing home on behalf of the patient are appropriately handled on their behalf. With this type of Patient Trust Bond, an approximation of the maximum amount of funds which can be safeguarded is two times the amount the patient has in trust, and the minimum is $5000. Keep in mind this varies from state to state so be sure to check the particulars as required by your state or that of your loved ones in care.
Care facilities can contact their insurance provider to begin the process of applying for this bond, so long as their agent is familiar with bonds. Alternatively, an internet search will produce numerous companies offering quotes for Patient Trust Bonds. The health care facility must provide detailed information and are subject to a credit check to identify any possible outstanding liens or debts. The bond signifies to the patients that the facility is able to cover, out of their own pocket, any fees resulting from their own negligence or unlawful treatment of the patient’s funds. A bond is in no way a cashable insurance policy, rather it provides peace of mind to patients and their families that the facility is adhering to rules and regulations and must follow a code of conduct.
Once the health care provider or facility has begun the process of applying for a Patient Trust Bond, they should be aware that the requirements differ for each surety policy depending not only on the state of the provider and their credit rating, but also that the requirements vary from company to company. This is because each company may be underwritten by a different underwriter with varying needs and specifications. For example, the facility may be asked to provide information on their businesses financial situation, including any previous audits. The experience and background of the owners and staff may be asked necessitating copies of relevant resumes to be forwarded for review. In addition to the business’ financial statements, the owners of the facility may be asked to show their personal financial statements, including bank account information and undergo a credit check. Those looking to attain bonds should also be prepared to provide relevant information such as their licenses and permits.
Many of the long term care facilities in the United Stated hold a Patient Trust Bond, which should provide some peace of mind especially for those who have loved ones in a facility in a different state then them. With these bonds if the patient finds themselves needing to make a claim because of unlawful use or treatment of their funds, the facility can be found responsible and ordered to reimburse the patient out of pocket. Finding a facility that is bonded means that they are required to abide by certain rules and regulations, and are subject to penalties if it is found that they have broken the bonds terms and conditions.
If you are searching for an appropriate care facility for a loved one begin by researching the requirements as laid out by the state your loved one will be residing in. Once you have armed yourself with these details you will be in an advantageous state to make an informed decision as to which facility will have your loved one’s best interests in mind.