pATIENT TRUST FUND BONDS
What is a Patient Trust Fund Bond?
This bond is a federal requirement for facilities that hold patient/resident funds. The bond is governed by the state where the facility is located. The bond guarantees that the facility will hold the funds in a separate bank account, they will administer the funds on behalf of their patients and render complete and accurate accounting.
What is the Required Bond Amount?
This is determined by the state where the bond is required. Most states require the bond to be equal to the amount of the patient funds being held. However, Michigan requirement is 1 ¼ the amount being held and Florida requires two times the amount being held.
What does a Patient Trust Fund Bond cost?
The rate for patient/resident trust fund bonds is 1 percent or $10/$1000.
What information do I need to obtain a Patient Trust Fund Bond?
Bonds up to $200,000 just require an application and proof of crime coverage/employee dishonesty coverage while bonds over $100,000 require a credit check.
Who is the Obligee?
In most cases the obligee is the State Department of Health, the state entity that regulates the industry for the benefit or the residents of the facility.
What does it mean Instant Issue up to $100,000 ?
This means the agent can issue the bond under their own authority without approval. Merchants will write these bonds at much higher limits, where you may need underwriter approval. Bonds over $200,000 may require financials.
How Can I Complete My Renewal Payment?
Merchants accepts payment by credit card, check or money order. To pay by credit card, visit the website listed on your invoice (pay.merchantsbonding.com). You will need the payment code from your renewal invoice to access your invoice.
Or, send a check or money order to:
Merchants Bonding Company (Mutual)
P.O. Box 310180
Des Moines, IA 50331
How Do I Pay My Bond Renewal By Credit Card When I Don't Have My Payment Code/URL?
Please contact us at firstname.lastname@example.org or (800) 678-8171 and we will email you the necessary information. Please provide the name listed on the bond as well as the bond number. Please do not send credit card information or personally identifiable information directly to Merchants Bonding Company.
Why Haven't I Received An Invoice For My Bond Renewal?
Please contact us at email@example.com or (800) 678-8171 and we will verify your mailing address in our records. Please provide the name listed on the bond, the bond number and the proper mailing address. Please do not send personally identifiable information directly to Merchants Bonding Company.
How Can I Get An Electronic Copy Of My Bond Emailed To Me?
Email firstname.lastname@example.org with your bond number and we will email you an electronic copy of your bond.
When Will I Receive My Renewal Certificate Or Bond Once I've Paid My Bond Renewal?
It will usually take about five business days from when we receive your payment for you to get your renewal documents. The effective date on your renewal certificate or bond will not be impacted by the processing time.