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What is Texas Patient Resident Fund Bond?
A Resident Fund Surety Bond (Form 3698) is required by Texas Health and Human Services for facilities or other entities contracted to provide Medicaid Nursing Facility Services in Texas. The purpose of the surety bond is to make sure that all personal funds belonging to residents are protected from theft, fraud, or abuse while they stay at a nursing facility as defined in Chapter 242 of the Health and Safety Code.
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Why need Texas Patient Resident Fund Bond?
A surety bond protects the party requesting a bond against any financial losses from poor business decisions, damages, unethical practices or failing to follow state and local laws. The Texas resident funds (nursing home) bonds holds you accountable for your actions as a principal in charge of taking care of peoples’ health/safety while they are in their most vulnerable position.
What is Texas Patient Resident Fund
A Texas resident fund surety bond is a financial guarantee instrument required of all nursing facility operators licensed under the state statute and Federal Code. The resident fund bond obligation is more complex than any other license compliance bonds out there because it ensures that all personal funds of home residents are deposited with the licensee as fiduciary, not just those who live in their facilities.
The bond guarantees that the facility will
Hold residents' funds separately and in trust. Administer those monies on behalf of said resident, per §1396r(c)(6) and 40 TAC Chapter 19. Produce accurate accounting to residents when requested – both by representatives as well as depositors at any given time. And Return all money from residents who are staying for more than a year to their families or other responsible parties.
What is the Texas resident fund surety bond penalty?
The Texas resident fund surety bond penalty (bond amount) is calculated as the total funds held. Per the surety bond form, “the amount of penal sum must be no less than maximum dollar amounts of all resident funds accepted and managed by home operator at any time during one-year period preceding date execution initial surety bonds or estimated maxima dollar retention rate will ever have to manage over that same one year span.” Find a Texas Residential Service Company Bond.
States With Surety Bond Requirements
It is important to know the requirements your state has for surety bonds. Surety bond amounts are often based on how much a patient or resident holds in their account, so be aware of what they require before hiring any facility manager. The bonded company will have language that refers to statutes from your specific state which stipulates when you need one and if not fulfilled by them can result in damages against the bond. Get a Texas Ready-Mix Concrete or Concrete Pump Truck Bond.