Pennsylvania Patient Trust Fund Bond
AmeriPro Surety Bonds | 844-589-9732
Pennsylvania Patient Trusts
The Pennsylvania Department of Health requires those who oversee the assets of those in their care in nursing facilities to establish a separate trust account for their patients.
The separation is for obvious reasons: Since you are acting in a fiduciary capacity over the account or accounts of others, the state wants to ensure that the account is properly protected.
In addition to this, the Commonwealth requires you to obtain a patient trust fund bond.
This surety bond is a type of fiduciary bond since your role is essentially one of a conservator.
Currently, as of this writing, the amount of PA patient trust surety bond required is $30,000.
Pennsylvania Patient Trust Fund Bond: The Purpose
The purpose of the $30,000 Pennsylvania trust fund bond is solely for the benefit over your patients.
Specifically, the patient trust bond protects your patients from any acts of theft, fraud, embezzlement, mismanagement or other acts of willful or unintentional misconduct that you may commit in managing their money and property.
The bond’s existence allows those who suffer from financial harm to be compensated for their loss up the bond’s face amount.
But it is not an insurance policy.
Accordingly, should a claim be paid from a surety to your customer, you are legally obligated to reimburse the surety for all costs involved in the settlement of that claim in which you are involved.
Pennsylvania Patient Trust Fund Bond: The Cost
You can take comfort that you will pay nowhere near the $30,000 amount for this surety bond.
Applicants may be expected to pay between 1-3%; however, the amount you will be required to pay will be determined by an application (which we can take over the phone), and a standard credit check.
As part of the application process, you may be requested to provide personal information
And, if applicable, for those who have poorer credit scores, AmeriPro Surety Bonds is committed to finding the best surety bond pricing.
Annual Renewal of Your Surety Bond
When issued, the patient trust fund bond’s premium is not a onetime event, but renews on annual basis.
The Commonwealth will need ongoing proof of a currently active bond. Not providing the surety bond will likely result in the suspension of your license to operate in a fiduciary capacity until a bond is provided to the Commonwealth.
About AmeriPro Surety Bonds
AmeriPro Surety Bonds is a surety bonds-only agency.
What this means for you is that our sole focus is providing the surety bond you need (actually, require!) at the best possible price.
We thank you for your consideration, are honored that you have chosen our agency, and we look forward to working with you.
Please call AmeriPro Surety Bonds today at 844-589-9732