The Michigan Surety Bond for Patient Trust Funds Held by a Nursing Home is required by the Michigan Department of Community Health. The bond states that the bondholder will hold all patients’ funds deposited with them separately as the operator of a nursing home.
What is the purpose of a Michigan Patient Trust Bond?
According to the Public Health Code of the state, before any issuance or even renewal of a nursing home license, the owner or operator must first provide a surety bond and provide evidence of a patient trust fund in an amount the department approves of.
There is no set bond amount, but it should be in an amount equal to not less than 1-1/4 times the average balance of patient funds held the previous year. For new licensees, it shall be an estimated amount the applicant is likely to hold during the first year of operation.
Where can I get a Michigan Patient Trust Bond?
Complete our easy to navigate online application. Within one business day, one of our licensed agents will contact you with a no-obligation quote for your bond (the “premium”). Once any necessary paperwork is signed and the premium payment is processed, your surety bond will be shipped to you via USPS Priority Mail (overnight shipping options also available).
The surety bond experts at Surety1 are here to help you get bonded quickly and reliably. We work with over a dozen “A” rated surety markets to ensure we find you the lowest rate for your bond. We are also licensed in all 50 states and maintain an A+ rating by the Better Business Bureau.