Deciding to move a loved one into an assisted living facility or nursing home is never an easy choice. The fact that most long-term care facilities are costly only adds to the stress. Making sure your loved one is properly and lovingly cared for is a top priority, but it’s also critical to make sure the assisted living center or nursing home handle finances appropriately. Nearly all localities and states require long-term care facilities to obtain patient trust bond. The Virginia Patient Trust Bond ensures that the facility properly manages its patients and its funds.
What is the purpose of a Virginia Patient Trust Bond?
The bond ensures that the money if received by the facility to pay a third party, makes it to the third party in an appropriate and timely manner. The company required to obtain the bond pays for the bond to be issued, if a valid claim is filed against the bond, the company can be required to pay the entire face value of the bond. This is completely different from insurance, with which you pay the premium, and in the event of a claim, the insurance company reimburses the wronged party. The amount of the bond should be enough for the security of all personal funds deposited with the facility.
How do I obtain a Virginia 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.