Information on Provider Bonds
This page is a guide to surety bonds for Medicaid providers. If you’re looking for information on surety bonds for DMEPOS suppliers that bill Medicare and Medicaid,
We know that the majority of our clients are relatively unfamiliar with surety bonds. So, our experts have developed this quick and easy guide to Medicaid Provider Bonds.
State Specific Costs
Medicaid provider bond costs and requirements vary greatly as the bond amounts and regulations surrounding each bond are established on a state level. Select your state below for more information about Medicaid provider bonds in your area.
Pay a Low Rate for Your Medicaid Provider Bond
Because our surety experts are brokers, we’re able to shop your bond around with the industry’s top underwriters to make sure you get the lowest premium available. Medicaid providers who work with us could pay a rate that’s just .5-2% of their bond amount. So if you need $50,000 of coverage, you’d pay a premium that’s just $250 to $1,000 if you qualify for the standard market.
Get Your Bond Fast!
We know you don’t have time to waste when it comes to getting a Medicaid provider bond. Your account manager will process your application as quickly as possible.
Don’t Worry if You Have Bad Credit!
Some surety providers refuse to issue bonds to applicants who have credit issues. We believe that every client should be able to get the bond they need. We have a special Bad Credit Surety Bond Program that can approve 99% of applicants regardless of credit history. Don’t let a low credit score keep you from getting surety insurance!
Learn More About Medicaid Bonds
Each surety insurance contract provides a financial guarantee that a business will fulfill an obligation according to contractual terms. When it comes to this type of surety bond, the purpose is to ensure businesses bill Medicaid appropriately. As with other bond types, three parties are involved with the contract.
- The obligee is the government agency that requires the bond.
- The principal is the business that buys the bond to guarantee work performance.
- The surety is the insurance underwriter that issues the bond.
Pursuant to the Balanced Budget Act of 1997, the Secretary of the United States Department of Health and Human Services requires businesses that bill Medicaid to provide a home health agency Medicaid bond. This surety bond type can be used to reimburse an obligee for all or part of the cost of home health services furnished by a principal under the Medicaid program. Under this bond, the principal and surety are jointly liable for uncollected Medicaid overpayments for home health services. The bond amount required for federal Medicaid Bonds is not defined on the form.
Pursuant to Florida Statute §409.907(7), the Florida Agency for Healthcare Administration requires Medicaid providers to file a $50,000 . The bond requires principals to honestly and faithfully apply funds received.
Apply for your surety bond
Get a FREE Medicaid Provider Bond Quote Today! Click here to begin