Long-term care facilities in Iowa who elect to accept and manage funds of some or all of its residents are required to submit a surety bond to the Iowa Department of Human Services (DHS). The bond amount for this bond type varies, and the DHS sets the amount based on the total dollar amount of patient funds deposited with the facility. Iowa Patient Trust Surety Bonds ensure that the principal (care facility) protects and manages resident funds ethically and complies with all regulations in Section 441-81.13 of the Iowa Administrative Code. These regulations include, but are not limited to the following:
- The facility shall deposit any residents’ personal funds in excess of $50 in an interest-bearing account that is separate from any of the facility’s operating accounts. In pooled accounts, there must be a separate accounting for each resident’s share.
- The facility shall establish and maintain a system that ensures a full and complete and separate accounting of each resident’s personal funds.
- Individual financial records shall be available through quarterly statements
If the facility fails to fulfill the bond’s terms, a claim can be filed against the bond by the harmed party. If the claim is validated, the surety will reimburse the harmed party up to the penal sum of the bond to resolve the claim. The principal is then required to reimburse the surety for all amounts paid out, including any attorney fees.
Pacific Surety offers industry low rates and can obtain approvals for almost all credit situations. Once our simple application has been completed, we can have pricing to you within hours. If you have any specific questions, please contact our knowledgeable underwriting staff.
Surety Bond Name
Patient Trust Surety Bonds – Iowa
VariesRequest a Free Quote