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Illinois bonds

Illinois — Patient Trust Funds Bond

Protect resident funds your Illinois long-term-care facility accepts and manages. Prepare the facility's fund balances and projections to calculate security under the Illinois Department of Public Health resident surety form.

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Recorded state
Illinois
Bond type
Patient Trust Fund Bond
Category
Healthcare & fitness

What this bond does

The patient trust funds bond secures money held for residents by a covered care facility. It addresses handling and safekeeping of resident funds rather than payment of medical claims.

Who needs it
Illinois long-term-care operators accepting and managing residents' personal funds under the Nursing Home Care Act's resident-fund requirements.
Who it protects
The IDPH form identifies residents and responsible parties entitled to their funds, with the Department of Public Health named as obligee.

Your bond option

This is the option on record for this bond.

The bond amount describes the limit of the bond obligation, not the price. A listed amount does not establish what the requesting party requires. The premium is what you pay and must be confirmed for the actual option. An E&O limit, where listed, is separate errors and omissions insurance.

Calculate the bond from funds managed

Schedule A asks for the highest total resident funds managed during the preceding year and the estimated highest total for the following year. The larger figure sets the minimum penal sum on the form.

Prepare facility-wide balances rather than an average per-resident balance. Keep the calculation with the bond so changes in the money managed can be addressed.

Separate resident money from operating expenses

The form addresses security for resident funds held by the facility. Match the operator and facility identity to the accounts and resident-fund records involved.

Resident trust security is different from malpractice, general liability or the facility's own property coverage. Continue the accounting and safekeeping procedures required for the residents' money.

Purchase and maintain the required security

Select Purchase Now and provide the IDPH form, Schedule A calculation, and operator information. Review the executed amount and Department of Public Health recipient wording before filing.

The published form is continuous and provides thirty days' written termination notice, with a copy filed simultaneously with IDPH. Plan replacement security and ongoing fund management accordingly.

Sources

Have these ready

  1. Facility and operator legal names.
  2. Prior-year highest managed resident-fund total.
  3. Following-year projected highest total.
  4. IDPH resident surety form and Schedule A.

Questions about this bond

Is the amount based on one resident's account?

Schedule A uses all resident funds accepted and managed by the facility, including the relevant maximum totals.

Which year's figure determines the minimum?

The form uses the greater of the prior-year maximum and following-year estimated maximum.

Does this cover the facility's payroll?

It concerns residents' personal funds. Ordinary business expenses and the operator's own losses are separate.

Who is named as obligee?

The published resident surety form names the Illinois Department of Public Health.

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