The Nursing Facility Residents Fund Bond is required by the Ohio Department of Health for all licensed nursing homes and long term care facilities that accept and manage funds of its residents.
Jet Insurance Company provides the Nursing Facility Residents Fund Bond as a financial guarantee to the Department of Health and the residents participating in the fund should a loss occur due to the facility mishandling funds or committing fraud.
The Nursing Facility Residents Fund Bond limit is approved by the Director of the Ohio Department of Health and must be equal to the total amount of resident funds held by the facility during the year.
Jet’s prices are based on a small percentage of the custom bond limit and the personal credit score of the nursing facility owner. For those seeking a $10,000 bond amount, prices start as low as $100 annually. For further examples, please refer to the chart below for various bond limits and their preferred tier prices.
Jet Insurance Company keeps bond prices low by cutting out middlemen agents and offers direct services that can easily be accessed online or over the phone. Just click the “View Your Price” button above and get started!
Applying for the Nursing Facility Residents Fund Bond with Jet has never been easier! Just fill out the required information which includes your contact info, personal social security number, and the bond amount needed. After submission, we run a soft credit check to get you an approved rate𑁋 but don't worry, this won't affect your current score.
For large bond limits a Jet underwriter may need to review your application. Once done an approved bond rate will be sent to your email that is immediately available for purchase. Just fulfill payment and receive a copy of the bond and your receipt right away.
Jet can handle filing the bond for you! However, if you would like to file the bond yourself, this option can be selected at checkout. A copy of the signed and sealed Nursing Facility Residents Fund Bond must be submitted to the Ohio Department of Health. The Department's mailing address and contact information can be found below.
Ohio Department of Health
Bureau of Survey & Certification
246 North High Street, 4th Floor
Columbus, OH 43215
The Nursing Facility Residents Fund Bond is continuous; therefore a request to Jet will need to be made if you would like to cancel your bond. Simply send a written cancellation request to us at firstname.lastname@example.org any time and we will begin the process. A bond termination notice will be sent to the Ohio Department of Health by certified mail, and once received, liability of the bond will be released within 30 days.
The Ohio Department of Health Director approves licensed nursing homes and long term care facilities for resident fund operations annually so your Nursing Facility Residents Fund Bond will need to be renewed upon the bond term’s expiration. No need to worry though, the renewal process with Jet is quick and easy. We will send you a renewal invoice prior to your expiration date and payment is all that is needed to keep your bond active for another term. If you took advantage of our monthly rates, then we will need to update the bond’s limit and adjust the bond rate accordingly.
If you need to change your bond amount upon renewal or simply have a question, just send a message to the email above or call us at 855-296-2663 and we will help you out!
Licensed nursing homes and long-term care facilities that manage some or all of their residents' funds are expected to follow regulations under Section 3721.5 of the Ohio Revised Code. Failure to do so may lead to the end of the residents' fund program, suspension or termination of their State license, large fines, and/or civil action that results in a claim on the Nursing Facility Residents Fund Bond.
Claims typically occur if the Department of Health finds that the nursing facility has mishandled residents' funds, performed an act of negligence or dishonestly pertaining to the funds, and/or committed embezzlement. Such violations can come to light through an official complaint made to the Department or random financial reviews by the Department of the facility.
If a resident fund violation occurs, civil action can be taken by the Director on behalf of a damaged resident or the resident can take action themselves. If the state court rules in favor of the claimant, the Nursing Facility Residents Fund Bond will cover any funds lost by the nursing home resident due to the facilities violations should the Nursing Facility be unable or unwilling to reimburse damages sustained.
Immediately contact Jet upon receiving a court ordered claim payment notification, and be ready with any and all information you have concerning the Nursing Facility Residents Fund Bond claim. We will brief you on how our claims process works and then will proceed to an investigation and review of the provided info/documentation.
Bond claims that are determined to be justified must be paid out by Jet to the damaged party, but only up to the bond’s limit. Your surety bond is essentially an extension of credit, and therefore you are responsible for reimbursing Jet for the claim payout made on your behalf. Failure to do so will result in future difficulties in securing surety bonds in Ohio, particularly bonds that are needed for the obtainment of various health industry licenses.