Although it is a scenario most of us would not like to confront, elderly abuse does happen, and it can come in many forms.
Placing a family member in hospice care can be an emotional experience for many of us, and the last thing we want to think about is the fact that someone would take advantage of our vulnerable loved ones.
If a patient staying at a nursing care home needs assistance with their funds, whether it be for an extended period or just a short while, many states require that these care facilities acquire a Patient Trust Bond to ensure that a patient’s trust funds are properly and ethically cared for.
If you or someone you know is planning to enroll an elderly patient or loved one in hospice care, here is everything you need to know on Patient Trust Bonds and how they can give peace of mind to both you and your family.
Patient Trust Bonds: The Facts
In most states, any hospice care that has any involvement in the financial management of patient’s trusts must obtain a Patient Trust Bond in order to operate legally.
It is important to note that these bonds are not insurance for the care facilities that acquire them. They are solely put in place to protect the patients that are receiving care at these facilities.
Patient Trust Bonds guarantee that your loved one’s funds will be held in a trust and will be distributed to the depositor’s request in a truthful manner.
When compared to other types of bonds, Patient Trust Bonds are actually quite easy to acquire, as they have a very low bond claim rate. Just as any other type of bond, the rates for which these bonds are acquired vary from state to state.
Also, the price will often fluctuate based on the size of the staff of a hospice facility.
Patient Trust Bonds: A Closer Look
Natalie F. is an elderly patient who was checked into a Los Angeles-area nursing home known as Glen Pine Hospice Care after her husband’s passing.
Sarah N, a registered nurse, was appointed as Natalie’s main care provider at Glen Pine. Unfortunately, three months into her stay at the hospice facility, Natalie’s family realized she was not receiving the full amount of the trust she was allocated every month. After an investigation case had been opened, it was proven that Natalie’s nurse, Sarah N, was taking over $200 every month out of the patient’s trust.
Natalie’s family made a claim on Glen Pine’s Patient Trust Bond, which ensured Natalie would be compensated for all of the funds and damages she was entitled to due to her situation.
Glen Pine was held liable to cover all fines due to the claim made against their bond, and Sarah N. was terminated immediately.
We know how difficult it may be to get the right bonds put in place for your situation and business, that’s why Surety Bond Authority has made it easy for anyone searching for a bond to get a free quote from the very beginning.
Be sure to contact our experienced team today for insightful answers to any of your bonding questions: 800-333-7800.