What is a Minnesota Personal Care Assistant Agency Bond?
All Personal Care Assistant Agencies who are enrolling to become a provider, reenrolling, or revalidating their enrollment are required by the Minnesota Department of Human Services to furnish a surety bond. The requirement is mandated by § 256B.0659 of the Minnesota Statutes.
The purpose of the bond is to ensure that the PCA Agency will rightfully fulfill its duties.
A Personal Care Assistant Agency is a medical assistance enrolled provider that assists with providing personal care assistance services. The following are also included:
- Personal care assistance provider organization
- Personal care assistance choice agency
- Class A licensed nursing agency
- Medicare-certified home health agency
What is the bond amount?
$ 50,000 – for PCA Agencies whose Medicaid revenue from the previous calendar year is up to $300,000.
$ 100,000 – for PCA Agencies whose Medicaid revenue from the previous calendar year is more than $300,000
Those who have excellent credit scores may qualify for a very low bond premium or just 1% of the bond amount!
Find out what you need to pay by getting your FREE quote here!
What are the Personal Care Assistant (PCA) Agency bond conditions?
- The bond should be issued by a corporate surety who is authorized to conduct business in the State of Minnesota such as Surety Bond Authority
- The surety bond should be made payable to the State of Minnesota
- The surety bond should be written on the form approved by the Commissioner of Human Services
- The Personal Care Assistant (PCA) Agency is obligated to comply with the provisions of § 256B of the Minnesota Statutes, the rules and regulations of the Minnesota Department of Human Services, and all the other applicable rules
- If the Personal Care Assistant (PCA) Agency commits a valid violation, the aggrieved party will be eligible to file a claim on the bond
- The surety bond can be renewed annually
How can I obtain a PCA Agency bond?
In order to secure this type of bond, the PCA Agency must seek the assistance of a surety bond company.
You will be asked to apply for this bond. If you’re ready to apply for one right now, you may easily do so here.
Once the application is received, the surety bond company will immediately process it. In our case, one of our expert surety bond agents will guide you through the whole process from the time you applied for the bond. We will make sure that you understand all the conditions before we issue the bond.
An underwriter will then evaluate the following:
- Your financial strength
- Job/business performance history
- Your credit score
Once the prequalification process is fulfilled, we will execute the bond and send it to you!
Are you ready to start on this bond? Apply HERE!