What is a Medicare Bond & Medicaid Bond?
You need to obtain a bond to protect against Medicare/Medicaid fraud and abuse. If you do not follow the rules set by the Centers for Medicare & Medicaid Services (CMS), a claim can be filed on your bond. For example, if you are a medical equipment, prosthetics, orthotics and supplies (DMEPOS) provider and sell unnecessary medical equipment to patients and bill to Medicare, a claim can be made. If you would like to learn more about what surety bonds are and how they work, you can read our detailed guide here.
What Do Medicare Bond & Medicaid Bonds Cost?
These bonds generally cost between 1-15% of the requirement bond amount. The percentage you must pay is based on your financial strength, e.g. personal credit, business financials, etc. You you're ready for a quote, can get a free quote on your bond now. You can also take a look at the most frequent surety bond related questions here.
Frequently Asked Questions
They are required of businesses that bill to Medicare/Medicaid such as DMEPOS (durable medical equipment, prosthetics, orthotics and supplies) suppliers and personal care agencies. The bonds are required by the Center for Medicare & Medicaid Services and can also be referred to as CMS bonds, DME bonds, DMEPOS bonds or patient trust bonds.
We have these forms on file. The obligee may provide you a copy. In this case, we recommend you confirm the form matches what we have with your agent prior to purchasing your bond.
That depends on where you operate your business. Most states do not have a DMEPOS bond requirement. However, legislation changes often so you will want to check to see if your state has a bond requirement. The federal bond requirements are in place nationwide.
As long as you operate in the field and maintain a license.
You must contact us immediately, as we have a team of claim specialists here to find a resolution for you. Keep in mind, it is crucial that you work with an expert in the surety industry. Learn more about how to ensure you choose the proper bond company.
You can take a look at our full list of license and permit bonds.
