Connecticut McLean patients fund trust bonds.
From $100.
This is the resident-funds surety bond for McLean Health Center, McLean’s skilled nursing center in Simsbury. Under 42 CFR 483.10(f)(10)(vi), a Medicare or Medicaid nursing facility that holds residents’ money must purchase a surety bond assuring the security of all of it. Premiums cost 1% of the bond amount, $100 minimum.
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How much does a Connecticut McLean patients fund trust bond cost?
1% of the bond amount, from $100. Enter your amount in the calculator for the exact price.
Three steps. One sitting.
A resident-funds bond is a short application — the facility details, the amount you need to cover, and an effective date. Here is the whole thing:
Apply online
The facility’s legal entity (McLean Affiliates, Inc.), its address, the bond amount that covers the resident funds you hold, and the effective date. That is the application.
Issued on payment
No credit check up to $250,000, and the executed bond is generated the moment you pay. It arrives by email with the surety’s power of attorney attached.
Keep it on file for surveyors
Hold the executed bond with your resident-funds records. State surveyors check the bond during certification surveys, and the federal rule expects it to cover the full balance you hold.
What it is and who needs it.
What the resident-funds bond actually guarantees
When a resident of a nursing facility chooses to deposit personal money with the facility, federal law makes the facility a fiduciary of those funds: it must hold, safeguard, manage and account for them. For any facility certified in Medicare or Medicaid, 42 CFR 483.10(f)(10)(vi) adds a financial guarantee on top of that duty — the facility must purchase a surety bond, or otherwise give assurance satisfactory to the Secretary, to assure the security of all personal funds residents have deposited. The same sentence appears in the Social Security Act at 42 U.S.C. 1396r(c)(6)(C) and 1395i-3(c)(6)(C).
This page is the version of that bond written for McLean Health Center, the skilled nursing center at McLean’s campus on Great Pond Road in Simsbury, operated by McLean Affiliates, Inc. The carrier titles it McLean Patients Fund Trust — the name of the trust account that holds residents’ money. Connecticut’s C.G.S. 19a-551 lets a nursing home keep either a separate account for each resident or an aggregate trust account for residents’ funds, with no commingling and quarterly accountings; the bond stands behind the money in that account. Any other Connecticut facility should use our general Connecticut patient trust funds bond instead.
CMS surveyor guidance for this rule (tag F570) is specific about how the bond works. It protects the resident or the State, not the facility; it covers losses from any failure to hold, safeguard, manage or account for residents’ funds, including negligence, incompetence or dishonesty; and it must cover every resident dollar entrusted to the facility, including refundable deposit fees. Self-insurance and FDIC-insured bank accounts are not acceptable substitutes. It is not insurance for the facility — if the surety pays a claim, McLean repays the surety.
You need this bond if you are
Claims, renewal, filing, and what sets the price.
If a claim is made
A claim comes from the party the bond protects, the obligee named on the form, when the duty the bond guarantees is not met.
The surety investigates and pays a valid claim, up to the bond amount. You then repay the surety: a surety bond is a guarantee of your performance, not insurance for you.
Renewal and term
The term is set on the carrier’s application; the premium covers the period shown there.
Renew before the expiry date to keep the bond in force: the license, permit or contract it backs expects continuous coverage.
How to file it
Keep it on file for surveyors. Hold the executed bond with your resident-funds records. State surveyors check the bond during certification surveys, and the federal rule expects it to cover the full balance you hold.
What sets the price
The premium is 1% of the bond amount, $100 minimum: the amount the obligee sets moves the price, not your business profile.
No credit check up to $250,000. Above that, the carrier may run a soft pull, which never affects your score.
Where a check runs, it decides approval; the rate is the same for everyone approved.
One application, issued on the spot.
Submit the application with the amount that covers the resident funds you hold — the executed bond is generated the moment you pay, with no credit check up to $250,000.
Start the application →Common questions.
Other Connecticut bonds.
Price and requirements checked on the carrier’s application, . Page updated .
Cover every resident dollar today.
The bond issues the moment you pay — no credit check up to $250,000. From $100 at 1% of the bond amount. Free until issued.