Minnesota nursing home resident fund bonds.
From $100.

42 C.F.R. § 483.10(f)(10) · Minn. R. 4658.0250–4658.0275 · Minnesota Department of HealthThe bond itself is federal. Sections 1819(c)(6)(B) and 1919(c)(6)(B) of the Social Security Act — the Medicare skilled nursing facility and Medicaid nursing facility participation requirements — are implemented in the resident rights rule at 42 C.F.R. § 483.10(f)(10), whose assurance-of-financial-security paragraph provides that the facility must purchase a surety bond, or otherwise provide assurance satisfactory to the Secretary, to assure the security of all personal funds of residents deposited with the facility. The same paragraph carries the account rules the bond stands behind: personal funds over $100 for a resident generally, and over $50 for a Medicaid-eligible resident, must sit in a separate interest-bearing account; the facility must maintain a full, complete, and separate accounting free of any commingling with facility funds, give the resident quarterly statements and access on request, notify a Medicaid-eligible resident when the balance approaches the SSI resource limit, and convey the funds and a final accounting within 30 days of discharge, eviction, or death. CMS surveys the requirement as F570, Surety Bond — Security of Personal Funds; its guidance extends the assurance beyond personal needs allowance money to any resident funds entrusted to the facility, including refundable deposit fees, and rejects self-insurance, reliance on FDIC-insured deposits, and any arrangement naming the facility as beneficiary — but it sets no formula for the dollar amount. Minnesota adds the Resident Personal Funds Account parts of the nursing home rule, Minnesota Rules 4658.0250 through 4658.0275, adopted under Minnesota Statutes sections 144A.04 and 144A.08: part 4658.0255 requires written authorization from the resident or the resident’s legal guardian, conservator, representative payee, or written designee before funds are accepted for safekeeping, with a copy retained in the record; part 4658.0260 bars commingling, bars use of the funds for the nursing home or another resident, requires the funds be kept free of the home’s liabilities, requires a full, complete, and separate accounting under generally accepted accounting principles, and requires quarterly statements and access on request; part 4658.0265 requires personal funds over $100 to be held in a separate interest-bearing account crediting interest to the resident, with pooled accounts separately accounting for each resident’s share, excepting veterans homes under Minnesota Statutes section 198.265; part 4658.0270 governs withdrawals; and part 4658.0275 requires return of the funds with a written accounting against a signed receipt on discharge, within five business days for funds maintained outside the nursing home, and conveyance of the funds and a final accounting to the individual or probate jurisdiction administering the estate on death. There is no published penal sum for this bond in either body of law — take the figure from your own trust ledger and confirm it with the Department of Health staff who hold your file before you buy.