New York resident funds trust bonds.
From $100.
A New York nursing facility that holds residents' personal funds must purchase a surety bond, or provide self-insurance, to secure those funds under 10 NYCRR § 415.26(h)(5)(v), a Department of Health regulation. The bond amount tracks the total resident funds the facility manages. Our premium is 1% of the bond amount, with a $100 minimum.
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How much does a New York resident funds trust bond cost?
1% of the bond amount, from $100. Enter your amount in the calculator for the exact price.
Three steps. One sitting.
Nothing here waits on an underwriting queue for most facilities. Enter your resident-fund balance, consent to a soft credit pull, pay, and keep the bond on file. Here is the whole thing:
Apply online
Your facility details, the total resident personal funds you hold on deposit, the effective date, and a one-time consent that authorizes a soft credit pull.
Pay & e-sign
Your price is priced at application — 1% of the bond amount, with a $100 minimum. The application includes a credit consent, but it authorizes a soft credit pull only — a soft inquiry that never affects your score. One soft credit pull, never a hard inquiry, and it never affects your score.
Keep it on file
Your executed bond and power of attorney arrive by email. Keep it with your facility's licensure file and be ready to produce it if the Department of Health reviews your resident-funds account. Wet-ink originals mailed on request.
What it is and who needs it.
What the resident's personal funds trust bond actually guarantees
Federal Medicaid and Medicare nursing-facility rules require a facility that manages resident funds above a small threshold to hold those funds in trust, separate from the facility’s own operating accounts. New York implements its half of that framework at 10 NYCRR § 415.26, the Department of Health’s "organization and administration" rule for nursing homes: subsection (h)(5)(v) requires the facility to "purchase a surety bond, or provide self-insurance, to assure the security of all personal funds of residents deposited with the facility."
It is a three-party arrangement: the facility (the principal), the surety carrier, and the New York State Department of Health (the obligee), with residents and their families as the protected parties. If a facility mismanages, loses, or fails to account for the trust funds it was holding, a resident or the Department can look to the bond for recovery — and if the surety pays a claim, the facility repays the surety. It is not insurance for the facility; it is a backstop for the people whose money the facility was entrusted with.
There is no single statutory dollar figure for every facility. The rule ties the required security to the total dollar amount of resident funds the facility actually manages — a home holding modest petty-cash balances needs far less coverage than one administering large resident accounts. Enter the balance your facility currently holds; your premium is priced from a $100 minimum after a quick soft credit check that never affects your score.
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 premium covers a one-year term from the effective date you choose.
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. Your executed bond and power of attorney arrive by email. Keep it with your facility's licensure file and be ready to produce it if the Department of Health reviews your resident-funds account. Wet-ink originals mailed on request.
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.
One soft credit pull, never a hard inquiry, and it never affects your score.
Where a check runs, it decides approval; the rate is the same for everyone approved.
One application, issued instantly.
These are the actual issuing fields — your facility details, the resident-fund balance you hold, and a one-time consent that authorizes a soft credit pull only. Your exact price is set at the application from a $100 minimum.
Start the application →Common questions.
Other New York bonds.
Price and requirements checked on the carrier’s application, . Page updated .
Secure resident funds without the paperwork stall.
Premiums from $100, soft pull only, and your price is set at the application. Enter your resident-fund balance and keep the bond on file today. Free until issued.