What is the minimum amount for a surety bond required for a nursing home?

The minimum amount for a surety bond required for a nursing home is set at $2,000. This requirement is established to provide a level of financial assurance to the state and to safeguard residents' funds. A surety bond acts as a form of insurance that ensures compliance with regulations and protects against potential financial mismanagement or fraud. The amount is intentionally set at a level that balances affordability for the nursing homes while still providing adequate coverage to protect residents. A lower bond amount may not offer sufficient protection, while a higher amount could place an undue financial burden on facilities, which could ultimately impact the care provided to residents.