$50,000 Medicaid Provider Bond in Indiana

Category: Uncategorized
Published: Aug 29, 2011
SB 510/HB 1230: Miscellaneous Bond – Medicaid Providers

Transportation suppliers who are enrolling in Medicaid, changing the ownership of a Medicaid provider or those who are purchasing or transferring the assets or ownership interests of a Medicaid provider are required to post a $50,000.00 surety bond. This bond will be continuous for a term of three years and it will guarantee that the surety will pay the amount of a Medicaid overpayment or false claim made to the provider. The surety’s liability will not exceed the bond amount, and the bond requirement would not apply to federal tax-exempt organizations. Secretary of Family and Social Services would have discretion to grant waivers for transportation providers operating in a federal or state designated underserved area.

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Victor Lance is the founder and president of Lance Surety Bond Associates, Inc. He began his career as an officer in the U.S. Marine Corps, serving two combat tours. As president of Lance Surety, he now focuses on educating and assisting small businesses throughout the country with various license and bond requirements. Victor graduated from Villanova University with a degree in Business Administration and holds a Masters in Business Administration (MBA) from the University of Michigan's Ross School of Business.