What Is an Indiana Medicaid Transportation Provider Bond?
Medicaid transportation providers in Indiana have to get an Indiana Health Coverage Programs (IHCP) enrollment. You have to post an Indiana Medicaid transportation provider bond in order to meet the enrollment requirements.
This license bond guarantees the legal compliance of transportation providers who offer services to patients with Medicaid insurance. It can provide a financial reimbursement in case a Medicaid transportation provider causes damages to a Medicaid recipient.
Your bond is a contractual agreement between three parties The principal who has to get bonded is your Medicaid transportation provider business. The Office of Medicaid Policy and Planning at the Indiana Family and Social Services Administration is the obligee to which you have to present the bond. The surety provides the bond and backs your company.
Questions about Medicare Bonds Dmepos Bonds
Who needs to obtain this bond?
Medicaid transportation providers in Indiana have to get an IHCP enrollment. You can serve recipients of the Medicaid program in the following ways: ambulance, air ambulance, taxi, bus, ambulatory or non-ambulatory common carrier, or as a family member.
The body that regulates the enrollment and activities of Medicaid transportation providers is the Family and Social Services Administration. It requires that you post a $50,000 bond in order to gain the right to operate legally.
This bond aims to guarantee that you will follow the rules set in the Title 12, Article 15, Chapter 11 of the Indiana Code.
How much does an Indiana Medicaid transportation provider bond cost?
The bond amount that you have to obtain to enroll as an Indiana Medicaid transportation providers is $50,000. Your bond premium, however, is much smaller. It’s only a percentage of this amount, often between 1%-5% if your finances are stable.
|Surety bond name||Surety bond amount||Above 700||Between 650-699||Between 600-649||Below 599|
|Indiana Medicaid transportation provider bond||$50,000||$375-$750||$500-$1,500||$1,250-$2,500||$2,500-$5,000|
How is your bond premium determined? The surety bond cost is set after your surety examines your personal credit score, business finances, and assets and liquidity. It has to assess the level of bonding risk. The bond price is lower if your profile is solid.
Can I get bonded with bad credit?
Getting bonded with problematic finances can be tough. That’s why Lance Surety Bonds runs its Bad Credit Surety Bonds program. It is designed for applicants with credit scores, tax liens, bankruptcies, and civil judgements.
You can expect bad credit bond rates in the range of 5% and 10%. They compensate for the increased bonding risk. Since we partner with a number of A-rated, T-listed surety companies, we can still choose the top bond option for your particular case.
How do I get a bond?
Would you like to expand your knowledge on the bonding process? Our How to Get Bonded page is an in-depth resource you can consult at any time.
Do you have questions about bonding or your application? Don’t hesitate to call us at (877) 514-5146. Lance Surety Bonds’ experts will be happy to help.
How are bond claims handled for Indiana Medicaid transportation providers?
The goal of your bond is to protect the interests of Medicaid recipients. In case you do not offer high quality services as a transportation provider, are negligent, or cause them any damages, they can seek a financial compensation via a bond claim.
The maximum penal sum of the bond is $50,000, which is the highest reimbursement that claimants can demand. At first, your surety may step in to pay the costs. According to the bond’s indemnity agreement, however, you have to cover all payments yourself. This means that bond claims are to be avoided, as they cause serious financial and reputational harm.