Form 3698-2026

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The document is a Resident Fund Surety Bond for a Medicaid Nursing Facility in Texas, outlining the obligations of the Principal (the facility) and the Surety (the bonding company) to protect residents' personal funds. It specifies the conditions under which the bond is valid, including the management and accounting of resident funds, and establishes a penal sum based on the maximum amount of funds handled. The bond ensures compliance with federal and state regulations regarding resident fund security.

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Click ‘Get Form’ to open Form 3698 in the editor.
Begin by filling in the 'BOND NUMBER' and 'COUNTY OF' fields at the top of the form. This information is essential for identifying your bond.
Next, provide the 'EFFECTIVE DATE' of the bond, ensuring it reflects when the bond becomes active.
In the section labeled 'RE:', enter the name of the legal entity and facility, along with the vendor number and complete address including city, state, and ZIP code.
Proceed to fill out details regarding the Principal and Surety. Include names and addresses as required in their respective sections.
Complete Schedule A by indicating both maximum dollar amounts for resident funds for the preceding and following year periods. This will determine your penal sum.
Finally, ensure all signatures are obtained from both Principal and Surety before submitting to HHSC as indicated in paragraph 6.

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We have answers to the most popular questions from our customers. If you can't find an answer to your question, please contact us.

How much does a $5000 surety bond cost?

For applicants with good credit, surety bonds usually cost between 1% and 5% of their value. Therefore, for a surety bond of $5,000, an applicant with a strong credit history can expect to pay between $50 and $250.

What does $1000 surety bond mean?

A surety bond is a legally binding agreement that guarantees performance, compliance or even payment. It is not considered insurance. The agreement is composed of three parties: the obligee entity requiring the bond, the principal individual applying for the bond and the surety entity who is issuing bond.

How much does a $7 500 surety bond cost?

$75,000 surety bonds typically cost 0.510% of the bond amount, or $375$7,500. Highly qualified applicants with strong credit might pay just $375 to $750, while an individual with poor credit will receive a higher rate.

How is a surety bond calculated?

Surety companies set rates that generally range from 1% to 15%, depending on the assessed risk. For instance, if someone needs a $50,000 bond and the rate is 3%, the premium would be $1,500. Factors influencing this percentage include the applicants credit score, industry type, and financial history.

How much does a $10 000 surety bond cost?

The cost of a surety bond is calculated as a small percentage of the total bond coverage amount typically 0.510%. This means a $10,000 bond policy may cost between $50 and $1,000. For applicants with strong credit, most bond rates are 0.54% of the bond amount.

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How long does a surety bond claim take?

Once thats confirmed, youll want to keep following up with your representative once every week or two. Each state has rules for how long a surety can take to process your claim, but it is usually somewhere between 30 and 60 days from receipt of your materials.

What does a surety bond agent do?

A reliable surety bond agent goes beyond merely providing bonds; they become an invaluable long-term business advisor, consultant, matchmaker, and advocate for your companys specific needs.