IMPORTANT UPDATE - MEDICARE SURETY BOND
On January 2, 2009 the Centers for Medicare and Medicaid Services (CMS, a part of the Department of Human Services), published its final rule that implemented Surety Bond Requirements for suppliers of Durable Medical Equipment, Prosthetics and Supplies. [CMS-6006-F] This ruling requires that all qualifying suppliers must have a minimum surety bond in the amount of $50,000. Existing suppliers must have this bond in place no later than October 2, 2009; suppliers applying for new NPI numbers must have this bond if the application is not approved prior to May 4, 2009.
Pharmacists Mutual Insurance Company’s subsidiary, Pro Advantage Services®, Inc., d/b/a Pharmacists Insurance Agency (in California), has formed relationships with three companies who are committed to offering the required Medicare Surety Bond. All three companies are approved ("T" listed) by CMS to offer these bonds. We have negotiated a price that is far below the $1500 that was stated by CMS in the January 2, 2009 regulation. Premiums will be determined by the credit history of the person or business, the amount of the bond needed and whether any adverse actions have occurred with CMS in the past 10 years.
If you need a Medicare Surety Bond, you can contact us in any of four different ways:
For more information on CMS Medicare Surety Bond Requirement, please click here. You may also access CMS Medicare Surety Bond Frequently Asked Questions (FAQs) by clicking here.