TX HHS Form 3698. Resident Fund Surety Bond

The TX HHS Form 3698, Resident Fund Surety Bond, is a crucial document for nursing facilities in Texas. It helps ensure the security of residents' personal funds deposited with the facility by requiring the principal to hold these funds separately and in trust.

This bond outlines the conditions under which the principal must operate, including administering resident funds on behalf of the residents, rendering true and complete accounts, and returning the full balance upon termination of each deposit. The bond also specifies that the penal sum shall be no less than the maximum dollar amount of all resident funds accepted and managed by the principal at any time during a one-year period.

The form is typically used in situations where nursing facilities accept and manage residents' personal funds, such as when Medicaid recipients have their funds commingled with those of private pay residents. The bond must be executed by the principal and surety, and filed together with Schedule A at the Texas Health and Human Services Commission's Regulatory Services Division.

• The form requires the principal to hold resident funds separately and in trust.
• The penal sum is determined by the maximum dollar amount of all resident funds accepted and managed by the principal during a one-year period.
• The bond must be executed by the principal and surety, and filed with the Texas Health and Human Services Commission's Regulatory Services Division.