I am sure you can relate that purchasing medicare bonds, which are a form of surety bonds, can be intimidating sometimes. How do you know which company to purchase from, how much to expect to pay, and what questions to ask?
To make the pressure even more intense, many medical providers are now required by law to have a medicare bond established before October of 2009.
So how does an organization go about finding a medicare bond policy? What should they look out for?
First, it’s crucial to select the right provider for your business. Make sure you get more than one quote, and look for a surety bond company who’s willing to adjust to your requirements, rather than forcing you and your company to bend to their requirements.
Inquire about the provider’s reputation before you buy from them. Search for them on the internet to make sure that there are no negative complaints about their business practices. Don’t be afraid to ask for feedback from their other customers, and most certainly ask how long they’ve been in business.
Keep in mind that the sooner you submit your application for a medicare bond, the better chance you have of getting a good price. Bonds are quoted based on your credit and stability, and if you submit your application well before you actually need the bond, you might have time to repair any credit “dings” that show up when the bond company analyzes your application.
If your credit is pristine, and you’re confident you will not have a need to repair any financial situations, inquire about the turn around time. You specifically want to know how much time you should expect between the date you submit your application and the date you are issued a bond. Ideally, look for a provider with a fast turn-around time.
And lastly, price check. There are companies online who can issue a surety bond for as low as $250. The goal is to get a medicare bond quickly, efficiently, and at an affordable price, from a reputable company.