ATTENTION
ALL PEDORTHIC BUSINESS OWNERS!
$50,000 Surety Bond Required by CMS
On January 2, 2009, seventeen months after proposing the regulation and eleven years after the authorizing statute was enacted, the Centers for Medicare & Medicaid Services (CMS) issued final regulations requiring certain suppliers of durable medical equipment, prosthetics, orthotics and supplies (DMEPOS) to post a surety bond of no less than $50,000.
Many Pedorthic businesses currently enrolled with Medicare must meet the requirement by October 2, 2009
The regulation requires certain Pedorthic firms to obtain a surety bond, although state-licensed pedorthic personnel and government-owned suppliers may be exempt from this CMS regulation.
(Please call 800-544-2672 for additional details regarding exemptions.)
PFA makes applying for your surety bond easy – and affordable.
PFA has teamed up with two Aon business units (Affinity Insurance Services and Aon Surety Bond) to aid association members in securing their surety bond. Aon Affinity is the administrator of our member benefit insurance program. Aon is the world’s leading insurance broker, and their surety bond unit has access to many nationwide surety bond carriers that are both highly rated by A.M. Best and listed by the US Treasury as an approved bond carrier.
Please click here to access PFA’s surety bond application
Aon’s bond carriers offer PFA member firms the following advantages.
- Surety bond premiums as low as $250 (not all firms will qualify for this rate),
- No financial statements required for some firms,
- Available nationwide,
- A master bond form aggregating multiple NPIs/locations,
- Range of discounts apply for firms with multiple NPI numbers,
- Most significant savings will apply for firms with 51+ NPI’s, Call for details.
To assist PFA member firms affected by the CMS surety bond rule, including determining whether your firm must comply, Aon confirmed that CMS recently released a detailed list of “Frequently Asked Questions". Please click here to read these FAQs.