The Bid Bond prequalifies the principal and provides the necessary security to the owner or general contractor, or âobligeeâ, guaranteeing that the principal will enter into the contract, if it is awarded.
Personal funds. Nursing Homes. Some people enter a nursing home as private pay residents, using a combination of resources to pay their expenses and eventually spend down their resources and meet the requirements for Medicaid to pay for care. Some nursing homes require payment upon admission. If a resident pays for nursing home care with personal funds and depletes their resources, they may then qualify for Medicaid. In such cases, the state of Texas reimburses the nursing home for up to 3 months before Medicaid approval. The nursing home then refunds personal payments according to specific time limits.
The formula is more complicated for determining Medicaidâs reimbursement of care at home. Whether Medicaid would pay for any of your long-term care costs at home (assuming you qualify for the program) depends on your stateâs rules. âIncreasingly, states have been applying for waivers from the federal government to cover home- and community-based care for people who would otherwise have met the nursing-home care requirement,â says Grant.