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.
Seniors and Medicaid. Since Medicare does not cover long-term nursing home care, many seniors depend on Medicaid. In fact, Medicaid picks up the tab for about 42 percent of aggregate nursing home costs. However, seniors must meet income and asset requirements, which vary by state.eniors and Medicaid. Since Medicare does not cover long-term nursing home care, many seniors depend on Medicaid. In fact, Medicaid picks up the tab for about 42 percent of aggregate nursing home costs. However, seniors must meet income and asset requirements, which vary by state.