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 average paid Medicare nursing home stay was 23 days in 1997, only 1/5 of the allowable time. Nationwide, Medicare paid 12% of nursing home receipts in 1998. To qualify for Medicare nursing home coverage, the individual must spend at least 3 full days in a hospital and must have a skilled nursing need and have a doctor order it. The transfer from a hospital must occur within a certain time period. There is a misconception that Medicare automatically covers up to 100 days of all nursing home stays.