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While Medicare Surety Bonds are not new to professionals who have been working in the O&P or HME industry, there are always new people coming into these businesses who may not be familiar with these bonds. Even if you are a more seasoned provider, having a refresher on the basics of these bonds is always helpful. As a leading surety bond provider, VGM Insurance is focusing on some Medicare Surety Bond basics in this month’s newsletter. Bond   Are Medicare Surety Bonds Required? Medicare Surety Bonds are required in every state and are a must in the industries we work in. If you are a provider of home medical equipment or O&P services and want to bill Medicare, you need to have a surety bond for each location you bill Medicare from.   Who Needs Medicare Surety Bonds? Let’s start at the beginning: if you are a provider with a National Provider Identifier (NPI) number billing Medicare, a surety bond is required. The Medicare Surety Bond is a financial guarantee bond. These surety bonds are not insurance policies; they are more like a line of credit that you would get from a bank. The minimum Medicare surety bond amount will be at least a $50,000, and can go up in $50,000 increments depending on prior issues with Medicare.   VGM Insurance is Your Medicare Surety Bond Expert While there are other companies offering surety bonds, going with a company like VGM Insurance is a smart business move.  As part of an established company like VGM with years of experience in the home medical equipment field, VGM Insurance has the name, staff and experience you can trust.   As always, if you have questions or concerns with your Medicare Surety Bonds, or any other insurance questions, the insurance professionals at VGM Insurance are here for you. Call us at 866-497-0472.

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