New Compliance Requirements for Medicare Set-Asides

For MSAs, in addition to the compliance requirements that come with the MSP, there are new compliance requirements coming down the pike on 7/1/2009. On December 29, 2007, President Bush signed the SCHIP Extension Act of 2007 (SCHIP), Section 111. The reporting requirement will become effective in 7/1/2009 and will carry a monetary civil penalty for failure to report at the rate of $1,000 per day per claim per day. The Congressional Budget Office predicts that the federal government will recover $1.1 billion in fines in the first 5 years. If you would like more information about this, contact www.GouldandLamb.com.