New Interest Rate for Medicare Over/Under Payments
Medicare contractors will charge/pay a slightly lower interest rate for underpayment/overpayments this period than in the last. Effective April 23, the interest rate is 10.875 percent.
Effective Jan. 25 through April 22, the interest rate for Medicare overpayments and underpayments was 11.25 percent, according to the Centers for Medicare & Medicaid Services (CMS).
Medicare Regulation 42 CFR §405.378 provides for the assessment of interest at the higher of the current value of funds rate (1 percent for 2010), or the private consumer rate as fixed by the Treasury Department. Interest accrues from the date of the final determination.
See regulation 42 CFR §405.378 for final determination definitions, as well as when exceptions and waivers to this regulation may apply.
Source: CMS Transmittal 166, Change Request 6653, issued April 16.
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