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| Notice of New Interest Rates for Medicare Overpayments and Underpayments The interest rates on overpayments and underpayments is determined in accordance with regulations promulgated by the Secretary of the Treasury and is the higher of the private consumer rate or the current value of funds rate prevailing on the date of final determination. Interest accrues from the date of the initial request for refund and is assessed for each 30-day period, or portion thereof, that payment is delayed after the initial refund request. Interest assessed for both late payments and installment payments is computed as simple interest using a 360-day year. Simple interest is interest that is paid on the original principal balance and after each payment interest accrues on the remaining unpaid principal balance. Interest charges will not be prorated on a daily basis for overdue payments received during the month (e.g., 10, 15, or 20 days late). Interest is assessed for the full 30-day period. The interest rate on each of the final determinations will be the rate in effect on the date the determination is made. If periodic but unscheduled payments or credits are made in different calendar quarters, the quarterly rate prevailing at the time of the final determination is charged and remains the same until the debt is liquidated. Interest must be recalculated based on the outstanding balance at 30-day intervals from the date of final determination. The interest rate charged on overpayments repaid through an approved extended repayment schedule is the rate that is in effect for the quarter in which the determination was made. The rate remains constant unless the provider defaults (i.e., misses two consecutive installment payments) on an extended repayment agreement. When the provider defaults on such an agreement, interest on the balance of the debt may be changed to the prevailing rate in effect on the date of the default if that rate is higher than the rate specified in the agreement. Period Interest RateFebruary 7, 2001–April 25, 2001 14.125%April 26, 2001–August 6, 2001 13.75%August 7, 2001–October 30, 2001 13.25%October 31, 2001–January 31, 2002 13.25%February 1, 2002–May 7, 2002 12.625%May 8, 2002–August 7, 2002 11.75%August 8, 2002–November 18, 2002 12.625%November 19, 2002–February 10, 2003 11.25%February 11, 2003–April 27, 2003 10.75%April 28, 2003–August 10, 2003 11.625%August 11, 2003–November 2, 2003 12.125%November 3, 2003–February 3, 2004 12.00%February 4, 2004–May 6, 2004 12.00%May 7, 2004–August 8, 2004 11.875%August 9, 2004–November 11, 2004 11.75%November 12, 2004–February 7, 2005 12.00%February 8, 2005–April 24, 2005 11.875%April 25, 2005–July 21, 2005 12.00%July 22, 2005–November 2, 2005 12.00%November 3, 2005–January 24, 2006 12.25%January 25, 2006–April 23, 2006 11.875%April 24, 2006-July 18, 2006 12.125%July 19, 2006-October 17, 2006 12.625%October 18, 2006-January 18, 2007 12.375%January 19, 2007 – April 19, 2007 12.5%April 20, 2007-July 19, 2007 12.375%July 20, 2007 – October 18, 2007 12.625%October 19, 2007 – January 17, 2008 12.5%January 18, 2008 – April 17, 2008 12.125%April 18, 2008 – July 23, 2008 11.375%July 24, 2008 – October 21, 2008 11.125%October 22, 2008 – January 22, 2009 11.375%January 23, 2009 – April 15, 2009 11.375%April 16, 2009 – July 16, 2009 11.00%July 17, 2009 11.25% |
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