The bill proposes the addition of a new section, designated 9-5-34, to the Code of West Virginia, 1931, which addresses the assessment of interest on overpayments made to programs administered by the Bureau for Medical Services. It establishes that all overpayments will accrue interest at a rate determined by existing law (specifically, under section 56-6-31(b)). The term "overpayment" is defined as any amount paid that exceeds what is allowable for the goods or services provided under the bureau's programs.

Furthermore, the bill outlines the method for calculating interest on these overpayments, stating that interest will be calculated on the unpaid balance for each year or part thereof, starting from the date an overpayment determination is finalized until the balance, including accrued interest, is resolved. It also specifies that any interest collected from these overpayments will be retained by the fund from which the overpayment originated.

Statutes affected:
Introduced Version: 9-5-34
Engrossed Version: 9-5-34