Report Materials
EXECUTIVE SUMMARY:
Independence Blue Cross (IBC) was a Medicare contractor until their contract was
terminated in 1997 and, as such, was allowed to claim Medicare reimbursement for
their Medicare employees' pension costs. Regulations and the Medicare contracts
provide, however, that pension gains, which occur when a Medicare segment of a
pension plan closes, should be credited to the Medicare program. We identified
about $2.9 million in excess pension assets at IBC. Accordingly, we are recommending
that IBC remit the $2.9 million in excess pension assets to the Medicare program.
Notice
This report may be subject to section 5274 of the National Defense Authorization Act Fiscal Year 2023, 117 Pub. L. 263.