Report Materials
EXECUTIVE SUMMARY:
Blue Cross Blue Shield of North Carolina (BCBSNC) served as a Medicare contractor until their contract was terminated in October 2001. Federal regulations and Medicare contract provisions require pension gains, which occur when a Medicare segment of a contractor's pension plan closes, be credited to the Medicare program. We identified about $5.3 million in excess Medicare pension assets at BCBSNC at the time of contract termination. Our methodology and calculations were reviewed by the Centers for Medicare and Medicaid Services' pension actuarial staff. We are recommending that BCBSNC refund the $5.3 million 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.