MEDICAID: Some Recipients Neglect to Report U.S. Savings Bonds Holding
Abstract
In examining the reporting of income and assets by Medicaid recipients in nursing homes, the General Accounting Office discovered that federal and state agencies cannot verify all of the U.S. savings bond holdings of applicants for Medicaid and other welfare programs, this situation relates directly to the integrity of the Medicaid program. The Social Security Act (at 42 U.S.C. 1320b-7) requires state agencies that administer Medicaid, Aid to Families With Dependent Children (AFDC), Food Stamps, and certain other federal benefit programs to have an Income and Eligibility Verification System (IEVS). The law requires that the income verification process include comparing the income declared by program applicants and beneficiaries with information obtained from the Internal Revenue Service and the Social Security Administration. Information available from these agencies includes data on interest earned on redeemed savings bonds and on bonds paying periodic interest. It does not, however, include the value of U.S. savings bond holdings. Such information is maintained by the Department of the Treasure and is not currently available to the states.
Document Details
- Document Type
- Technical Report
- Publication Date
- Jan 18, 1989
- Accession Number
- ADA203794
Entities
Organizations
- United States Government Accountability Office