Public notices
Financial Institutions - Division of Banking
Notice of Interest Rate on Required
Residential Mortgage Loan Escrow Accounts For 2004
Under Section 138.052 (5) (a), Stats., with some exceptions, a bank, credit union, savings bank, savings and loan association, or mortgage banker, which originates a residential mortgage loan requiring an escrow account to assure the payment of taxes or insurance, shall pay interest on the outstanding principal of the escrow.
Section 138.052 (5) (am) 2., Stats., directs the Department of Financial Institutions, Division of Banking, to determine annually the required interest rate. The rate is based on the average interest rate paid by Wisconsin depository institutions on passbook savings accounts.
The Department of Financial Institutions, Division of Banking, has calculated the interest rate required to be paid on escrow accounts under Section 138.052 (5), Stats., to be 0.81% for 2004. This interest rate shall remain in effect through December 31, 2004.
Contact Person
Mr. Michael J. Mach
Department of Financial Institutions
Telephone (608) 266-0451
Health and Family Services
(Medical Assistance Reimbursement of Nursing Homes)
State of Wisconsin Medicaid Nursing Facility Payment Plan: FY 03-04
The State of Wisconsin reimburses Medicaid-certified nursing facilities for long-term care and health care services provided to eligible persons under the authority of Title XIX of the Federal Social Security Act and ss. 49.43 to 49.47, Wisconsin Statutes. This program, administered by the Wisconsin Department of Health and Family Services, is called Medical Assistance or Medicaid. Federal statutes and regulations require that a state plan be developed that provides the methods and standards for setting payment rates for nursing facility services covered by the payment system. A plan that describes the nursing home reimbursement system for Wisconsin is now in effect as approved by the Centers for Medicare and Medicaid Services.
The Department is proposing a change in the methods of payment for specialized psychiatric rehabilitation services to nursing homes and, therefore, in the plan describing the nursing home reimbursement system. The change is effective January 1, 2004.
The proposed change would update the payment system and make various payment-related policy changes. The estimated fiscal impact of this change will be a decrease of $204,028 general purpose revenue, or GPR, and an increase of $306,042 in federal match, or FED, for State Fiscal Year 2004.
The proposed change is being implemented to comply with Wisconsin Statutes governing Medicaid payment systems, particularly s. 49.45 (6m), Wis. Stats.
The proposed change is as follows: Create a payment supplement for specialized psychiatric rehabilitative services for residents with mental illness.
Copies of the Proposed Change:
Copies of the proposed change are available and may be obtained free of charge by writing to:
Division of Health Care Financing
Attention: Nursing Home Medicaid Payment Plan
P.O. Box 309
Madison, WI 53701-0309
or by faxing your request to James Cobb at 608-264-7720.
The proposed change may be reviewed at the main office of any county department of social services or human services.
Written Comments/Meetings
Written comments on the proposed change may be sent to the Division of Health Care Financing at the above address. The comments will be available for public review between the hours of 7:45 a.m. and 4:30 p.m. daily in room 350 of the State Office Building, 1 West Wilson Street, Madison, Wisconsin. Revisions may be made in the proposed change based on the comments received.
