SECTION 317:30-3-3.1. Medicaid Income Deferral Program

(a)   The Medicaid Income Deferral Program is a program that enables physician corporations, as defined in Title 59 of the Oklahoma Statutes, to voluntarily defer income that is paid to the corporation by the Single State Medicaid Agency.

(b)   The voluntary income deferral by physician corporations (medical doctors, osteopathic physicians, dentists, surgeons, podiatrists, chiropractors, optometrists, and ophthalmologists) shall be subject to any federal provisions imposed by the Internal Revenue Code, Title 26 of the United States Code. The Health Care Authority may adopt a Plan which provides for the investment of deferral amounts in life insurance or annuity contracts which offer a choice of underlying investment options. The Plan shall provide that each physician corporation exercise those options independently from among choices offered by such contracts. Contract issuing companies shall be limited to companies which are licensed to do business in the state of Oklahoma.

(c)   To be eligible for this program a physician corporation must have an existing contract with the Oklahoma Health Care Authority and the corporation must perform that contract for the term of the agreement. If a physician corporation fails to fulfill its service obligations under the contract, all deferral amount assets held for the benefit of that corporation shall be forfeited.

(d)   No physician corporation shall be permitted to participate in the Plan without having prior independent tax and legal advice to do so.

[Source: Added at 19 Ok Reg 325, eff 11-14-01 (emergency); Added at 19 Ok Reg 1067, eff 5-13-02; Amended at 19 Ok Reg 2937, eff 7-16-02 (emergency); Amended at 20 Ok Reg 1193, eff 5-27-03]