Federal benefits recipients must act by WEDNESDAY to get stimulus payments for children

Trump administration gives tightest deadline to people most in need of relief during COVID-19 crisis

ALBUQUERQUE—Social Security and Railroad Retirement benefit recipients with children who do not file taxes must file a form by tomorrow at 10 am MST to receive their full stimulus payment in a timely manner. Benefits recipients must act immediately to receive the additional $500 stimulus payment this year for any eligible dependent children. The IRS announced this tight deadline on Monday afternoon.

“We are horrified by the IRS’s sudden announcement late yesterday forcing a large category of people to file a form by tomorrow morning to get stimulus payments for their children in a timely way,” said Lindsay Cutler, attorney at the New Mexico Center on Law and Poverty. “This is not enough time for most people to even hear about this new requirement, much less complete the form. Other options should be made available. People who receive Social Security and Railroad Retirement benefits programs should fill out the IRS Portal immediately to ensure they get their payment this year.”

To receive the $500 stimulus payments for children this calendar year, individuals must file a form on the IRS Portal by tomorrow morning at 10 am if they: 

  • Receive Social Security retirement benefits, including Social Security Disability Insurance and Railroad Retirement benefits;
  • Have a dependent child/children under the age of 17 who qualify for the $500 Economic Impact (stimulus) payment; and
  • Did not file a 2018 or 2019 tax return.

The IRS Portal for non filers can be found here: https://www.irs.gov/coronavirus/non-filers-enter-payment-info-here  

More information from the IRS is available here: https://www.irs.gov/newsroom/ssa-rrb-recipients-with-eligible-children-need-to-act-by-wednesday-to-quickly-add-money-to-their-automatic-economic-impact-payment-irs-asks-for-help-in-the-plus-500-push

Medicaid Expansion Resulting in Job Growth and State Savings

BBER logoA new report finds that the Medicaid Expansion has significantly increased jobs and revenues in New Mexico, generating a surplus that covers the cost of expansion itself. The report by Dr. Lee Reynis, economist at University of New Mexico’s Bureau of Business and Economic Research, updates prior research from 2012 and details the economic and fiscal impact of Medicaid expansion.

Over 200,000 adults in New Mexico gained healthcare coverage through Medicaid when the program was expanded under the Affordable Care Act. The federal government is paying for the entire cost of Medicaid expansion until this year when the contribution gradually steps down to 90 percent by the year 2020, with the state responsible for paying the 10 percent remainder of costs. The federal share totals over $11 billion between 2014 to 2021.

The report finds that the additional economic activity associated with the influx of federal dollars from Medicaid Expansion generates significant revenues from insurance premium taxes, gross receipts taxes, and income taxes as well as savings from programs no longer needed, including the State Coverage Insurance program. Additionally, the number of adults who are uninsured has dropped dramatically reducing uncompensated care costs for providers. From this activity, the State is expected to see a surplus of over $300 million dollars from Medicaid expansion between fiscal years 2014-2021.

Overall, the healthcare sector is leading job growth in New Mexico, adding over 1,500 new jobs in 2014 alone. Income and earnings have also risen for the healthcare workforce, with Medicaid accounting for 25% to 46% of the total increases in personal income in New Mexico. For a state historically underserved with healthcare providers, the Medicaid Expansion is providing funding to help grow our health care workforce and is encouraging investment in hospitals and treatment facilities with an emphasis on quality improvement.

News about the impact of Medicaid expansion comes at a time when New Mexico’s legislature is determining next year’s budget for Medicaid. Revenue forecasts have worsened due to dropping oil prices. Abuko D. Estrada, staff attorney for the New Mexico Center on Law and Poverty, says, “Medicaid is one of the best investments our state leaders can make. The program is paying for itself and is a boon for our economy, while providing quality health care coverage for New Mexicans in these tough times.”

Report-UNM BBER-Medicaid Economic and Fiscal Impacts-2016-02-03
Press Release-NMCLP-BBER Medicaid Expansion Report-2016-02-03
Learn more about the University of New Mexico’s Bureau of Business and Economic Research here.