Check the State of Michigan Website to See Whether You Have Unclaimed Property!
Do You Have Unclaimed Property? Click here to find out!
We have previously told you about your responsibilities under the Michigan Uniform Unclaimed Property Act (UUPA) as a practice owner regarding patient credit balances or overpayments. Passed in 1996, the UUPA requires holders of unclaimed property to report and remit property belonging to owners who cannot be located, or for whom there is no known address, to the Michigan Department of Treasury. According to the Michigan Treasury, more than $675 million has been turned in in the last five years. Do any of these funds belong to YOU or YOUR PRACTICE?
What Is Unclaimed Property?
“Unclaimed property” is cash or any item of value that has been reported to the Department of Treasury because it has gone unclaimed by its rightful owner after a certain amount of time, known as a “dormancy period.” Treasury is the custodian of these assets and returns them to their owners (or the owners’ heirs) when they are rightfully claimed. Property with a value of $25 or less is generally not subject to the custody of the State as unclaimed property.
In Michigan, when a credit balance sits “abandoned” for three years or more, and the patient’s last known address is in Michigan or unknown, the money is considered unclaimed and becomes the property of the State of Michigan.
For a chiropractic practice, these unclaimed funds most often come in the form of payments from an insurance company.
To see if you or your business is owed unclaimed property:
- Go to https://unclaimedproperty.michigan.gov/.
- Enter basic information about you and/or your business.
- If you have unclaimed assets, click on “claim” and the site will inform you how to begin the claim process.
- Add any additional information or upload any necessary documentation.
For more information on how to search for property, submit a claim, complete the claim, or track a claim’s progress, click here.
