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We are in the midst of a seismic shift in wealth. This phenomenon, often referred to as the “Great Wealth Transfer,” describes the unprecedented movement of assets from the Baby Boomer generation to their heirs – an estimated $105 trillion by 2048. And women are poised to inherit most of this.

J.P. Morgan Wealth Management’s 2025 Investor Study found that women are not only set to receive significant wealth – they’re actively working to build it on their own. Ninety-three percent of women surveyed who are expecting an inheritance aren’t relying on it to reach their goals.

Here are a few tips for women to consider in their wealth-building journey.

Create a financial roadmap

A detailed, well thought out plan is important. J.P. Morgan’s study found that 90% of those surveyed with a plan feel confident about reaching their financial goals, compared to 49% without one.

Your plan should reflect your unique goals, priorities and circumstances. Consider your investment horizon and risk tolerance, and remember to revisit your plan regularly as life evolves.

Are you saving up for goals like buying a house, sending your kids off to college or retiring early? Where do you want to be in the next five, ten or twenty years? Everyone’s financial situation is unique, so it’s important to think about these questions and build a plan that is unique to your life.

Women tend to live longer than men on average. Many take career breaks or care for family members, which can influence long-term planning. It’s important to adjust your strategy with these factors in mind.

Where to start with investing

Don’t let misconceptions hold you back. Starting to invest doesn’t require a large sum, and beginning early can be beneficial. The earlier you start, the more time your money has to potentially grow over the years. Understand your overall financial situation, set clear goals and develop a long-term plan.

It’s important to also make sure you’re covered for unexpected expenses that come up before you start to invest. Build up a cash emergency fund, typically enough to cover three to six months of expenses, and pay down any high-interest debt.

Taking charge of your finances

The good news is that women are taking charge of their finances. J.P. Morgan’s research found that 75% of women respondents make financial decisions with their partner or take the lead themselves. For those who have a spouse or partner, it’s important for each person in the relationship to play an active role in the process.

Building wealth can be empowering for many women. The same survey found that 73% of women respondents said money gives them “security,” while 64% of Gen Z and Millennial women associated it with “freedom.”

The power of having a team

Some people find it helpful to work with a financial advisor, so you don’t have to tackle things alone. An advisor can help you craft a plan tailored to your needs and keep you on track throughout your lifelong financial journey. If you expect to receive an inheritance, you should also consult with estate planning and tax professionals.

No matter where you are on your wealth-building path, education is key. It’s so important to be an informed investor, and there are plenty of resources out there to help. You can find a library of free educational resources at chase.com/theknow.

As the landscape of wealth continues to evolve, women have a unique opportunity to shape their financial futures and those of generations to come. By staying informed and planning ahead, women have the tools to help them confidently navigate the Great Wealth Transfer and set themselves up for financial freedom.

The views, opinions, estimates and strategies expressed herein constitutes the author’s judgment based on current market conditions and are subject to change without notice, and may differ from those expressed by other areas of J.P. Morgan. This information in no way constitutes J.P. Morgan Research and should not be treated as such. You should carefully consider your needs and objectives before making any decisions. For additional guidance on how this information should be applied to your situation, you should consult your advisor.  

JPMorgan Chase & Co., its affiliates, and employees do not provide tax, legal or accounting advice. You should consult your own tax, legal and accounting advisors before engaging in any financial transaction.  

Investing involves market risk, including possible loss of principal, and there is no guarantee that investment objectives will be achieved. Past performance is not a guarantee of future results. 

Diversification and asset allocation does not ensure a profit or protect against loss. 

J.P. Morgan Wealth Management is a business of JPMorgan Chase & Co., which offers investment products and services through J.P. Morgan Securities LLC (JPMS), a registered broker-dealer and investment adviser, member FINRA and SIPC.  

MINNEAPOLIS — Amaya Battle hit a tiebreaking jump shot with less than a second left, lifting Minnesota past Mississippi 65-63 in the second round of the women’s NCAA Tournament on Sunday to reach the Sweet 16 for the first time in 21 years.

Battle, who finished with 14 points, 11 rebounds and five assists, took the inbound pass near the paint and dribbled out along the baseline for more space before swishing the winner and landing on her back.

The No. 4 seed Gophers (24-8) swarmed their senior point guard in a frenzied celebration, before regrouping for the final possession. Tianna Thompson’s 3-point try for the No. 5 seed Rebels (24-12) from the top of the key on the other end hit the front of the rim and fell short.

Mara Braun scored 17 points for the Gophers, including the tying 3-pointer with 1:17 remaining before helping force a shot-clock violation by the Rebels on the ensuing possession. Sophie Hart, who added 10 points, gave the Gophers their first lead since early in the third quarter with a determined drop-step to the basket for a short bank shot with 18 seconds left.

Latasha Lattimore answered Hart with the tying layup with 3 seconds remaining, before Battle sent the Gophers to Sacramento, California, to face the winner of Monday’s game between No. 1 seed UCLA and No. 8 seed Oklahoma State.

Cotie McMahon fouled out for Mississippi with 4:22 left with 15 points, putting the senior transfer and leading scorer on the bench for the crucial final stretch, as the Rebels went the next 3:41 without scoring.

___

AP March Madness bracket: https://apnews.com/hub/ncaa-womens-bracket and coverage: https://apnews.com/hub/march-madness

The U.S. Supreme Court could soon end Mississippi’s practice of counting mail-in absentee ballots that arrive after Election Day, a decision that could have a ripple effect nationwide and sow confusion for November’s midterm elections. 

The high court will listen to oral arguments on Monday to determine whether a Mississippi law that allows election workers to process mail-in absentee ballots for up to five days after the election, as long as the ballots are postmarked by Election Day, conflicts with federal law. 

Mississippi is among 18 states and the District of Columbia that accept mailed ballots received after Election Day, according to the National Conference of State Legislatures.

The state Legislature enacted a law in 2020 during the COVID-19 pandemic to give voters a grace period for mailing their ballots. 

In 2024, the Mississippi Republican Party, the Republican National Committee, a Mississippi voter and a county election official filed the federal lawsuit challenging the five-day window.  The state Libertarian Party filed a similar lawsuit a few weeks later, which was combined with the first suit. 

The parties argued that the state law conflicted with the federal law setting the Tuesday after the first Monday in November as the “election day.”

U.S. District Judge Louis Guirola Jr., a George W. Bush-appointed judge, initially ruled last year in Gulfport that there was no conflict between the state and federal laws.

“Congress set a national election day to avoid the ‘evils’ of burdening citizens with multiple election days and of risking undue influence upon voters in one state from the announced tallies in states voting earlier,” Guirola wrote. “Neither of those concerns is raised by allowing a reasonable interval for ballots cast and postmarked by election day to arrive by mail.”  

But a three-judge panel of the New Orleans-based 5th Circuit Court of Appeals later reversed him, and the full court declined to rehear the case. 

Mississippi Attorney General Lynn Fitch’s office is defending Secretary of State Michael Watson in court and has argued that the five-day window after Election Day does not provide additional days for voters to cast a ballot. Rather, it’s simply an extra cushion for election workers to count the ballots. 

“Under federal law, election day is the day for voters to conclusively choose federal officers. Voters make that conclusive choice by casting — marking and submitting — their ballots by election day,” Fitch’s office wrote in court papers. 

The Supreme Court is expected to issue a ruling in the spring. If it rules in favor of the political parties, it would essentially invalidate the states that have a mail-in grace period law on the books.

The Mississippi Legislature passed a so-called “trigger” bill this year that would abolish the five-day grace period if the court rules against the state. The governor has until Monday to sign the bill into law or veto it. 

As Republicans surged to take control of  state government in the 1990s and 2000s, no two Democratic Mississippi politicians were more despised by members of the upstart party than Ronnie Musgrove and Billy McCoy.

McCoy served from 2004 until 2012 as the last Democratic speaker of the Mississippi House while Musgrove served from 1996 until 2000 as the state’s last Democratic lieutenant governor and from 2000 until 2004 as Mississippi’s last Democratic governor.

They also served together in the Mississippi Legislature – for a time with Musgrove as chair of the Senate Education Committee and McCoy as head of House Education.

In more recent times, observers of the Mississippi Legislature have been perplexed with the ongoing feud that seems to be occurring between the Republican leadership of the House and Senate. That tension appears particularly intense between Senate Education Chair Dennis DeBar of Leakesville and his House counterpart, Rob Roberson of Starkville.

After the Senate Education Committee killed a House bill that, among other things, would send public funds to private schools, some school choice supporters, including House Speaker Jason White, either faked outrage or were unfamiliar with what is often part of the legislative process – bills routinely being killed.

But at any rate, after the Senate Education Committee by a vote of the members, not solely on the action of DeBar, killed the school choice proposal, Roberson killed all the Senate Education bills.

The actions were just the latest of the ongoing tensions between House and Senate Republicans. How could fellow Republicans be at such odds with each other?

“All things old are new again.”

In the 1995 session, as Education Committee chair, McCoy killed a Senate bill that was especially important to Musgrove.

The massive bill proposed a number of things, including beginning the process of the state moving to a new funding formula – the Mississippi Adequate Education Program. When eventually enacted in 1997, the formula was credited by education experts as helping Mississippi avoid losing a costly school equity funding lawsuit such as those other states had faced. In addition, among other important items, the bill in 1995 would have provided an annual $6,000 salary supplement for teachers earning master certification from the National Board for Professional Teaching Standards.

McCoy ultimately supported most of the items in the bill. And like Musgrove, McCoy played a key role in their ultimate passage into law.

But for whatever reason, perhaps because of the number of issues rolled up in the one bill, McCoy, a strong-willed Prentiss County farmer, killed the legislation in the 1995 session.

Musgrove, also from north Mississippi – a Panola County attorney and also strong-willed – was not happy. He killed the House education bills.

“I thought it was important he understood the Senate also should have a voice in the process,” Musgrove, now an Oxford resident, recalled recently.

And what eventually happened? Like with all legislative sessions, accommodations and compromises were made to ensure the bills needing to be passed to keep the public schools open were passed. Legislative rules were suspended and key bills were revived.

The Mississippi Adequate Education Program was not passed that year. But it became law two years later and McCoy, like Musgrove and others, played a key role in its passage.

Despite that 1995 disagreement and many others, McCoy and Musgrove worked together to enact major changes besides MAEP, including historic teacher pay raises, the humane air-conditioning of public school classrooms, the enactment of a 1-cent sales tax dedicated to education, the inclusion of teachers on the state employee insurance program and many others.

The former governor recalls a negotiation with McCoy where he proposed taking a portion of the 1-cent sales tax and providing teachers an annual allocation to buy classroom supplies.

“He said, ‘Musgrove, that is the best idea you have had,’” Musgrove remembered.

McCoy died in 2019.

Musgrove said while he and McCoy butted heads, they both cared deeply about public education and never lost respect for each other, though they often cursed each other and killed each other’s bills.

Sometimes, that is just part of the legislative process.

Senate proposals that would put more than $1 billion into Mississippi’s government pension system are back in play after being killed by the House earlier this legislative session.

Sen. Daniel Sparks, a Republican from Belmont, has revived six of his dead proposals that would make changes to the state’s Public Employees’ Retirement System by inserting that language in House Bill 4073. The amended bill passed the Senate on Tuesday.

The proposed changes would put $1 billion into the state retirement system over 10 years, starting with $500 million this July, and an additional $50 million a year over 10 years for cost-of-living increases. 

The retirement system, which covers about 350,000 public employees or retirees and represents about 10% of the state’s population, has unfunded liabilities of about $26 billion.

Last year, to try to shore up the underfunded system, the Legislature created a new plan with fewer benefits for people hired after March 1o of this year. It’s a hybrid of a defined contribution plan, similar to the 401(k) system many private employers offer, and a defined benefit plan, which the state has had for decades.  

But opponents of last year’s changes say that many public employees, paid at an average of $50,000 a year, are incentivized to work for the state because of the promise of robust retirement benefits at the end of their years of service. The reduced benefits, they say, could make it harder to attract and retain workers.

Some state Democrats want to get rid of the new “Tier 5” category entirely. While Sparks’ revisions roll back some of the components that would impact new hires, he still believes the new category is necessary.

“There are lots of things I don’t want to do, but we have to run a balanced budget,” he said. “My number one commitment from Day One is to meet our obligations for Tier 1 through Tier 4 and pay them everything they’re owed, but for the next tier we had to be more sensible.”

Most notably, Sparks’ changes would bring down the years of service required to retire with full benefits from 35 to 30 for all state employees hired after March 1 and put $50 million in a fund to go toward cost-of-living increases for Tier 5 employees. 

While cost-of-living adjustments aren’t guaranteed for state employees that fall into the new bracket of the retirement system — it’s something the Legislature must vote on every year — Sparks said this specific allocation sends a message that it’s a priority for the state. 

“We mean what we say,” he said. 

The amended bill would also make clear that every state employer shares a portion of the state’s unfunded PERS liabilities, correct a quirk in state law that doesn’t allow state employees to make catch up contributions to Roth retirement plans, and sweeten the pot for retirees who want to return to work. 

Currently, people who have retired from state service can return for pay at 25% of their highest four years of service, or they can return part-time for half-pay, all while drawing full benefits. One provision of the bill would also allow people to come back to work at up to 80% of their position’s salary and get insurance benefits. 

Only elected officials, K-12 superintendents and administrators at community colleges and universities are excluded. 

“We’re losing all this institutional knowledge,” Sparks said. “Through this, they can return to work and we can get their knowledge and mentorship and fill vacancies.”

The House on Friday declined to agree on the bill. That means the chambers negotiate and try to come to agreement before next week’s deadline to keep the legislation alive. 

The House’s major PERS proposals are still alive and included in the chamber’s teacher pay raise plan. But Senate leaders say they’re not interested in taking up the House’s bill, so it’s likely to die on the March 26 deadline.

University of Mississippi Medical Center revenue fell roughly 20% below budget in February, the month a cyberattack struck the hospital system and led it to cancel all elective surgeries and appointments for nine days. 

The medical center was about $34.2 million short of its expected $194.1 million in operating revenue in February, according to budget reports. But hospital leaders say they anticipate revenue will rebound as patient care charges logged on paper during the attack are input into the hospital’s computer system and as the medical center reschedules postponed surgeries. 

“We really think that we won’t see the true catch-up picture, until maybe even, you know, March, April, the end of the fiscal year,” said Dr. LouAnn Woodward, UMMC’s vice chancellor for health affairs at an Institutions of Higher Learning committee meeting Wednesday. The state’s fiscal year ends June 30. 

In February, UMMC closed clinics statewide and canceled scheduled appointments and surgeries after discovering a cyberattack on its IT systems, forcing the shutdown of computer systems that hold patients’ electronic health records. 

UMMC is the state’s largest public medical system, operating seven hospitals and 35 clinics statewide, and it provides a significant level of care to low-income and uninsured patients regardless of their ability to pay.

For nine days, medical staff cared for patients using paper charts — some for the first time in their careers — and without access to Wi-Fi or phone lines. The hospital resumed normal operations on March 2.

Roughly 650 surgeries were delayed during the cyberattack, said Jennifer Sinclair, UMMC’s chief financial officer. She said canceled appointments and surgeries have been rescheduled, and their financial impact should appear in revenue figures in coming months. 

Woodward said clinic and operating room hours have been extended to accommodate postponed appointments. 

Attacks using ransomware, or malicious software that holds computer systems or data hostage in demand for a payment, can have severe financial consequences for hospitals beyond a ransom, said Dr. Christian Dameff, an associate professor and co-director of the Center for Healthcare Cybersecurity at the University of California San Diego. 

“They require, afterwards, a lot of money to try to shore up defenses,” Dameff said. “These are types of things that can cause systemic issues or risks to financial solvency for some organizations.” 

A 2020 cyberattack on the University of Vermont Medical Center resulted in the academic medical center losing access to its electronic medical record system for 28 days and cost the system about $65 million, according to Vermont Public. Like the attack on UMMC, it led to canceled health appointments and impeded residents’ access to specialized care.

Other UMMC expenses are on budget, and the hospital’s net income is about $8.6 million behind budget for the year, Sinclair said. 

Sinclair said all patient care charges from the same time period as the cyberattack should be reflected in the electronic system by the end of March, which means next month’s financial statements will likely more accurately show the impact of the cyberattack. 

“That will catch up in March and will get a better reflection of what impact really was,” Sinclair said. 

MINNEAPOLIS — Latasha Lattimore led a balanced offense with 15 points as Mississippi overpowered Gonzaga 81-66 on Friday in the first round of the NCAA women’s college basketball tournament.

Cotie McMahon scored 13 points and Sira Thienou had 12 points, eight rebounds and four blocks for Mississippi, who on Sunday will face the winner of the matchup between Minnesota and Green Bay. The winner of Sunday’s game will advance to the Regional finals at Sacramento next week.

Denim DeShields added 11 points and four assists for the No. 5-seed Rebels (24-11), who were ranked 19th in the most recent AP poll and are playing in their fifth straight NCAA Tournament.

Allie Turner led Gonzaga, champions of the West Coast Conference Tournament, with 27 points. Jaiden Haile had 11 points and eight rebounds and Lauren Whittaker added eight points and 13 rebounds.

After falling behind by as much as 13 in the first quarter, No. 12-seed Gonzaga (24-10) got a three-point play by Haile and a driving layup by Turner to cut the deficit to 25-19 midway through the second.

But Ole Miss responded with a 14-4 run that started with consecutive second-chance buckets by Lattimore in the low post. McMahon capped the run with a 3-pointer to send the Rebels into the locker room leading 39-23.

Smothering

Gonzaga didn’t get on the board until Haile made a layup with 5:06 left in the first quarter, cutting the Ole Miss lead to 8-2. The Bulldogs missed their first seven field goal attempts and three of their first four shots were blocked. They finished the quarter 4 for 14 from the field and committed seven turnovers, including two shot clock violations forced by the Rebels’ swarming defense.

In the trees

Gonzaga’s offensive struggles were due in large part to Mississippi’s lopsided size advantage. The Rebels had four starters and six rotation players standing 6-foot-1 or taller, compared to just three for Gonzaga.

Never say die

The Bulldogs trailed 70–37 early in the fourth quarter but they closed out the game strong. Teryn Gardner hit three 3-pointers, while Turner added eight free throws and a three as Gonzaga cut the deficit to 10 points with 47 seconds left before Ole Miss closed it out.

___

AP March Madness bracket: https://apnews.com/hub/ncaa-womens-bracket and coverage: https://apnews.com/hub/march-madness

WASHINGTON — The Supreme Court on Friday revived a lawsuit from an evangelical Christian barred from demonstrating in Mississippi after authorities say he shouted insults at people over a loudspeaker.

The high court unanimously ruled in the case of Gabriel Olivier, who says his religious and free speech rights were violated when he was arrested for refusing to move his preaching away from a suburban amphitheater. The city said he had shouted insults like “whores,” “Jezebel,” and “nasty” at people, sometimes holding signs showing aborted fetuses.

Olivier wanted to challenge the law as an unconstitutional restriction on free speech, but lower courts stopped him from suing because he’d been convicted of breaking it. A Supreme Court case from the 1990s found people can’t use civil lawsuits to undermine criminal convictions.

But the justices found that doesn’t stop Olivier from suing because he only wants to block future enforcement.

“Given that Olivier asked for only a forward-looking remedy—an injunction stopping officials from enforcing the city ordinance in the future—his suit can proceed, notwithstanding his prior conviction,” Justice Elena Kagan wrote for the court.

Olivier’s lawyers said he was demonstrating peacefully when he was arrested for refusing to move to a designated “protest zone.” The legal principle, they argued, affects free-speech cases across the political spectrum.

“This is not only a win for the right to share your faith in public, but also a win for every American’s right to have their day in court when their First Amendment rights are violated,” said Kelly Shackelford, president and CEO of the conservative nonprofit First Liberty Institute.

The decision clears a path for him to file a civil-rights lawsuit, though it doesn’t guarantee an eventual win. Local governments have said that a ruling for Olivier could have wide repercussions by allowing a rush of new lawsuits against cities and towns.

The city of Brandon has said the restrictions weren’t about religion, and he had plenty of other legal avenues to challenge the law. The ordinance restricting Olivier to a designated “protest zone” has already survived another lawsuit, city attorneys said.

Ted “Teddy” DiBiase Jr. began to cry as soon as the federal court clerk read aloud the first of 13 not guilty verdicts. By count seven, tears fell into his lap.

When the clerk finished reading the verdict – not guilty on all counts in a notorious welfare scandal that made national headlines – DiBiase’s mom crumpled in her seat on the second row of the courtroom, holding her face in her hands and sobbing. 

Defense attorney Scott Gilbert darted out of the courtroom and his co-counsel, Sidney Lampton, swiveled around in her chair, beaming. DiBiase tightly hugged his wife, Kristen, who’d kept a cheery attitude throughout 20 days of trial.

“That was seven years of emotion coming out of me,” DiBiase’s mom, Melanie DiBiase, said as they exited the courthouse Friday.

Jurors found DiBiase, a former pro wrestler-turned-entrepreneur, not guilty of all counts of conspiracy, wire fraud, theft and money laundering after he accepted nearly $3 million in federal funds designed to help poor residents and spent the money on luxury items. 

The government needed to prove DiBiase acted knowingly or with intent. His defense: DiBiase never solicited the funds, he was offered them in exchange for the cachet he brought to the welfare agency, and he delivered as promised.

What’s next for the ex-wrestler?

“I’m gonna continue to serve people, because that really is who I am,” DiBiase said outside the courthouse after the verdict. “And I do care about every Mississippian. And to all the doubters or haters or people that have maybe had false information and not all the information, I forgive you, and I love you too.”

DiBiase was just one of dozens of people who received these funds supposedly to carry out the mission of an anti-poverty initiative called Families First for Mississippi under a now disgraced former agency director. By some estimates, state and nonprofit officials frittered away $100 million between 2016 and 2019 while serving few needy residents. 

But the former WWE star was one of just eight people criminally charged over the misspending. The other seven pleaded guilty. The state made its first arrests in 2020 following an investigation by State Auditor Shad White, and DiBiase was indicted by federal prosecutors in 2023.

The verdict in DiBiase’s case answers a longstanding question about whether his conduct – which is similar to that of many other characters in the larger scheme – constituted a crime. 

For years, many tied to the welfare purchases argued that the theory of auditors, investigators and prosecutors was all wrong. DiBiase’s defense described him as a well-meaning, albeit high-paid, changemaker who had no inkling he was involved in wrongdoing.

The jury deliberated for about four hours Friday. The makeup, by appearances, was seven white men, two Black men and three white women.  

“While I’m disappointed in the result of the trial, nothing changes the fact that seven people have already pleaded guilty to state or federal charges because of the welfare scandal,” White said in a statement Friday. “My hope now is that the state’s lawyers will be able to recover as much of the misspent money as possible in civil court so hard-working taxpayers can see some accountability for what happened here.”

Outside the courthouse after the verdict, DiBiase hugged his younger brother, Brett DiBiase, who pleaded guilty to state charges in 2020 and federal charges in 2023.

Six people still await federal sentencing after pleading guilty years ago to roles in the scheme and agreeing to aid the U.S. Attorney’s Office in its ongoing case. In addition to DiBiase’s brother, these include former Mississippi Department of Human Services Director John Davis, nonprofit directors Nancy New and Christi Webb, New’s son Zach New and a Florida-based neuroscientist Jake Vanlandingham. A seventh defendant, Anne McGrew, awaits sentencing in state court.

A parallel civil suit, which names DiBiase and dozens of other people or entities in an attempt to recoup the funds, is ongoing.

Update, 3/20/2025: This story has been updated with additional details.

MORE TRIAL COVERAGE:

Greed or chaos? Jurors will determine if taking high-dollar welfare contracts was criminal

Ex-wrestler sought to gamify self-help for poor Mississippians, defense witness testifies in welfare scandal trial

DiBiase defense seeks to discredit witness who testifies the ex-wrestler got federal welfare money but did almost no work 

DiBiase radio ads, conference talks and teen rallies were not in contract for federal welfare funds, Nancy New testifies

Ex-welfare director with ‘two separate personalities’ waffles on the witness stand. Some jurors tire

In trial of ex-wrestler, Mississippi’s former welfare director testifies about appeasing politicians, trying ‘my very best’

Defense for ex-wrestler seeks mistrial in welfare fraud case

Trump faith initiative drove decision to hire wrestler, ex-welfare chief testifies in fraud trial

Welfare director texted wrestler who was his high-paid aide about ‘money bags,’ testimony shows

Feds ask disgraced former welfare director ‘million-dollar question’: Why? Loneliness and love

Opening statements in welfare scandal trial paint former director as villain who doled out millions over infatuation

TRIAL PREVIEW: Ex-WWE wrestler faces feds in first – and potentially only – criminal trial in Mississippi welfare scandal

With federal pandemic relief dollars that for years bolstered Mississippi Division of Medicaid’s budget now depleted, state lawmakers are grappling with a steep budget increase request from the agency.

Lawmakers have been stunned by the agency’s request for a significant increase from last year and baffled by budget requests made by the agency and governor’s office, which differ by tens of millions of dollars.

The agency, which accounted for roughly a tenth of state spending this fiscal year and administers health coverage to nearly 700,000 children and low-income pregnant, disabled and elderly Mississippians, has requested a nearly $390-million increase in state funding over the current year, despite the program’s enrollment dropping to the lowest level in over a decade. 

“This is a humongous amount of money, ” House Medicaid Chairwoman Missy McGee, a Republican from Hattiesburg, said at a January budget hearing. 

Lawmakers have struggled to settle on a figure, in part because of a roughly $160-million discrepancy between the agency’s current request and a November budget proposal from Gov. Tate Reeves, whose office oversees the Division of Medicaid.

“That is a considerable difference from virtually within the same office,” McGee said in January before posing a slew of questions to agency leaders. “We feel like we have an obligation to dig in and understand.”

And, Medicaid’s request has grown since the fall, when state agencies made initial budget requests. Officials’ January request of $1.36 billion was about $45 million higher than the request it made in August, following a routine actuarial report. These periodic reports are used to forecast Medicaid’s fluctuating costs.

State legislators sent the agency’s funding bill to final negotiations between the chambers Wednesday, indicating that they have not yet reached a decision on the Medicaid budget. 

The Division of Medicaid and the governor’s office did not respond to Mississippi Today’s request for comment. 

Lawmakers seek ‘solid number’

In recent years, state lawmakers granted Medicaid marginal funding increases as the agency relied on a reserve of funds leftover from the COVID-19 pandemic to balance its budget. But with the surplus now exhausted, agency officials say a significant boost in state appropriations is necessary to maintain services at the same level. 

Senate leaders appear more willing to grant the agency’s budget request, but they have acknowledged that they are trying to pin the agency’s leaders down for a specific, final dollar figure.

“Numbers have fluctuated, so we’re trying to get them to give us a solid number,” Senate Medicaid Chairman Kevin Blackwell said of the agency. 

The two legislative chambers seem far apart on how much state money they are willing to spend on the agency. The House’s initial budget proposal would spend roughly $969 million in state money on the agency, a figure close to last year’s appropriation. The Senate proposed spending $1.07 billion — roughly $100 million more than last year but still about $290 million under the agency’s request. 

Senate Appropriations Chairman Briggs Hopson said the initial appropriations bill he passed for the agency was a placeholder measure, but he anticipates that the amount of state dollars going to Medicaid’s budget this year will increase.

“In the 19 years I’ve been here, I’ve been involved in some capacity with working on the Division of Medicaid’s budget,” Hopson said. “And it’s hard for the Medicaid director to know the exact amount that Medicaid needs.” 

He said the division has largely been responsive to his questions about the budget, but he “still wants a little more detail” from them on their final request.

“The first number they gave us, frankly, was a little high,” Hopson said.

The lack of consensus on one of the state’s largest budget items, with roughly three weeks left in the legislative session, puts lawmakers in a challenging position, especially amid an ongoing, contentious debate over teacher pay raises and funding the state’s public pension system, while the state is phasing out its income tax. 

Cindy Bradshaw, the executive director of Mississippi Medicaid, has warned that underfunding the agency could force it to cut payments to providers. 

“We can certainly control the budget if we need to,” she told members of the House appropriations committee in January. “But it’s not going to come without there being a reduction of what we reimburse to the providers. And nobody wants to reduce what we pay to the providers.” 

Richard Roberson, president and CEO of the Mississippi Hospital Association, said Bradshaw informed him cuts to provider payments could be as high as 11%, though she did not describe how the figure was calculated or how it would be applied. 

Roberson said he is hopeful that Medicaid won’t be forced to make those cuts, but he also wants lawmakers to remain mindful of the budget’s impact on state taxpayers.

“Somewhere there is a solution that balances the needs of taxpayers to have a fiscally conservative program, but to make sure that providers can pay for the increasing cost of care,” Roberson said. “It’s a tight rope to walk between what the state can afford to pay and caring for high-acuity level patients.” 

And cuts to provider payments would not only impact doctors, but also patients and particularly children, over half of whom are covered by Medicaid, said Dr. Patricia Tibbs, the president of the Mississippi chapter of the American Academy of Pediatrics. 

Doctors could stop accepting Medicaid patients or be forced to close their practices if payment rates fall, exacerbating existing physician shortages and care gaps, she said. And cuts to benefits could have drastic consequences for children’s development. 

“Any cuts to Medicaid will really affect children’s care,” Tibbs said. 

A looming cliff

The Division of Medicaid has warned legislators for years that a significant budget increase was on the horizon.

During a September 2024 budget hearing, Drew Snyder, the former state Medicaid director, told lawmakers they would be forced to make difficult decisions about program spending in coming years. 

“Since the end of the public health emergency was announced in late 2022, we’ve been bracing for a dramatic increase in state spending, and there is catch-up coming,” said Snyder, who left the agency in October 2024. 

During the pandemic, the federal government provided an enhanced match for state Medicaid funding in exchange for states keeping individuals enrolled during the emergency. As a result, Medicaid’s cash balance soared to $682 million in 2023, according to agency documents. 

States were required to resume normal eligibility determinations in 2023. As the enhanced federal funding ended and states were once again allowed to remove ineligible participants from their rolls, Mississippi’s enrollment declined sharply, falling by over 185,000 beneficiaries in the year following its June 2023 peak, and continuing since then. 

Snyder told Mississippi Today on Wednesday he was not surprised by the agency’s budget request for the upcoming fiscal year. 

“Honestly, we were projecting in early 2024 larger numbers than that,” he said, noting that the numbers may be lower than earlier projections because Medicaid enrollment has fallen.

In addition to spending surplus funds, Medicaid has been facing rising costs for nursing home care and home- and community-based waiver programs, which allow Medicaid beneficiaries to receive long-term care in their homes or communities rather than in institutions, Bradshaw told lawmakers during budget hearings. 

Last year, the Division of Medicaid requested a $160 million increase from the Legislature in anticipation of expiring federal funds, but lawmakers approved only about $60 million. When the surplus fund was depleted during the current fiscal year, legislators advanced a measure to give the agency a $35 million deficit appropriation to cover the current shortfall. This has not yet been approved by state lawmakers. 

Agency leaders said in September the Division of Medicaid has stalled planned rate increases and cut back on spending in anticipation of the pending deficit. 

Other states also received enhanced federal funding for Medicaid, but, to his knowledge, others are not facing the same funding cliff, said Edwin Park, a research professor who studies Medicaid policy and teaches at the Georgetown University McCourt School of Public Policy. Devoting the money to a reserve is “better than what some states may have done,” he added, such as using the money to bolster their general funds.

Roberson said he also was not aware of other states facing the possibility of a similar budget increase dilemma that could lead to cuts for providers. 

Park said state Medicaid programs can cover budget shortfalls by increasing taxes or making cuts to provider payments, benefits or eligibility.

In the past, state Medicaid programs have increased provider taxes, which are used to draw down federal matching funds, to cover shortfalls, Park said. But increasing the taxes is no longer an option after Congress passed the One Big Beautiful Bill Act in July, which freezes states’ existing tax rates. 

These budgetary pressures will only worsen under the gradual reduction in supplemental payments to hospitals, which bolster low Medicaid payments and will start to be phased out in 2028, Parks added.

“There’s nothing else on the horizon that is going to give the state any relief from a budget perspective,” Roberson said. 

Lawmakers have until March 28 to file their first negotiated budget proposal for Medicaid.