Medicare requires employers that offer prescription drug coverage to Medicare-eligible individuals to satisfy two notice requirements- Rebecca shares what you should know.
Medicare requires employers that offer prescription drug coverage to Medicare-eligible individuals to satisfy two notice requirements:
1. Prior to October 15 each year, the employer must provide Medicare-eligible individuals with a Medicare Part D Creditable or Non-Creditable Coverage Notice. These notices serve to notify the individuals whether the employer-offered prescription drug coverage is “creditable” under law. Coverage is generally “creditable” if it is expected to pay, on average, as much as the standard Medicare prescription drug coverage.
2. Within 60 days of the beginning of each plan year, the employer must complete an online disclosure to the Centers for Medicare and Medicaid Services (CMS) to report whether the coverage offered is “creditable.”
For more information on the Medicare Part D notice requirements please contact Rebecca here.