Does your organization sponsor a group health plan that includes prescription drug coverage? If so, please take note of the upcoming compliance deadline regarding Medicare Part D Creditable Coverage Notices.
This written disclosure notice must be provided annually prior to October 15th (as well as various other times as required under the law) to the following individuals:
- Medicare-eligible active working individuals and their dependents (including a Medicare-eligible individual when he or she joins the plan)
- Medicare-eligible COBRA individuals and their dependents
- Medicare-eligible disabled individuals covered under an employer’s prescription drug plan
- Any retirees and their dependents
Creditable coverage means that the coverage is expected to pay, on average, as much as the standard Medicare prescription drug coverage.
The Centers for Medicare & Medicaid Services (CMS) provides model notices for employers to utilize when satisfying this compliance requirement.
Please note that employers are also required to complete an online disclosure to CMS to report the creditable coverage status of their prescription drug plans. This disclosure is also required annually, no later than 60 days from the beginning of a plan year, and at certain other times.
I hope that you find this compliance reminder helpful. If you have any questions, please contact the CBG Benefits team at 781-759-1222 or via email at info@CBGBenefits.com.