Medicare

Medicare Part D Disclosure to Individuals Due by October 14

In preparation for the Medicare fall open enrollment period, employers sponsoring group health plans that include prescription drug coverage are required to notify all Medicare-eligible individuals whether such coverage is "creditable" under the law.

Creditable coverage means that the coverage is expected to pay, on average, as much as the standard Medicare prescription drug coverage.

Written Disclosure to Individuals

Employers can satisfy this notice requirement by providing a written disclosure notice annually by October 14, and at 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 group health 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

Model notices are available from the Centers for Medicare & Medicaid Services (CMS).

Online Disclosure to CMS Also Required

Additionally, employers are required to complete an online disclosure to CMS to report the creditable coverage status of their prescription drug coverage. This disclosure must be completed annually no later than 60 days from the beginning of a plan year, and at certain other times.

Our section on Medicare further details how the program impacts group health plans.

Let QBI know how we can help you.

 


Information provided HR360, the award-winning online HR library featuring easy-to-understand guidance on federal and state labor laws and Health Care Reform along with interactive HR tools and hundreds of forms and posters.The information and materials herein are provided for general information purposes only and are not intended to constitute legal or other advice or opinions on any specific matters and are not intended to replace the advice of a qualified attorney, plan provider or other professional advisor. This information has been taken from sources which we believe to be reliable, but there is no guarantee as to its accuracy.

 

 

Women vs. Men – Differing Financial Outlooks

According to the recently released 2015 BlackRock Global Investor Pulse Survey, American women...

Read more

Combating Workplace Stress through Education

NAPA reported that a new survey by Ramsey Solutions indicated that “Workers who listed their...

Read more

Why do I need to restate my 403(b) plan document?

All organizations sponsoring 403(b) plans must now “restate” their plan documents...

Read more