05 Oct Medicare Part D Notices Due October 15
The Creditable Coverage notification requirements for Medicare eligible employees are required by the Centers for Medicare and Medicaid Services (CMS) on October, 15th of each year.
Plan sponsors whose plans provide prescription drug coverage to Medicare-eligible active employees and dependents, as well as Medicare-eligible retirees and dependents, are required to disclose both to their Medicare-eligible plan members and to the Centers for Medicare & Medicaid Services (CMS), whether their plans qualify as “creditable coverage” or “non-creditable” coverage. Creditable coverage is defined by CMS as prescription drug coverage with an actuarial value equal to or exceeding the value of standard Medicare Part D coverage.
This is a friendly reminder that all plan sponsors are required to notify their employees about their creditable coverage status. For your convenience, the model notification letters for both credible and non-credible coverage provided by CMS for this year can be found below and are in Word document format.
This is a friendly reminder that all plan sponsors are required to notify their employees about their creditable coverage status. For your convenience, the model notification letters for both credible and non-credible coverage provided by CMS for this year can be found below and are in Word document format.
Most likely you received (or will soon) communications from your health insurance carrier regarding this same issue. These communications most likely inform you that your prescription coverage is creditable or non-creditable. If you did not change your prescriptions coverage in the past year, the creditable coverage status has not changed either. If you have questions regarding the status of your coverage, please contact your health plan insurance carrier or my office.
For your convenience, we are attaching the model notification letters for both credible and non-credible coverage provided by CMS for this year in Word document format. Please note these notices are not modified and are the same as last year.
Lastly, you are required to notify CMS once per year regarding this status also. For plan years that end in 2007 and beyond, disclosure of creditable coverage status must be provided within 60 days after the beginning date of the plan year for which the entity is providing the disclosure to CMS. This notification may be done online at www.cms.hhs.gov/creditablecoverage/and clicking on “disclosure to CMS” under the heading “Related Links Inside CMS.”