Did You Comply With Medicare Part D?
If you did not meet the Medicare Part D deadline, here is what you need to know.
Employees/Dependents (Age 65 or greater) that are eligible for Medicare must be notified by October 15th if the employer sponsored Rx plan meets or exceeds Medicare Part D coverage. The Medicare Modernization Act (MMA) requires employers whose policies include prescription drug coverage to provide a written disclosure notice to all Medicare eligible policyholders of whether such coverage is creditable. Creditable coverage means that the coverage is expected to pay, on average, as much as the standard Medicare prescription drug coverage.
Employers must go to the CMS website to complete their responsibilities. Virtually all plans in the market pass credibility testing; the main issue for passing might be some drug cards under an HSA plan. If you need verification of your plan passing, please reach out to us and we can help. We have asked all our carriers to supply us with their testing results as well.
This disclosure must be provided prior to October 15th, 2016 (and at various times as stated in the regulations) to:
- 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; and
- Any retirees and their dependents
For more information, download the full article on Medicare Part D: