Medicare Part D Creditable Coverage Notices:
Required by Law:
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 employees and or retirees whether their plans qualify as “creditable coverage” or “non-creditable” coverage. Creditable coverage is defined by The Center for Medicare and Medicaid Services (CMS) as prescription drug coverage with an actuarial value equal to or exceeding the value of standard Medicare Part D coverage. This disclosure is required whether the coverage you offer is primary or secondary to Medicare. For help in determining if your plan is Creditable please feel free to contact us at 630-236-7300 or by email at firstname.lastname@example.org
Your creditable coverage notice must be sent out to any Medicare eligible employees or dependants on your health plan by October 15, 2012. For a sample Creditable Coverage Letter click here. You’ll find instructions regarding the timing, manner and form for this important Disclosure Notice at CMS Disclosure Notices. In general, if you provide prescription drug coverage to Medicare eligible members, you are required to provide them a Creditable or Non-Creditable notification by October 15, 2012.
To learn more about Medicare Part D, creditable coverage and your responsibilities as an employer, please visit Part D Overview.
You must also notify CMS online here if you provide prescription drug coverage to Medicare eligible members and or retirees. This form can only be completed online.
This second disclosure requirement is for entities to complete the Online Disclosure to CMS Form to report the creditable coverage status of their prescription drug plan. The Disclosure should be completed annually no later than 60 days from the beginning of a plan year (contract year, renewal year), within 30 days after termination of a prescription drug plan, or within 30 days after any change in creditable coverage status.
Rigby Group hopes this notice helps with your understanding and compliance. If you would like help determining if you need to provide notices or if your plan is “creditable” or not, or just have questions please feel free to contact us by phone at 630-236-7300 or by email at email@example.com