Medicare Notice Deadline Approaching

September 12, 2014

Employee Benefit & HR News

Its that time of year where as an employer offering prescription drug coverage to Medicare Part D Eligible employees, the Centers for Medicare and Medicaid Services (CMS) requires you to notify these members if the drug coverage is Creditable or Non Creditable by no later than October 15th of every year and annually notify CMS, online within 60 days after the first day of the plan year of the coverage status.

REQUIREMENTS

Provide notice to Medicare eligible individuals whether the plans prescription drug coverage is creditable or not creditable. Most insurance carriers or Pharmacy Benefit Managers (PBM’s) are providing notices to employers as to whether the coverage is Creditable or Non Creditable. If you did not receive a notice from the carrier you can call and ask them.Although you are only required to provide this notice to Medicare eligible participants we recommend you provide this notice to all employees in the event an employee has a spouse or dependent who is Medicare eligible that you may not be aware of. CMS  provides detailed guidance and model notices on their website.

Provide notice to Centers for Medicare and Medicaid Services (CMS) of employer program status. The online disclosure form can be found on the CMS website .

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About Christopher Johnson

Christopher manages the consulting services department of J.W.Terrill providing regulatory, analytical, technical and wellness support to clients.

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