Requirement: Medicare Part D – Creditable Coverage Notices
Deadline: October 14
Overview: Group health plan sponsors that provide prescription drug coverage to Medicare Part D eligible individuals must disclose whether the prescription drug coverage is creditable or not. Medicare Part D creditable coverage disclosure notices must be provided to participants before the start of the annual coordinated election period, which runs from Oct. 15-Dec. 7 of each year. Coverage is creditable if the actuarial value of the coverage equals or exceeds the actuarial value of coverage under Medicare Part D. This disclosure notice helps participants make informed and timely enrollment decisions
Disclosure notices must be provided to all Part D eligible individuals who are covered under, or apply for, the plan’s prescription drug coverage, regardless of whether the prescription drug coverage is primary or secondary to Medicare Part D
Model disclosure notices are available on CMS’ website.
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This Compliance Overview is not intended to be exhaustive nor should any discussion or opinions be construed as legal advice. The requirements and deadlines outlined in this Compliance Overview are subject to change. Readers should contact legal counsel for legal advice.