The Center for Medicare & Medicaid Services (CMS) requires employers to provide a Medicare Part D Creditable Coverage Disclosure Notice to all Medicare eligible individuals. This notice must be distributed ANNUALLY to all current (or soon to be) Medicare eligible employees as well as Medicare eligible spouses and/or Medicare eligible dependents enrolled or eligible to enroll in the employer group health plan. This group may include individuals who are disabled, on COBRA, or retired.
The annual open enrollment period for Medicare Prescription Drug plans is October 15 to December 7 for coverage beginning every January 1st.
What does the notice say?
The notice is designed to help Medicare eligible individuals decide whether or not to enroll in a Medicare Part D Prescription Drug Plan. The Medicare Part D Creditable Coverage Disclosure Notice helps individuals who are eligible for or covered by an employer group health plan decide whether the prescription drug coverage available under the employer group health plan is comparable to the prescription drug coverage that would be available to them under a standard Medicare Part D Prescription Drug Plan.
What am I required to do?
The notice must be distributed to all health plan participants by October 14th of each year, as well as provided to all members at the time they initially join your health plan. You should also review your procedures for delivering annual disclosure notices to Medicare Part D eligible individuals, and review/revise any customized versions of the notices. An easy way to ensure that you are in compliance is to make this notice available annually as part of your open enrollment process.
Where can I get help or find the form?
To download our Medicare Part D fact sheet, CLICK HERE.
For guidance documents related to Creditable Coverage requirements, CLICK HERE.
To download Model Disclosure Notices for both Creditable, and Non-Creditable Coverage, CLICK HERE.
If you should have additional questions, please do not hesitate to contact your Client Consultant at Borislow Insurance.