The deadline for providing the Medicare Part D creditable coverage notice is almost here.
Any employer who sponsors a health plan with prescription drug coverage must provide the notice by Nov. 15.
If you sponsor such a plan, your notice must explain the benefits provided under your prescription drug plan and whether it’s at least equal to the benefits offered under Medicare Part D.
Reason: To help plan participants decide whether to enroll in Medicare Part D.
The notice must be provided:
- at least annually before Nov. 15
- whenever a Medicare-eligible employee enrolls in your health plan
- whenever there’s a change in the creditable or non-creditable status of your prescription drug coverage, and
- whenever an individual requests the notice.
Note: You do not have to provide the notice if your company has its own Medicare Part D-comparable plan.
Samples: Model notices are available on The Centers for Medicare and Medicaid Services’ Web site.