This is a reminder for all of our clients. It’s that time of year again. Employers should distribute a notice to medicare eligible group members on whether their prescription coverage is creditable or non creditable.
Most plans are creditable. Generic only plans are non creditable. Plans where drugs are subject to the deductible before copays apply are generally non creditable. These notices are supposed to be sent out by November 15th. That coincides with the start of the Part D enrollment period.
If you are unsure if your plan is creditable, please call us. If your plan is creditable, you can use the notice below as a guide. Let us know if you have questions. We’re always happy to help. Mark
Date:
To: All Employees Covered Under the Company Medical Plan
We are required to provide the attached Medicare Part D Notice to all active and retired employees, and their covered dependents, who participate in our medical/prescription drug insurance plan. This Notice is only applicable if you, or a dependent on your medical plan, are eligible for Medicare coverage.
The purpose of the Notice is to confirm that your present prescription drug plan through our medical insurance plan provides “creditable” coverage. This means that the benefits of our plan meet or exceed the benefits of the Medicare Part D plans that are being offered, and you will therefore not incur a penalty if you choose coverage under a Medicare Part D plan at a date after the initial enrollment period.
Please retain this Notice for future use, if necessary.
Thank you.
Sincerely,
