Compliance Reminder: Distribute Your Medicare Part D Creditable Coverage Notice to All Employees before October 15th!
- Posted by Scott Wham
- On September 14, 2018
All businesses that offer their employees prescription drug benefits are required to send Medicare-eligible plan participants a notice about the depth of their coverage before October 15th of each year. This deadline is coming up fast, so it’s time to download the model notice template and update it to reflect your company’s information and this year’s specific plan options. The prescription drug coverage your company offers must be compared to Medicare every year to determine if it is expected to cover, on average, as much as the standard Medicare Part D prescription drug plan. Since every Medicare-eligible person on a group plan must receive a notice, a best practice is to give it to distribute it to all employees prior to October 15th, so that you don’t miss notifying a potentially Medicare-eligible dependent.
Kistler Tiffany Benefits can help you test your plan options to see if they cover as much as the standard Medicare plan, and we can also help review your notice content. The federal Centers for Medicare and Medicaid Services (CMS) has tools and model notices available for employers to use, so the process is relatively painless. The notification can be mailed or hand-delivered, and to make sure you don’t miss anyone, it should go to all active employees and retirees who participate in your company’s group health plan.