Each year, employers that provide prescription drug coverage to Medicare-eligible individuals through a group health plan must complete a two-step process regarding the prescription drug coverage they offer to active employees and their eligible dependents. The deadline for one of those required steps is fast approaching.
The two steps and their associated deadlines are as follows:
- Distributing the Medicare Part D Notice of Creditable/Non-Creditable Coverage: This notice informs plan enrollees whether the prescription drug coverage offered by the plan is creditable or non-creditable. Creditable coverage is at least as generous as a prescription drug plan offered directly through Medicare Part D. This notice must be distributed to plan participants no later than October 15 of each year.
- Completing the Online CMS Disclosure Form reporting on the number of employees and dependents who are enrolled in one of the employer-sponsored plans. The online disclosure must be completed within 60 days after the end of each plan year, which is March 1 (or February 29 for leap years) for plans that follow a calendar year. The Centers for Medicare and Medicaid Services (CMS) disclosure form along with other information related to the reporting can be found on the CMS website. Instructions and screenshots for reporting can also be found on the CMS website at the following link.
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