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Medicare Part D Notice of Creditable (or Non-Creditable) Coverage

Plan sponsors of group health plans providing prescription drug coverage to individuals who are eligible for Medicare Part D prescription drug coverage are required to satisfy certain notice requirements.

Individuals must enroll in Medicare Part D prescription drug coverage when first eligible (generally, at age 65). If they do not do so, they are subject to a permanently higher monthly premium when enrolling at a later date. A key exception to this general rule is for individuals who do not enroll when initially eligible because they are already enrolled in creditable prescription drug coverage. Coverage is considered creditable if it is at least as good or better than the actuarial value of Medicare Part D prescription drug coverage. The required notice of creditable coverage (or notice of non-creditable coverage) is designed to help individuals determine the timing of when they must enroll in Medicare Part D.

Read the Benefits Brief.

Contact your Cowden representative for more information on this or other compliance issues.