Compliance Alert: Annual Medicare Part D Notice of Creditable Coverage Are Due before October 14

The Medicare Part D Notice of Creditable Coverage must be provided to employees who are 65 and older no later than October 14 of each year. This required notice must go to all active participants and COBRA participants who are Medicare-eligible and must be provided prior to the Medicare open enrollment period, which commences from October 15 through December 7 annually.

This requirement applies to employers offering group health plan prescription drug coverage. Prescription drug coverage is considered “creditable” when it is expected to pay, on average, at least as much as Medicare’s standard Part D prescription drug coverage. Your insurance broker and/or insurance plan carrier will be able to assist you in making this determination.

Sample notices can be found here.

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