Employers that offer prescription drug coverage must provide annual notices of “creditable” or “non-creditable” coverage to Medicare-eligible employees or covered dependents. Typically, these notices must be delivered before October 15th of each calendar year, the date of commencement of the annual Medicare Part D open enrollment period.
These notices provide valuable information to eligible Medicare beneficiaries to help them decide whether to enroll in an employer coverage option or to enroll in Medicare Part D. Medicare beneficiaries who are not covered by creditable prescription drug coverage and do not enroll in Medicare Part D when first eligible will likely pay higher premiums when they enroll at a later date. The annual enrollment period runs from October 15, 2024, through December 7, 2024. A sample notice is provided by the Centers of Medicare and Medicaid Services (“CMS”) at this Link.
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