Employers who provide prescription drug coverage to workers, dependents or retirees age 65 or older—those who are eligible for Medicare Part D—should be ready for March 1. That’s the day by which calendar-year plans must disclose to the Centers for Medicare and Medicaid Services whether their drug plan is “creditable” -- at least as good as Medicare Part D’s prescription drug benefit -- or “noncreditable” -- not as good.
A report from the Society for Human Resource Management reminds employers that Medicare-eligible employees, retirees and dependents, too, must be notified at least once a year whether the drug coverage they’re offered is creditable or noncreditable. Those notices are required each year before the annual Part D enrollment window, which opens each Oct. 15.
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