 You are cordially invited to a Seminar on Healthcare Reform: What you need to know now!
This is the final seminar in our series for 2010! These sessions have been a huge success and have proven to be a great asset to our human resource managers and business owners.
This session will be lead by Jeanne Floyd, an attorney from Troutman Sanders LLP. Jeanne Floyd is an associate in the Employee Benefits & Executive Compensation Practice Group.
Click Here to Register for the morning session focusing on employer groups with 20 or more employees.
Click Here to Register for the afternoon session focusing on employer groups with 20 or fewer employees.
We look forward to seeing you!
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Medicare Part D Notice and CMS Reporting Requirements
The Medicare Modernization Act (MMA) requires entities (whose policies include prescription drug coverage) to notify Medicare eligible policyholders whether their prescription drug coverage is creditable coverage, which means that the coverage is expected to pay on average as much as the standard Medicare prescription drug coverage. For these entities, there are two disclosure requirements:
· The first disclosure requirement is to provide a written disclosure notice to all Medicare eligible individuals annually who are covered under its prescription drug plan, prior to November 15th each year and at various times as stated in the regulations, including to a Medicare eligible individual when he/she joins the plan. This disclosure must be provided to Medicare eligible active working individuals and their dependents, Medicare eligible COBRA individuals and their dependents, Medicare eligible disabled individuals covered under your prescription drug plan and any retirees and their dependents. The MMA imposes a late enrollment penalty on individuals who do not maintain creditable coverage for a period of 63 days or longer following their initial enrollment period for the Medicare prescription drug benefit. Accordingly, this information is essential to an individual's decision whether to enroll in a Medicare Part D prescription drug plan.
· The second disclosure requirement is for entities to complete the Online Disclosure to CMS Form to report the creditable coverage status of their prescription drug plan. The Disclosure should be completed annually no later than 60 days from the beginning of a plan year (contract year, renewal year), within 30 days after termination of a prescription drug plan, or within 30 days after any change in creditable coverage status. For more information go to the "Disclosure to CMS Form" Section on the left hand side of this page. -- This requirement does not pertain to the Medicare beneficiaries for whom entities are receiving the Retiree Drug Subsidy (RDS).Each year employers are required to disclose whether their prescription drug program is creditable to the Centers for Medicare and Medicaid Services (CMS). By now you should have received a creditable coverage notice from your group health benefits carrier.
To assist you, please consult the Centers for Medicare and Medicaid Services Website where you must disclose your creditable status. To complete the disclosure form; go to the left-hand box titled Creditable Coverage and click on "Disclosure to CMS Form."
For your convenience, we have have included the model notices to be provided to your Medicare eligible employees and their dependents by November 15th:
If you have additional questions, please contact us, your health benefits carrier, or the Medicare Service Center, 800-MEDICARE (800-633-4227) for more information.
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