Did you know that not only do you have to send out Medicare Part D Notices to your Medicare-eligible employees, but YOU as an Employer must also disclose to CMS (Centers for Medicare & Medicaid Services) whether your prescription drug coverage is creditable? This disclosure much be made to CMS on an annual basis.
This disclosure must be made at the following times:
Within 60 days after the beginning date of the play year for which you are providing the form.
Within 30 days after the termination of the prescription drug plan and;
Within 30 days after any change in the creditable coverage status of the prescription drug plan.
Plan sponsors are required to provide the disclosure notice to CMS through the completion of the disclosure form on the CMS Creditable Coverage Disclosure webpage.
This is the sole method for compliance with the CMS disclosure requirement.
Please see attached document from CBSI regarding these Medicare Notices and please note the end of the document where this reporting requirement is specifically addressed.Share