It’s time to send your annual Medicare Part D notice if you have not already done so. Annually, health plan sponsors that offer prescription drug coverage must notify Medicare eligible individuals whether or not their prescription drug plan is creditable or non-creditable.
- This notice provides information to individuals when making decisions on enrollment in Medicare Part D.
- The due date is before the Medicare enrollment period which runs from Oct 15 to December 7.
- Prescription drug coverage is creditable when the actuarial value is equivalent or greater than Medicare’s standard Part D prescription drug coverage.
Providing this notice to all participants (employees and retirees eligible to enroll) is a best practice to ensure all who need to receive it do so. It can be included in annual open enrollment materials if it is prominent and conspicuous, sent in a separate paper mailing, or provided electronically to employees with regular access.
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