Each year, Medicare Part D requires employers to disclose to individuals who are eligible for Medicare AND enrolled on the group health plan whether the health plan’s prescription drug coverage is creditable. If you have individuals who fall in this category you will need to contact your broker to determine whether the health plans’ prescription drug coverage is creditable or non-creditable.
Plan sponsors must provide the annual disclosure notice to Medicare-eligible individuals before Oct. 15, 2021—the start date of the annual enrollment period for Medicare Part D. CMS has provided model disclosure notices for employers to use.
This notice is important because 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 if they enroll at a later date. Although there are no specific penalties associated with this notice requirement, failing to provide the notice may be detrimental to employees.
QUESTIONS TO ASK AT YOUR HEALTH PLAN RENEWAL
Fourth-quarter is upon us and many companies are making decisions about their employee benefit plans over the next few months. Although it’s a conversation most are not looking forward to, it’s important to take the time to review your plan and the overall strategy with your broker. In an increasingly competitive employment environment, your employee benefit plan needs to be flexible enough to meet the needs of employees across multiple generations, while also simplifying administration and controlling premium increases.
MAKING YOUR JOB POSTING STAND OUT
Filling a job vacancy is a big task. Unfortunately, you get only one chance to make a first impression, and the job posting is often your very first contact with a potential employee. But how do you make your job posting stand out above the rest? Watch the video below to learn five fast tips to make your job posting stand out.
WE’RE HERE TO HELP YOU
Our Employee Benefits Team can help you find the Employee Benefits Plan that is just right for you and your employees.