Required by Employers by October 14 on Another Annual Group Health Plan Compliance Deadline
BY PAUL ROBERTS
All employers offering prescription drug benefits to employees are required to provide annual notifications to Medicare-eligible employees and dependents before Oct. 15, regarding the drug status of their plan(s).
These notices help Medicare-eligible individuals make informed decisions about their health insurance and drug benefit options, so they may obtain the best coverage for their needs. It also helps Medicare consumers avoid potential Medicare penalties.
The employer’s required notification discloses whether the prescription drug benefits provided by the group health plan are “creditable” or “non-creditable,” when compared to the prescription drug benefits provided by Medicare Part D drug plans.