Creditable Coverage notice is an annual CMS requirement
Deadline for distribution is October 15; second disclosure deadline linked to plan year
Employers have an annual obligation to issue a Creditable Coverage notification to all plan participants who are Medicare eligible, including dependents and retirees. The notice informs Medicare-eligible participants whether their prescription coverage is at least as good as Medicare’s.
The written disclosure notice must be provided before October 15 to all covered Medicare-eligible individuals enrolled in a prescription drug plan. Model notices are available from the Centers for Medicare and Medicaid Services and are available for download.
Download the Creditable Coverage disclosure form.
Download the Noncreditable Coverage disclosure form.
Most health plans are creditable. If you’re unsure which form to use, please check with your Bukaty Companies benefits consultant. In the forms, areas for customization are highlighted. CMS has not made changes to the current model notices, which were released April 1, 2011.
Online disclosure also required
An online disclosure notice requires employers to verify whether the company’s prescription drug coverage is “creditable” or “non-creditable” as defined by CMS. This disclosure requirement must be completed no later than 60 days from the beginning of a plan year. This is an annual requirement.