ONLINE FORM FOR EMPLOYERS OFFERING PRESCRIPTION DRUG COVERAGE TO MEDICARE PART D-ELIGIBLE INDIVIDUALS
The Medicare Modernization Act requires employers that provide prescription drug coverage to Medicare-eligible individuals to complete the Online Disclosure Form to the U.S. Centers for Medicare & Medicaid Services (CMS) to report whether such coverage is creditable prescription drug coverage. Creditable coverage means that the coverage is expected to pay, on average, as much as the standard Medicare prescription drug coverage.
This disclosure is required annually, no later than 60 days from the beginning of a plan year—typically March 1st for calendar year plans—and at certain other times.
ADDITIONAL DISCLOSURE REQUIREMENTS
Under the law, employers whose groups health plans offer prescription drug coverage also must provide a written notice to all Medicare-eligible individuals disclosing whether such coverage is creditable. This disclosure must be provided annually prior to October 15th, and at various other times as required under the law.
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