CMS has issued an announcement regarding the Medicare Part D benefit parameters for 2019
Employer plan sponsors that offer prescription drug coverage to Part D-eligible individuals must disclose to those individuals and to CMS whether the prescription plan coverage is creditable or non-creditable as compared to Medicare Part D coverage. For coverage to be considered creditable, the actuarial value of the employer's coverage must be, on average, as good or better than standard Medicare prescription drug coverage.
BK Group Benefits automatically reports your plans to CMS after Open Enrollment has closed. Creditable Coverage Letters are also available online in your secure Employee Navigator Portal for easy access throughout the year.
Creditable Coverage Notices need to be sent to employees each year prior to October 15th, but may be supplied throughout the year as needed, such as newly Medicare Part D eligible participants,
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Source: HR 360, Inc.
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