Tuesday, January 20, 2009

Tip of the Day: Get ready to issue creditable coverage notices

Although we're just a few days into '09, you know how fast time flies -- March will be here before you know it. Keeping that in mind, I -- and the folks at Buck Consultants -- want to remind you that group health plan sponsors that provide prescription drug coverage to Medicare Part D eligible individuals must annually disclose to the Centers for Medicare & Medicaid Services whether such coverage qualifies as creditable or non-creditable prescription drug coverage.

All plan sponsors that provide prescription drug coverage are required to make this disclosure, even if they do not make coverage available to retirees. Calendar year plans must submit the disclosure to CMS by March 1.

I'm curious. When it comes to meeting such regulatory requirements, are you generally an 11th-hour scrambler or an early bird that gathers no moss? Comment below and let us know.

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