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.

Overheard At: Battling Brain Drain

Sanjiv Kumar, a principal and managing director at Buck Consultants gives tips about how to retain older workers, address the aging workforce challenges head-on and preserve the knowledge that your company needs before it gets lost when older workers retire.

News You Can Use: Buck, Mercer disagree on 2009 premium raises

Two studies on the same topic from consulting groups Buck and Mercer have benefit managers scratching their heads.

Mercer says premium raises will be the lowest in a decade, around 5.7%, while Buck predicts double-digit increases yet again, somewhere in the range of 10-11%.

We'll see how this one shakes out, but in the meantime, let's prepare for the worst and hope for the best!

Overheard At: The high cost of pharmacy benefits

PBMI's Dana Felthouse is our guest today. Download her podcast to hear Dana chat about Buck Consultant's new survey, discussed in-depth in an EBN Web Exclusive, "Employers look internally to manage rising drug costs."