An online disclosure notice must be submitted to CMS no later than 60 days from the beginning of a plan year. The notice requires employers to verify whether the company’s prescription drug coverage is “creditable” or “noncreditable” as defined by CMS. This is an annual requirement.
This disclosure requirement is in addition to the written Creditable Coverage notice, which should be distributed to all Medicare-eligible plan participants, including dependents and retirees, by October 15 of each year.
Most health plans are creditable. If you’re unsure of your plan’s status, please check with your Bukaty Companies benefits consultant.