Each year attention is given to the October 15 deadline to provide Medicare-eligible health plan participants with a letter clarifying if your company-provided prescription drug coverage is as least as good as Medicare’s.
What can be overlooked is the annual online disclosure to the Centers for Medicare and Medicaid Services (CMS), reporting whether your prescription drug coverage is “creditable” or “non-creditable.” The reporting requirement must be met no later than 60 days after the start of your plan year. Plans with a January 1, 2021, plan year should complete the online disclosure by March 1, 2021.
