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Showing posts with the label Employer Mandate Penalties

October 2023 Benefits Buzz: Medicare Part D & more!

Deadline for Medicare Part D notices is Oct. 15 Each year, Medicare Part D requires group health plan sponsors to disclose whether the health plan’s prescription drug coverage is creditable to eligible individuals. Plan sponsors must provide the annual disclosure notice to Medicare-eligible individuals before Oct. 15 — the start date of the annual enrollment period for Medicare Part D. The Centers for Medicare and Medicaid Services has provided model disclosure notices for employers to use. Notice requirement Medicare beneficiaries will likely pay higher premiums if they enroll at a later date if they: do not have creditable prescription drug coverage; and do not enroll in Medicare Part D when first eligible. Although no specific penalties are associated with the notice requirement, failing to provide the notice may be detrimental to employees. Employers should confirm whether their health plans’ prescription drug coverage is creditable or non-creditable and prepare to send their Medi