February 2016 Compliance Newsletter

February 2016 Compliance Newsletter

by Posted on: February 8, 2016Categories: HR & Compliance   

Medicare Part D Disclosures due by March 1, 2016 for Calendar Year Plans

HIGHLIGHTS

  • Employers with health plans that provide prescription drug coverage to individuals who are eligible for Medicare Part D are subject to certain disclosure requirements.
  • Plan sponsors must complete an online disclosure form with CMS within 60 days after the start of the plan year, or March 1, 2016, for calendar year plans

IMPORTANT DATES

March 1

Deadline for sponsors of calendar year plans to complete an online disclosure form with CMS.

October 14

Deadline for group health plan sponsors to provide creditable coverage disclosures to Medicare-eligible individuals.

OVERVIEW

Group health plan sponsors are required to complete an online disclosure form with the Centers for Medicare & Medicaid Services (CMS) on an annual basis and at other select times, indicating whether the plan’s prescription drug coverage is creditable or non-creditable.

The plan sponsor must complete the online disclosure within 60 days after the beginning of the plan year. For calendar year health plans, the deadline for the annual online disclosure is March 1, 2016.

This disclosure requirement applies when an employer-sponsored group health plan provides prescription drug coverage to individuals who are eligible for coverage under Medicare Part D.

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