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Creditable Coverage to Medicare Part D
By Nov. 15 (beginning of the annual Medicare coordinated election period), groups that offer prescription drug coverage to employees or retirees should notify their members of the creditable coverage status of their plan and of possible penalties for late enrollment in Medicare Part D if their current coverage is not creditable.
As defined by the Centers for Medicare & Medicaid Services, coverage is considered creditable if its actuarial value equals or exceeds the actuarial value of standard prescription drug coverage under the Medicare prescription drug benefit.
The Medicare Modernization Act imposes a late enrollment penalty on individuals who do not maintain creditable coverage for a period of 63 days or longer following their initial enrollment period for the Medicare prescription drug benefit.
Is my Providence Health Plan prescription drug coverage creditable to Medicare Part D?
Find your inventory code (printed at the bottom of your benefit summary) in one of the tables below:
How should I notify employees of the creditable coverage status of their prescription drug plan?
The Centers for Medicare & Medicaid Services provide sample notices for your convenience.
Learn more
For more information, visit the Centers for Medicare & Medicaid Services online.
