October 4, 2013
Employers providing healthcare insurance that includes prescription drug benefits are required to notify Medicare-eligible employees by October 15 of each year whether their drug benefit is "creditable coverage," meaning that it is expected to cover, on average, as much as the standard Medicare Part D prescription drug plan.
The Centers for Medicare and Medicaid Services (CMS) require that companies provide the notice before the annual Medicare Part D election period, October 15 to December 7 each year for coverage beginning January 1. The creditable-coverage notice must be given to all Part D-eligible individuals who are covered under, or apply for, an employer's prescription drug benefits plan. This requirement applies to Medicare beneficiaries who are active employees and those who are retired, as well as Medicare beneficiaries who are covered as spouses under active or retiree coverage.
There are two CMS disclosure requirements which include:
For complete guidance and sample disclosure notices for this requirement, please visit the CMS Creditable Coverage website.
For many small businesses, the grand reopening is still on hold. The rapid spread of the Delta variant of COVID-19 has mired a variety of companies in diminished revenue and serious staffing shortages. In response, the Small Business Administration (SBA) has retooled its Economic Injury Disaster Loan (EIDL) program to offer targeted relief to eligible employers.
When the pandemic first began, families had to adjust to a new normal: Family time, all the time.
As summer winds down and the calendar turns to September, let’s take a look at what kind of calendar you’re turning.