Rx Creditable Coverage Determinations For 2012
September 29, 2011
Federal regulations state that plan sponsors (employer groups) providing prescription medication coverage to Medicare-eligible individuals must inform those individuals whether their prescription drug coverage is "creditable" under Medicare Part D's prescription drug coverage rules. This information must be provided to employees who are covered under its prescription drug plan prior to October 15.
We’ve determined that the creditable coverage status of some products has changed for groups with an effective date of Jan. 1, 2012 or later. The Rx Creditable Coverage Grid for our standard products and the Creditable Coverage FAQ have been updated for 2012 and are posted to the Producer website in the Pharmacy section. The 2011 Creditable Coverage grid will be available through January for reference. The Producer FAQs have been updated to reflect the revised Annual Election Period for 2012 (October 15 – December 7).
Employers must notify Centers for Medicare & Medicaid Services (CMS) of the creditable coverage status of their prescription plan annually. They must do so 30 days following the effective date of any change in the creditable coverage status of any of their benefits. Visit the CMS website to learn more about the disclosure requirements.
If you have questions, please talk to your Regence Sales team.
« Back to Communications
|
