VEChannel Event Profile

Medicare Part D Overview of the Rules and What You Must Do

Time is quickly ticking down on yet another requirement for group health plans. As part of the Medicare Part D rules, every group health plan that currently provides prescription drug coverage to Medicare beneficiaries must disclose whether that prescription drug coverage is or is not considered "creditable coverage." Essentially, the creditable coverage notice is intended to inform Medicare beneficiaries if the employers drug coverage is as good as the Medicare Part D coverage. If your plan covers active, retired, or disabled employees, or their spouses or dependents who are entitled to Medicare Part A or B (and therefore are eligible for Part D prescription drug coverage) these individuals must receive this notice by November 15th . Sounds easy. But as is usually the case, there is a little more to it. This informative webcast will discuss the following important Part D issues, and the specifics of the disclosure requirements: Just what is Part D coverage and how does it work? What are the "TROOP" and the "donut hole" and how do they relate to Part D coverage? What is the Part D subsidy that is available to employers who provide drug coverage that is actuarially equivalent to the Part D coverage? Do we need to hire an actuary if we want to get the subsidy? What other types of health plans have to make the creditable coverage disclosure; HRAs, HSAs, HFSAs, MSAs, EAPs, dental plans? What criteria are used to determine if prescription drug coverage is "creditable"? What information must be included in the disclosure notice and how is it required to be delivered? How does Part D coordinate with other prescription drug coverage? What if an individual chooses not to enroll in Part D now? What are the consequences if a plan does not provide the disclosure by the deadline? Must the notice also be provided to the Center for Medicare and Medicaid Services (CMS)? How will I know which participants (and their spouses, disabled dependents, etc.) in my group health plan are Medicare beneficiaries? How often is this notice required to be provided? Why do I need to know all this? Wont my insurance carrier be doing it? If youre like most employers, you will need to make the required Medicare Part D disclosures soon. Dont miss this opportunity to find out what you must do to comply!

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