CMS Issues Procedures and Deadlines for Disclosure of Medicare Part D Creditable Coverage

The Centers for Medicare & Medicaid Services (CMS) has issued long-awaited guidance on how and when businesses should notify CMS of whether their prescription drug coverage is creditable for the purposes of Medicare Part D.  According to the notice, any employer wishing to notify CMS of their prescription drug plan’s creditable coverage status must file a disclosure agreement online at the CMS website.  To access the form, please click here.

The notice also specifies annual deadlines by which this information must be submitted.  For plan years that end in 2006, disclosure forms must be filed with CMS by March 31, 2006.  For plan years that end in 2007 and beyond, the filing deadline is 60 days after the first day of that plan year.  Also, disclosure forms must be filed within 30 days after the termination of a plan’s prescription drug coverage or a change in its creditable coverage status.

To find out more, visit the CMS Creditable Coverage website, or if you need further assistance with filing your disclosure form or other creditable coverage issues, please contact our office at 919-403-1986.

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January 25, 2006

Hill, Chesson & Woody Employee Benefit Services

194 Finley Golf Course Rd, Suite 200,
Chapel Hill, NC 27517
Phone: 919.403.1986
Fax: 919.913.0237

www.hcwbenefits.com