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Our previous article Open enrollment is over — now what? included a number of post-enrollment “bugaboos” that employers must keep in mind before considering themselves done with open enrollment-related activities for another year, including what to do if your third-party administrator (TPA) has not yet provided a new summary plan description (SPD). This article will address in more detail what you should expect to receive, and what you need to do with that information.
The creditable status of your prescription drug coverage is based on how it compares to Medicare Part D prescription drug coverage. If the prescription drug coverage you offer is at least as good as the coverage offered under Medicare Part D, your coverage is “creditable.” If not, your prescription drug coverage is considered “non-creditable.” How do you know if the coverage you offer is at least as good as Medicare Part D?
The July 31 Form 5500 filing deadline for calendar-year ERISA plan sponsors is right around the corner. You may think you have all of your ducks in a row, but employers sponsoring health and welfare plans often make common errors which can lead to hefty penalties. It’s worth your time to take a closer look and make sure none of your ducks have gone astray.
March 1, 2019 is the deadline for employers with calendar year plans to disclose to the Centers for Medicare & Medicaid Services (CMS) whether the coverage they offer to Medicare eligible individuals is “creditable prescription coverage.” While the disclosure is voluntary, failing to disclose or properly notify Medicare eligible individuals can lead to an employee relations headache.
Planning for a successful open enrollment starts early, and requires thoughtful decision making, including determining what notices should be given to employees and their dependents, and when each notice must be provided. It’s important to comply with notice requirements, not only to meet legal obligations, but also to provide your employees and participants the information they need as they make their benefit decisions.
Our focus here will be non-Affordable Care Act (ACA) related employee benefits compliance. Yes, believe it or not, things continue to happen outside the realm of the ACA!
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