Under Federal regulations, employers are required to notify Medicare-eligible active employees and dependents whether the prescription drug coverage under your medical plan is “creditable” or “non-creditable” by November 14, 2006.
The insurance companies are recommending that you distribute the notification to all employees participating in your plan since you may not be aware of the Medicare-eligible status of all employees and their dependents. Creditable coverage is defined as a prescription drug benefit that has an actuarial value as good as or better than the standard Part D Medicare drug benefit.
All of the prescription drug plans offered by BMC Benefit Services’ clients are “creditable”. See the form letter for you to customize.