Employers: Medicare Part D
On behalf of the employer’s plan, FCE Benefit's compliance experts take full charge of fulfilling the annual disclosure requirements set forth in the Medicare Prescription Drug, Improvement, and Modernization Act of 2003.
This means that FCE Benefits creates and distributes to Medicare-eligible employees the required “creditability notice.” This is an annual notice informing the employee how his or her prescription benefits under the employer’s plan compare to the Medicare prescription offering, which is voluntary. The purpose of this notice is to provide the employee a basis for electing or waiving the Medicare offering.
Also, FCE Benefits files an annual statement of the plan’s “creditability” (i.e., its actuarial value relative to the Medicare offering) with the Centers for Medicare & Medicaid Services (CMS), an agency of the federal government.