Medicare’s Annual Election Period (AEP) begins on October 15, 2016, and ends on December 7, 2016.
Employers who provide group prescription drug coverage to Medicare Part D eligible individuals (employees or dependents) must distribute notices indicating whether their employer-sponsored prescription drug coverage is creditable or non-creditable. Notices must be distributed by October 15, 2016, the start of AEP.
Information in these notices is essential for Medicare eligible individuals to make a decision regarding whether or not to enroll in a Medicare Part D (Prescription Drug Program) plan during this year’s AEP. Those who fail to maintain creditable coverage for 63 days or longer after their initial Medicare enrollment period are subject to a late enrollee penalty for the remainder of their time on Medicare Part D.
Employers may turn to you for assistance as their broker. As part of our commitment to you, we’re happy to provide Medicare-related resources to help you serve your clients’ needs – and to save you valuable time. To access these tools, click here.