The renewal is wrapped up, now what? A good number of employers run their benefit plans calendar year. Regardless of when you renew, there are action items you must complete following your renewal if you offer prescription drug coverage.
One of those items is completing an online disclosure to the Centers for Medicare and Medicaid Services (CMS) within 60-days of the start of your plan. This disclosure must report whether the coverage offered is "creditable," meaning it is expected to pay, on average, as much as the standard Medicare prescription drug coverage. Employers that offer creditable coverage via a non-calendar-year plan must also comply with the disclosure requirement within 60 days of the beginning of the plan year.
If you renewed January first, make sure to disclose your data by March 1st to remain compliant with this reporting rule. To complete your online disclosure, click here. For more information, please reach out to OmniaHR today.