it’s that time of year again! medicare d notice reminder

All employers, large and small, who offer prescription drug coverage are required to inform their employees and CMS if their prescription drug plan is Medicare creditable by October 15, 2021. This deadline is a result of the annual enrollment period for Medicare which is October 15 – December 7th each year. Even if you are unsure of Medicare eligibility it is recommended to provide this notice to your benefit eligible employees and their dependents.

Please click here for the full explanation of the Medicare Modernization Act’s requirements as well as model notices of the required forms. Any members (including dependents) who are eligible or will be eligible within the next year for Medicare must receive the notice. Employers must also notify CMS via their online form as to whether their plans are or are not creditable.

According to CMS:

This disclosure must be provided to Medicare eligible active working individuals and their dependents, Medicare eligible COBRA individuals and their dependents, Medicare eligible disabled individuals covered under your prescription drug plan and any retirees and their dependents. The MMA imposes a late enrollment penalty on individuals who do not maintain creditable coverage for a period of 63 days or longer following their initial enrollment period for the Medicare prescription drug benefit.

Click here to download the model notice letters you can customize and send to employees. If you are unsure whether your plan is creditable or not, please contact your health insurance carrier or DDI. Most carriers send notices to clients indicating if the plan was creditable. Also, you need to re-evaluate the creditability of your prescription plan if you make changes at your plan’s renewal, and notify your employees accordingly.

Please Note:
If you are a DDI Administration / Outsourcing client, we will send the letter to your employees on your behalf.
Please call us with any questions.

preview of 2022 small group and individual monthly health plan premium rates:

Each year, the Oregon state Division of Financial Regulation conducts a health insurance rate review process for health plans offering individual and small business plans.  The 2022 rate changes have been finalized. The average overall increase for small group and individual plans among all carriers for 2022 is 1.5%.  Please note that these are only averages as reported by the Oregon Department of Consumer & Business Services, and your rates may vary.  Small group employer rates, < 50 employees, are determined by average age of enrollees, specific benefits, the number of family members enrolled, and geographic location. Click here for an overview of the Final rate decisions released for 2022 health plans in Oregon.