Navigating health insurance can be overwhelming. Whether you are an employer, an employee, on COBRA, unemployed, shopping for health insurance for you and your family, retiring or planning for Medicare, you don\u2019t want to miss your open enrollment opportunities. Below are important timelines, as we approach the health insurance open enrollment season. DDI is committed to help you evaluate your options and choose the coverage that best fits your company\u2019s and\/or your personal needs. Understanding your health coverage is more important than ever and DDI is here to help.<\/p>\n\n\n\n
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, 2024. This deadline is a result of the annual enrollment period for Medicare which is October 15 \u2013 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<\/a> for the full explanation of the Medicare Modernization Act\u2019s 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.
**Please note: Due to the improved Medicare Part D coverage (in 2025 the annual out-of-pocket maximum for drug costs will reduce to $2,000 from $8,000)<\/em> it is expected that more employer plans will not be creditable in 2025.
According to CMS:<\/em><\/strong>
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.<\/em><\/p>\n\n\n\n