Rebecca Scandaliato, Vice President, Employee Benefits, reviews the Open Enrollment period for Medicare Part D.
The Annual Open Enrollment for Medicare Part D coverage begins on October 15th of each year. Employers who sponsor group health plans that include prescription drug coverage must provide the Medicare Part D Creditable or Non-Creditable coverage notice to Medicare-eligible individuals prior to October 15th.
This letter will explain to the individual if the coverage they have through the group plan is expected to pay on average as much as the standard Medicare prescription drug coverage. Individuals who do not maintain creditable coverage for 63 days or longer following their initial enrollment period for Medicare Part D may be required to pay a late enrollment penalty.
This information is essential to the decision to enroll in a Medicare Part D prescription drug plan.