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Your Health Plan and Medicare Part D - What to Know About Drug Coverage

9/16/2020

5 Comments

 
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If you’re an employer sponsoring a group health plan or an insured covered under your employer’s plan, it’s important to learn about Medicare Part D.

Coverage for prescription drugs became available in 2006 for everyone with Medicare. This is referred to as Medicare Part D. If you’re about to become Medicare eligible (the first of the month you turn age 65) and are still covered under your employer's health plan, you need to know some details about your plan’s prescription drug coverage in order to decide what to do about Medicare Part D.
Your health plan should be able to tell you if your prescription drug coverage is “Creditable Coverage”. This means your coverage is expected to pay benefits that are as much as standard Medicare Part D. If you have Creditable Coverage with your employer plan, you can keep that coverage and not have to pay a higher premium (a penalty) if you later decide to join a Medicare drug plan.

If your health plan’s prescription drug coverage is “Non-Creditable Coverage”, this means you will get more help with your drug costs through a Medicare drug plan. But most importantly, it means that if you decide NOT to enroll in Medicare Part D when you first become Medicare eligible, you will pay a higher premium when you do enroll. The penalty for this late enrollment goes up by at least 1% for every month that you delay enrolling under Medicare Part D.

For employers sponsoring health plans, you are required to provide all Medicare eligible employees with notice of their rights. One unique benefit Allied offers its members, is that we send these notices directly to Medicare eligible employees on our employers’ behalf.

You also are required to complete an online report for CMS (Centers for Medicare & Medicaid Services) indicating whether or not your current plan is considered creditable. This online report can be found at cms.gov.

It’s extremely important that Medicare eligible individuals and employers learn how an employer sponsored health plan impacts an individual’s Medicare rights for coverage, as well as the impact that delays in enrolling for Medicare might have on Medicare premiums.
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Allied National

Founded in 1970, Allied is one of the nation's oldest and most experienced third-party administrators. Allied National is a 90 Degree Benefits Company, a subsidiary of Blue Cross Blue Shield Alabama. As the small group benefit experts, Allied works with small business employers to provide unique and affordable group health benefits.

5 Comments
zesticapharma link
3/3/2021 07:00:41 am

It is a great blog post.I am always read your blog helpful and informative tips. I like it thanks for sharing this information with us

Reply
Gary Ashley
3/3/2021 10:51:28 am

Thanks for the nice comment. We're glad you're finding some good information in the blog. Feel free to comment on other blog posts or even suggest topics for future discussion.

Reply
pcdindia link
3/6/2021 01:57:02 am

It is a great blog post.I am always read your blog helpful and informative tips. I like it thanks for sharing this information with us

Reply
Tez link
7/27/2021 07:43:15 pm

I like what you said about getting a policy through your workplace. I need to get an insurance policy that covers my 3 kids. I'll have to make sure that I get a policy with lower premiums.

Reply
what is chip link
11/19/2021 09:59:19 pm

Thank you for taking the time and writing this post. Great help for me! Keep doing such wonderful work in the future also. Good luck with your upcoming updates.

Reply



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    Allied National is a 90 Degree Benefits Company, a subsidiary of Blue Cross Blue Shield of Alabama. Founded in 1970, Allied National is one of the nation's oldest and most experienced third-party administrators. We're the small group benefit experts working to provide unique and affordable group health benefits to small business employers.


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  • Home
  • Employers
    • Self-Service Login
    • Prescription Benefits
    • Lab Program
    • Abenity Discounts
    • Employer Resources >
      • Freedom Hybrid - Employer Resources
      • HSA Freedom Hybrid - Employer Resources
      • Freedom Traditional - Employer Resources
      • Freedom Essentials - Employer Resources
      • Cost Saver Plan - Employer Resources
      • PPO - Employer Resources
      • MEC - Employer Resources
      • Apex MEC - Employer Resources
      • Community Health Plan - Employer Resources
      • First Health - Fundamental Care - Employer Resources
      • Prime-Fundamental Care - Employer Resources
      • Vault PPO - Employer Resources
      • Vault RBP - Employer Resources
    • EBA Newsletter
  • Members
    • Member Resources
    • HealthCare Assistant
    • HealthChoices
    • Self-Service Login
    • Find A Provider
    • Prescription Benefits
    • Telehealth
    • Lab Program
    • Abenity Discounts
    • Member Download Forms >
      • Appeals
    • Member FAQs
  • Agents
    • Agent Edge
    • Plans >
      • Level Funding >
        • Freedom Plan >
          • Hybrid
          • Traditional
          • Essentials
        • PPO
        • Cost Saver Plan
        • Preventive Minimum Essential Coverage
        • Direct Primary Care >
          • DPC Directory
      • Dental Design
      • Pivot Health Individual Plans >
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    • Self-Service Login
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