Civil penalties were recently updated, adjusting for inflation, by the Department of Labor (DOL) for 2024. Federal law requires penalties be adjusted annually by January 15th. Employers found in violation will be assessed these increased penalties beginning after January 15, 2024. The year-over-year inflation increase for 2024 is 3.241%. Annual inflation adjustments are based on [...]
Medicare Part D requires group health plan sponsors to disclose to individuals who are eligible for Medicare Part D and to the Centers for Medicare and Medicaid Services (CMS) whether the health plan’s prescription drug coverage is creditable. Plan sponsors must provide the annual disclosure notice to Medicare eligible individuals before Oct. 15, 2023 — [...]
With enrollment in Medicare Part D and specialty drug costs exploding, it’s no surprise that forecasts predict 7 percent annual growth for PBMs over the next several years. Two trends noted in the report were the continued acquisition or startup of PBMs by insurance carriers and the need for employers to better understand their options [...]
The Medicare Prescription Drug Improvement and Modernization Act of 2003 implemented prescription drug coverage under Medicare (Medicare D), requiring all employers that offer prescription drug benefits to provide an annual notice of Medicare open enrollment. The notice must go to all Medicare eligible plan participants and qualified beneficiaries before October 15th each year. The notice [...]
As you may recall, with the introduction of Medicare Part D prescription drug benefits, the Centers for Medicare and Medicaid Services (CMS) imposed specific notice requirements on employers. Each year, employers whose healthcare plans include prescription drug benefits are required to notify all Medicare beneficiaries and the CMS of the “creditable” or “non-creditable” coverage status [...]
When it comes to Medicare Part D, we know you have questions. Luckily, Diversified Group has answers! Below are a few of the frequently asked questions we have received regarding Medicare Part D. How Do I Determine if Our Prescription Plan is Credible or Not? Employers are not required to obtain an attestation by a [...]
