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This notice has information about your current prescription drug coverage with [Employer Group] and about your options under Medicare’s prescription drug coverage. This information can help you decide whether or not you want tojoin a Medicare drug plan.  \nIf you are considering joining, you should compare your current coverage, including which drugs are covered at what cost, with the coverage and costs of the plans offering Medicare prescription drug coverage in your area. Information about where you can get help to make decisions about your prescription drug coverage is at the end of this notice.  \nThere are two important things you need to know about your current coverage and Medicare’s prescription drug coverage:  \n1. Medicare prescription drug coverage became available in 2006 to everyone with Medicare. You can get this coverage if you join a Medicare Prescription Drug Plan or join a Medicare Advantage Plan (like an HMO or PPO) that offers prescription drug coverage. All Medicare drug plans provide at least a standard level of coverage set by Medicare. Some plans may also offer more coverage for a higher monthly premium.  \n2. The prescription drug coverage offered as part of the [Plan Name] from MVP Health Care ® is, on average for all plan participants, expected to pay out as much as standard Medicare prescription drug coverage pays and is therefore considered Creditable Coverage. Because your existing coverage is Creditable Coverage, you can keep this coverage and not pay a higher premium (a penalty) if you later decide tojoin a Medicare drug plan.  \nWhen Can You Join A Medicare Drug Plan?  \nYou can join a Medicare drug plan when you first become eligible for Medicare and each year from October 15 to December 7.  \nHowever, if you lose your current creditable prescription drug coverage, through no fault of your own, you will also be eligible for a two (2) month Special Enrollment Period (SEP) tojoin a Medicare drug plan.  \nWhat Happens To Your Current Coverage If You Decide to Join A Medicare Drug Plan?  \nIf you decide tojoin a Medicare drug plan, your current coverage through [Employer Group] may be affected. You can keep this coverage if you elect Part D, and this plan will coordinate with Part D coverage. If you do decide tojoin a Medicare drug plan and drop [Employer Group’s] medical plan with prescription drug coverage, be aware that you and your dependents may not be able to get this coverage back.  \nWhen Will You Pay A Higher Premium (Penalty) To Join A Medicare Drug Plan?  \nYou should also know that if you drop or lose your current coverage with [Employer Group] and don’t join a Medicare drug plan within 63 continuous days after your current coverage ends, you may pay a higher premium (a penalty) tojoin a Medicare drug plan later.  \nIf you go 63 continuous days or longer without creditable prescription drug coverage, your monthly premium may go up by at least 1 percent of the Medicare base beneficiary premium per month for every month that you did not have that coverage. For example, if you go nineteen months without creditable coverage, your premium may consistently be at least 19 percent higher than the Medicare base beneficiary premium. You may have to pay this higher premium (a penalty) as long as you have Medicare prescription drug coverage. In addition, you may have to wait until the following October to join.  \nFor More Information About This Notice Or Your Current Prescription Drug Coverage…  \nContact our office for further information. [HR Contact Information]  \nNOTE: You’ll get this notice each year. You will also get it before the next period you can join a Medicare drug plan, and if this coverage changes. You also may request a copy of this notice at any time.  \nFor More Information Abo","cbCaipLRzQHGWjIT","https://ap.wps.com/l/cbCaipLRzQHGWjIT","pdf",85740,"English","# Important Notice\n## What You Need to Know\n## When Can You Join A Medicare Drug Plan?\n## What Happens To Your Current Coverage?\n## When Will You Pay A Higher Premium (Penalty)?\n## For More Information","[{\"question\":\"What does a Creditable Coverage notice mean for my employer-sponsored prescription drug coverage?\",\"answer\":\"It means the prescription drug coverage is expected to pay out at least as much as standard Medicare prescription drug coverage, so you can keep the coverage without paying a higher Medicare premium penalty later.\"},{\"question\":\"When are you allowed to join a Medicare drug plan?\",\"answer\":\"You can join when you first become eligible for Medicare and during the annual enrollment window from October 15 to December 7. If you lose creditable coverage through no fault of your own, you may qualify for a two-month Special Enrollment Period.\"},{\"question\":\"How can joining a Medicare drug plan affect my current coverage?\",\"answer\":\"If you elect Part D, your employer group coverage can coordinate with Part D. If you drop the employer medical plan that includes prescription drug coverage, you and your dependents may not be able to get it back.\"}]","Creditable Coverage Letter Template for Employers - 2025 - Medicare Prescription Drug Coverage Notice | PDF",1789518416]