Centers for Medicare and Medicaid Services
Annual Medicare Part D reporting is required for all employers who provide health benefits with prescription drug coverage. The reporting is an online filing to the Centers for Medicare & Medicaid Services (CMS), and it lets CMS know if the prescription drug coverage available on the employer’s health plan is “creditable.”
The Centers for Medicare and Medicaid Services (CMS), the federal agency that largely oversees the Health Insurance Marketplace (Marketplace), has indicated that agents and brokers who assist with Marketplace enrollments must obtain client consent before assisting with enrollments and other Marketplace functions.
On November 6, 2020, the Centers for Medicare & Medicaid Services (CMS) released the 2021 premiums, deductibles and coinsurance amounts for the Medicare Part A and B programs. Below is a summary of some of the key cost components:
Each year employers must provide a written notice to Medicare-eligible employees who are covered under their group health plan. The notice must include information about the creditable coverage status of the prescription drug benefit. In other words, the notice tells employees if the prescription drug benefit on the group health plan is at least as good as the standard Medicare Part D plan.
Each year, the Centers for Medicare and Medicaid Services (CMS) adjusts the cost sharing limits for the standard Medicare Part D plan. Earlier this month, CMS announced the adjustments for 2020. Below is a summary of the adjustments for next year:
Each year, the Centers for Medicare and Medicaid Services (CMS) adjusts the premiums and out-of-pocket expenses for Medicare beneficiaries. Below is a summary of the 2019 costs.
Premiums
Part A: Most individuals don't have to pay a premium for Part A, however, those that do will generally have to pay $437 per month in 2019. This is an increase from $422 in 2018.
Each year employers must provide a written notice to Medicare-eligible employees who are covered under their group health plan. The notice must include information about the creditable coverage status of the prescription drug benefit. In other words, the notice tells employees if the prescription drug benefit on the group health plan is at least as good as the standard Medicare Part D plan.
Happy Fat Tuesday! Much like the paczki, we will soon be without a "donut hole"- for Medicare Part D. The donut hole, also known as the gap in Medicare prescription drug coverage, will close a year earlier than expected as a result of a budget deal signed by President Donald Trump this past Friday. The donut hole will now close in 2019 instead of 2020.
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