Reminder to Complete Part D Creditability Reporting to CMS
Jan 31, 2022
All employers sponsoring a medical/Rx plan are responsible for completing an with the Centers for Medicare and Medicaid Services (CMS)if any participant (employee, spouse, or dependent) might be eligible for Medicare Part D(Medicare’s prescription drug program).
This annual reporting indicates whether the employer’s prescription drug benefits are creditable or non-creditable compared to Medicare Part D. Employers are responsible for going online and making a disclosure via the .
Deadline
For a calendar year plan, the 2022 reporting is due Wednesday, March 2, 2022 (or Monday, January 31, 2022, if one or more of the plan options changed creditability or terminated).
There is no express penalty to the employer for reporting late or failing to report, but it may be prudent to save the final screen as proof of submission, as the website does not provide a certificate of completion.
Info to Gather
CMS provides basic , and it takes approximately 5 minutes to complete. A group health plan will need to report the following:
Please let your IMA Benefits team know if you have any questions.
IMA will continue to monitor regulator guidance and offer meaningful, practical, timely information.
This material should not be considered as a substitute for legal, tax and/or actuarial advice. Contact the appropriate professional counsel for such matters. These materials are not exhaustive and are subject to possible changes in applicable laws, rules, and regulations and their interpretations.