BRCC COMPLIANCE ALERT- JAN 24, 2023

BRCC COMPLIANCE ALERT- JAN 24, 2023

Compliance Alert by: The Baldwin Regulatory Compliance Collaborative (BRCC)

 

Reminder: ANNUAL MEDICARE PART D DISCLOSURE TO CMS DUE BY MARCH 1, 2023 FOR CALENDAR YEAR PLANS

Plan sponsors are required to disclose to the Centers for Medicare & Medicaid Services (CMS) whether their prescription drug coverage is creditable. The disclosure must be made to CMS on an annual basis, or upon any change that affects whether the coverage is creditable.

 

CMS Disclosure Requirements

At a minimum, the CMS creditable coverage disclosure notice must be provided at the following times:

  • Within 60 days after the beginning of the plan year for which the entity is providing the form;
  • Within 30 days after the termination of the prescription drug plan; and
  • Within 30 days after any change in the creditable coverage status of the prescription drug plan.

 

The deadlines for all plan years beginning in 2023 are set forth in the following table. For plan sponsors with calendar year plans, the deadline to comply with the annual disclosure requirement is March 1, 2023.

 

Plan Year Begin Date Disclosure Deadline Plan Year
Begin Date
Disclosure
Deadline
January 1 March 1 July 1 August 29
February 1 April 3 August 1 September 29
March 1 May 1 September 1 October 30
April 1 May 30 October 1 November 29
May 1 June 29 November 1 January 2
June 1 July 31 December 1 January 29

 

Online Disclosure Method

Plan sponsors are required to use the online disclosure form on the CMS’ creditable coverage website (the disclosure form and instructions are available here and here, respectively). This is the sole method for compliance with the disclosure requirement, unless the entity does not have Internet access.

The disclosure form lists the required data fields that must be completed in order to generate the disclosure notice to CMS, such as types of coverage, number of options offered, creditable coverage status, period covered by the disclosure notice, number of Part D-eligible individuals covered, date the creditable coverage disclosure notice is provided to Part D-eligible individuals and change in creditable coverage status. CMS has also provided instructions for detailed descriptions of these data fields and guidance on how to complete the form.

Additional Information

For questions regarding this Alert, please contact a member of your service team.

 

 

The Baldwin Regulatory Compliance Collaborative

This Legislative Update was prepared by the Baldwin Regulatory Compliance Collaborative (the “BRCC”), a partnership of compliance professionals offering client support and compliance solutions for the benefit of the Baldwin Risk Partners organization, which includes: Jason Sheffield, BRP National Director of Compliance; Richard Asensio, Burnham Benefits Insurance Services; Nicole L. Fender, the Capital Group; Bill Freeman, AHT Insurance; Stephanie Hall, RBA/TBA; Caitlin Hillenbrand, AHT Insurance; Paul Van Brunt, Baldwin Krystyn Sherman Partners (BKS); and Natashia Wright, Insgroup.

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Table of Contents

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