Why is creditable coverage important?
According to the Centers for Medicare & Medicaid Services, “Medicare beneficiaries have the opportunity to receive subsidized prescription drug coverage through the Medicare Part D program. Beneficiaries who choose not to sign up at the first opportunity may have to pay more if they wait to enter the program later after the open enrollment period.
Beneficiaries who have other sources of drug coverage — through a current or former employer or union, for example — may stay in that plan and choose not to enroll in the Medicare drug plan. If their other coverage is at least as good as the new Medicare drug benefit (and therefore considered "creditable coverage"), then the beneficiary can continue to get the high quality care they have now as well as avoid higher payments if they sign up later for the Medicare drug benefit.”
Is my plan considered “creditable coverage”?
The plans we administer generally offer creditable coverage. To check if the plan benefits are considered creditable coverage, see your Proof of Insurance letter.
Members may download their Proof of Insurance letter by clicking on the Documents tab on the left of the member portal and pressing “Download Proof of Insurance Letter.”
