Jan 11, 2023IRS Grants Permanent 30-Day Extension to Providing Individual ACA Statements
IRS Grants Permanent 30-Day Extension to Providing Individual ACA Statements. Learn more in this latest Compliance Advisory.
In addition to the annual requirement to provide all Medicare-eligible plan participants with notices of creditable and non-creditable coverage1, welfare plan sponsors must also complete the Online Disclosure to CMS Form to report the creditable coverage status of their prescription drug plan.
The Disclosure should be completed annually no later than 60 days from the beginning of a plan year (contract year, renewal year), within 30 days after termination of a prescription drug plan, or within 30 days after any change in creditable coverage status. — This requirement does not pertain to the Medicare beneficiaries for whom entities are receiving the Retiree Drug Subsidy (RDS).
For calendar year plans the disclosure to CMS is due no later than March 1. However, be aware that non-calendar year plans will have a different deadline.
The CMS online tool is the only method allowed for completing the required disclosure. Click on the link, then follow the prompts to respond to a series of questions regarding the plan. The link is the same regardless of whether the employer’s plan provides creditable or non-creditable coverage. The entire process usually takes only 5 or 10 minutes to complete.
Click here for the online CMS Disclosure site: https://www.cms.gov/Medicare/Prescription-Drug-Coverage/CreditableCoverage/CCDisclosureForm
The employer will need to gather the following information in order to complete the online disclosure to CMS:
Employers are advised to print a copy of the completed disclosure for their records.
In today’s world of employee benefits, staying compliant with ever-evolving laws, rules and regulations is a constant challenge. Well-versed in both federal and state legislation as well as the changes brought about by the Affordable Care Act, our expert advisors have a deep knowledge of employee benefits and a detailed understanding of healthcare laws, regulations, and standards. Contact Morris & Garritano today for a complimentary compliance assessment.
This information is general and is provided for educational purposes only. It is not intended to provide legal advice. You should not act on this information without consulting legal counsel or other knowledgeable advisors.