How to Navigate Part D Coverage for Employees Turning 65
Introduction
When employees turn 65 and become eligible for Medicare, it’s essential for employers to guide them through the Part D coverage decision-making process. In this post, we’ll explain how Part D works for employees turning 65 and how employers can help them transition smoothly.
Understanding Medicare Part D
Medicare Part D provides prescription drug coverage for people eligible for Medicare. Employees who are turning 65 can enroll in a Part D plan if they don’t already have creditable prescription drug coverage from their employer.
The Importance of Creditability
If your employee’s current prescription drug coverage is creditable, they can delay enrolling in Medicare Part D without incurring late enrollment penalties. However, if their coverage is not creditable, they’ll need to enroll in a Medicare Part D plan to avoid penalties.
How Employers Can Help:
Provide Information: Employers should inform employees about their options well before they turn 65. Providing information on whether their current drug plan is creditable is key.
Assist with Enrollment: Help employees understand the Medicare enrollment process and how to avoid penalties by enrolling during the appropriate time frame.
Use Technology: Leverage technology like our Part D Credibility Platform to determine whether your current prescription plan is creditable and help employees make informed decisions.
Conclusion
By providing guidance and ensuring your employees’ prescription drug coverage is creditable, you can help them avoid penalties and make a smooth transition to Medicare Part D.