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Dear Benefit Administrator,
There has been much talk and publication about Medicare's new prescription drug benefit "Part D" that I'm sure you have observed. We, Lang Financial Group, wanted to take a minute of your time and mention to you the upcoming responsibility and deadline you have as a Plan Sponsor.
Plan Sponsors by November 15, 2005 are responsible for notifying all affected Medicare-eligible (Medicare eligible active employees, retirees, dependents, individuals eligible for Medicare due to disability and individuals eligible for Medicare due to End Stage Renal Disease) members as to whether their group prescription drug coverage is considered "creditable or non-creditable". By now you should have received notification from your specific group benefit's carrier as to whether your group prescription benefit coverage is considered creditable or non-creditable. Most carriers have indicated to us, with few exceptions, that the plans we sell are creditable; however, if you are uncertain about your plan please call our office.
For your convenience, attached are the Center for Medicare and Medicaid Services' (CMS) prepared sample letters for both creditable and non-creditable coverage that you can complete and distribute to your Medicare-eligible. If you are uncertain as to which of your employees and their dependents are "Medicare-eligible" there is no harm in distributing and/or posting your respective letter for ALL employees.
Also, we should mention Plan Sponsors are to notify CMS of their fulfillment of the notification to their Medicare-eligible. We have learned, however, the "Creditable Coverage Disclosure to CMS Notice" to be completed by you the Plan Sponsor is still under development by CMS and unavailable. We will inform you, as we learn more about the availability of this form for proper notification to CMS.
For more information about Part D, we urge Plan Sponsors and Medicare-eligible employees to review CMS's Web site: http://www.cms.hhs.gov/medicarereform/CCGuidance.pdf
If you have any additional questions or concerns, we would welcome the opportunity to be of assistance.
Sincerely,
LANG FINANCIAL GROUP
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