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Effective Jan. 1, 2006, the Medicare Prescription Drug, Improvement and Modernization Act of 2003 (MMA) added a voluntary outpatient prescription drug benefit to the Medicare program, known as Medicare Part D. Medicare beneficiaries can receive subsidized prescription drug coverage through the Medicare Part D program.
Employers with group health plans that provide prescription drug coverage to individuals who are eligible for Medicare Part D must comply with disclosure notice requirements. Medicare Part D requires employers to disclose whether their prescription drug coverage is “creditable” to the Centers for Medicare and Medicaid Services (CMS) and to Medicare Part D eligible individuals. These disclosures must be made on an annual basis and at certain other designated times.
In addition, the MMA created a subsidy—the Retiree Drug Subsidy—to encourage employers to provide prescription drug coverage to their Medicare-eligible retirees.
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