If you are 64 and still working, or 65+ and still working, changes to Medicare for 2027 may affect you!

Wilson Hite Insurance is offering an informational meeting at the Vinton Public Library on Thursday, October 15 at 6 pm in the basement if you have questions or concerns. 

If you have employer sponsored health coverage, your employer should provide a letter stating whether your prescription drug coverage is creditable or non-creditable.  If your coverage is creditable, keep this letter.  You may need it when you eventually enroll in Medicare Part B & D to document your prior coverage and avoid potential lifetime penalties for going without creditable prescription drug coverage. 

 “As we prepare for the 2027 plan year, there are several important updates regarding Medicare Part D creditable coverage that people need to be aware of including employers and employees.  Recent changes to the Medicare Part D Program, driven by the Inflation Reduction Act and CMS guidance, have impacted how group health plans determine whether their prescription drug coverage is considered creditable.

 For 2027, employer group health plans that do not receive the Retiree Drug Subsidy (RDS) must meet CMS’s simplified creditable coverage standards including:

  • Providing reasonable coverage for brand-name, generic, and biologic medications
  • Offering reasonable access to retail pharmacies
  • Paying, on average, at least 73% of participants prescription drug expenses

 Additionally, employers have important annual disclosure requirements:

  • Submit the disclosure to CMS Form annually no later than 60 days after the start of the plan year and whenever a plan’s creditable status changes. 
  • Provide a Creditable or Non-Creditable Coverage Notice to all Medicare eligible individuals prior to October 15 each year, before Medicare’s Annual Election Period begins.”

 Source- Wellmark 2027 Creditable Coverage Updates