Some employers and unions offer prescription drug coverage to retirees (and sometimes their spouses) that is at least as good as the minimum Medicare standard. This is called "creditable coverage." Members of such a plan receive a notice from the employer or union prior to the Medicare Part D Annual Election Period (November 15 through December 31). The notice informs them that their plan qualifies as creditable coverage. Members of employer or union plans should keep this notice as proof of continuous coverage so that they won't have to pay a penalty if they join a Medicare drug plan at a later time (see I am new to Medicare for more information about the penalty).
NOTE: In many cases, members of an employer or union plan can lose some or all of that coverage (as well as their health coverage) if they join a Medicare drug plan. Therefore, it's important to contact the current plan sponsor's Benefits Office before enrolling in a Medicare drug plan.
Your Guide to Part D:
HEALTHY NEST EGG
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General Part D Information
Learn about the Medicare Part D benefit:
- What is Medicare Part D?
- Who is eligible for Medicare Part D?
- What are the different Medicare Part D plan options?
- How can I save more and delay the Coverage Gap longer?
- What do I need to know about prescription safety?
- Where can I find other useful resources?
My Current Situation
Get information for your specific circumstances:
