Medicare Part D
Independence Administrators offers our clients optional Medicare Part D support services to help meet communications requirements, obtain necessary attestations of actuarial equivalence, and apply for government subsidy.
The Medicare Prescription Drug, Improvement, and Modernization Act of 2003 (MMA) provides Medicare-eligible individuals access to prescription drug coverage.
Medicare Part D encourages employers and unions to continue providing high-quality prescription coverage to their Medicare-eligible retirees and presents opportunities for drug benefit options and savings.
Medicare Part D Options for Employer and Union Groups
Employer and union groups may choose from among several options for prescription drug coverage for retirees. Those groups may:
- provide a prescription drug coverage plan that is equivalent to the standard Medicare Part D plan and receive a government subsidy for retirees;
- maintain their current prescription drug plan without applying for the government subsidy;
- contract directly with insurance carriers that have been approved by the Centers for Medicare and Medicaid Services (CMS) to administer Medicare Prescription Drug Plans (PDPs) to their Medicare-eligible individuals;
- offer currently enrolled Medicare-eligible individuals a Medicare Advantage Plan (MA-PD) administered directly by CMS-approved insurance carriers;
- encourage Medicare-eligible individuals to join Medicare Part D individually and pay all or a portion of retirees’ Part D premiums;
- contract with an insurance carrier to provide separate retiree prescription drug coverage that wraps around or supplements Medicare Part D;
- contract with CMS to become a Medicare Prescription Drug Plan.
Medicare Part D Support Services
Our Medicare Part D support services include:
- creditability notice fulfillment
- actuarial attestation and actuarial equivalency review
- subsidy data submission support