Employers who provide prescription drug coverage to those who are or may become eligible for Medicare Part D, must notify both plan members and CMS on whether the coverage provided is deemed “creditable” or “non-creditable” per the Medicare Modernization Act (MMA) of 2003. Creditable coverage means that the government considers the employer’s prescription drug coverage as good as or better than the Medicare drug benefit. Often, insurance carriers provide notices that outline whether your plan(s) are creditable or not. Many of the prescription copay plans are creditable, but often the High Deductible Health Plans (HDHP) are not. Determinations are subject to change each year.
The IRS announced the HSA limits for 2023. The new single maximum contribution limit is increasing to $3,850 and the family maximum is increasing to $7,750.
This update includes the following topics:
– Congress passes Consolidated Appropriations Act of 2022, including extended protection for HSAs
– Public opinion data on Medicare-for-All just released