Can you explain what "creditable coverage" means and when it applies?
Answered by 9 licensed agents
As it regards to Medicare, creditable coverage for prescription drugs means that your current coverage is as good or better than what is provided under the standard Medicare Part D benefit. And upon proof that you have had creditable coverage under your current health plan, you can delay Medicare Part D enrollment without incurring the dreaded Part D enrollment penalty.
Creditable coverage is health care coverage that is equal to or better than Medicare health coverage. For instance, group health coverage through employment is usually credit able coverage.
Credibale coverages means good or better under the CMS Medicare rule. For medical and drug coverage. So if your group at work that is calssafied as credible coverage,
Creditable coverage is insurance that meets acceptable criteria and standards established by Medicare. An examples is a major medical employer plan which includes prescription drugs that are as good as what Medicare Part D offers. It applies when an employee decides to retiree or an existing retiree wishes to leave an employer plan when they reach age 65 or beyond.
Credible coverage is drug coverage that pays at least as much as what Medicare would cover. It is important to avoid a possible penalty on your future prescription drug plan if you don’t enroll in a plan when you are eligible to do so.
Creditable coverage is health insurance and prescription drug coverage that is as good or better than what is offered through original Medicare. If you have creditable coverage through an employer plan then you can delay in rolling in Medicare and avoid the late enrollment penalties.
means that the prescription drug coverage you had from another source (like an employer, union, or other group health plan) is expected to pay, on average, at least as much as standard Medicare Part D prescription drug coverage without laps in coverage till you switch to Medicare PDP or MAPD plan.
Creditable coverage is Medical Insurance coverage you have through your employer. When you approach age 65 and beyond and still working hard, you have the option to either activate your Medicare coverage or keep the coverage through your employer Medical Insurance plan. Keep in mind that most plans set in place, especially with larger employers or government entities are creditable plans. However, it's always good to double check with your employer. The Human Resource Department is a good place to verify.
