What is meant by Creditable Coverage?Prescription drug plans are considered "creditable" when they meet or exceed the CMS Standard plan.
People who already have this coverage and continue to use this coverage without purchasing a Medicare Part D plan will not be subject to the 1% per month penalty.
To be sure that your current plan is "creditable", please call your plan administrator.
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Here are some examples of people who may not need to purchase a Medicare Part D plan.
- Veteran's Administration
- Fee for Service - Medicare
- Medicare Advantage/HMO
- Employer's Group Coverage
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