The Inflation Reduction Act (IRA), signed into law in 2022, introduces significant changes to what counts as creditable coverage in commercial healthcare plans. These changes have the potential to affect seniors age 65 and over who currently rely on commercial insurance plans for their prescription drug coverage, including penalties that compound each month they go without coverage that matches the new standards.
Employers who offer commercial plan coverage for employees 65+ should check with their insurance carrier and inform existing plan members of these changes as well as their prescription drug coverage options. Download this tipsheet to learn more.