Page 23 - Tessenderlo Kerley, Inc 2022 Benefit Guide
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IMPORTANT LEGAL RIGHTS INFORMATION
Important Notice from Tessenderlo Kerley, Inc. About When Can You Join A Medicare Drug Plan?
Your Prescription Drug Coverage and Medicare You can join a Medicare drug plan when you first become eligible for
Medicare and each year from October 15th through December 7th.
THIS NOTICE APPLIES TO EMPLOYEES AND COVERED DEPENDENTS
WHO ARE ELIGIBLE FOR MEDICARE PART D However, if you lose your current creditable prescription drug coverage,
through no fault of your own, you will also be eligible for a two (2) month
Please read this notice carefully and keep it where you can find it. Special Enrollment Period (SEP) to join a Medicare drug plan.
This notice has information about your current prescription drug coverage
with Tessenderlo Kerley, Inc. and about your options under Medicare’s What Happens To Your Current Coverage If You Decide to Join
prescription drug coverage. This information can help you decide whether A Medicare Drug Plan?
or not you want to join a Medicare drug plan. If you are considering joining,
you should compare your current coverage, including which drugs are If you decide to join a Medicare drug plan, your current Tessenderlo
covered at what cost, with the coverage and costs of the plans offering Kerley, Inc. coverage will not be affected. If you qualify to enroll in
Medicare prescription drug coverage in your area. Information about where Medicare prescription drug coverage, you have the following options:
you can get help to make decisions about your prescription drug coverage a. Keep your existing coverage through Tessenderlo Kerley, Inc. and not
is at the end of this notice. enroll in a Medicare prescription drug plan; or
There are two important things you need to know about your current b. Enroll in a Medicare prescription drug plan in which case the Medicare
coverage and Medicare’s prescription drug coverage: prescription drug coverage will be supplemental to the prescription
Medicare prescription drug coverage became available in 2006 to drug coverage provided by Tessenderlo Kerley, Inc. Employee Benefit
everyone with Medicare. You can get this coverage if you join a Medicare Plan. In making your decision, you should consider the extra premium
Prescription Drug Plan or join a Medicare Advantage Plan (like an HMO you will pay and you should understand that prescription drug claims
or PPO) that offers prescription drug coverage. All Medicare drug plans paid by this Plan do not count as true out-of-pocket expenses.
provide at least a standard level of coverage set by Medicare. Some plans This has the effect of extending the point at which Medicare’s
may also offer more coverage for a higher monthly premium. standard prescription drug plan provides supplemental benefits at the
catastrophic (95% total payment) level, and can mean that point is never
Tessenderlo Kerley, Inc. has determined that the prescription drug reached. The impact of prescription drug benefits paid by an employer’s
coverage offered by the Tessenderlo Kerley, Inc. Employee Benefit Plan plan on any nonstandard Medicare prescription drug plans should be
Employee Medical Benefit Plan is, on average for all plan participants, obtained from the insurer. (A standard plan is one that has the same
expected to pay out as much as standard Medicare prescription drug deductible and co-insurance arrangements specified by Medicare;
coverage pays and is therefore considered Creditable Coverage. a nonstandard plan may have a different benefit schedule as long as the
Because your existing coverage is Creditable Coverage, you can keep plan has at least an equivalent value to the standard benefit.)
this coverage and not pay a higher premium (a penalty) if you later decide
to join a Medicare drug plan.
WELCOME BENEFIT BASICS MEDICAL DENTAL VISION FSA ADDITIONAL BENEFITS 401(k) CONTACTS LEGAL RIGHTS 23
