Important Notice from STG Family of Companies About Your Prescription Drug
Coverage and Medicare
Please read this notice carefully and keep it where you can find it. This notice has information about your current prescription drug coverage with STG Family of Companies and about your options under Medicare’s prescription drug coverage. This information can help you decide whether 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 covered at what cost, with the coverage and costs of the plans offering Medicare prescription drug coverage in your area. Information about where you can get help to make decisions about your prescription drug coverage is at the end of this notice.
There are two important things you need to know about your current coverage and Medicare’s
prescription drug coverage:
- Medicare prescription drug coverage became available in 2006 to everyone with Medicare. You can get this coverage if you join a Medicare Prescription Drug Plan or join a Medicare Advantage Plan (like an HMO or PPO) that offers prescription drug coverage. All Medicare drug plans provide at least a standard level of coverage set by Medicare. Some plans may also offer more coverage for a higher monthly premium.
- STG Family of Companies has determined that the prescription drug coverage offered by the STG Family of Companies Plan is, on average for all plan participants, expected to pay out as much as standard Medicare prescription drug coverage pays and is therefore considered Creditable Coverage. Because your existing coverage is Creditable Coverage, you can keep this coverage and not pay a higher premium (a penalty) if you later decide to join a Medicare drug plan.
When Can You Join a Medicare Drug Plan?
You can join a Medicare drug plan when you first become eligible for Medicare and each year from October 15th to December 7th. 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 Special Enrollment Period (SEP) to join a Medicare drug plan.
What Happens to Your Current Coverage If You Join a Medicare Drug Plan?
If you decide to join a Medicare drug plan, your current STG Family of Companies coverage will not be
affected. Medicare-eligible employees or dependents who are eligible for STG Family of Companies
health plan may choose to retain or drop their employer-sponsored coverage. Those who choose to
drop coverage may not be able to re-enroll except in the case of a qualifying life event or during the
annual open enrollment period.
If you do decide to join a Medicare drug plan and drop your current STG Family of Companies
coverage, be aware that you and your dependents may not be able to get this coverage back.
When Will You Pay a Higher Premium (Penalty) to Join a Medicare Drug Plan?
You should also know that if you drop or lose your current coverage with STG Family of Companies
and don’t join a Medicare drug plan within 63 continuous days after your current coverage ends,
you may pay a higher premium (a penalty) to join a Medicare drug plan later.
If you go 63 continuous days or longer without creditable prescription drug coverage, your
monthly premium may go up by at least 1% of the Medicare base beneficiary premium per month
for every month that you did not have that coverage. For example, if you go nineteen months
without creditable coverage, your premium may consistently be at least 19% higher than the
Medicare base beneficiary premium. You may have to pay this higher premium (a penalty) as long
as you have Medicare prescription drug coverage. In addition, you may have to wait until the
following October to join.
For More Information About This Notice or Your Current Drug Coverage
Contact the person listed below for further information or call Mark Muzzana at (724)-712-
1889NOTE: You’ll get this notice each year. You will also get it before the next period you can join
a Medicare drug plan, and if this coverage through STG Family of Companies changes. You also may
request a copy of this notice at any time.
For More Information About Your Medicare Prescription Drug Coverage Options
More detailed information about Medicare plans that offer prescription drug coverage is in the
“Medicare & You” handbook. You’ll get a copy of the handbook in the mail every year from
Medicare. You may also be contacted directly by Medicare drug plans.
For more information about Medicare prescription drug coverage:
• Visit www.medicare.gov
• Call your State Health Insurance Assistance Program (see the inside back cover of your copy
of the “Medicare & You” handbook for their telephone number) for personalized help
• Call 1-800-MEDICARE (1-800-633-4227). TTY users should call 1-877-486-2048.
If you have limited income and resources, extra help paying for Medicare prescription drug
coverage is available. For information about this extra help, visit Social Security on the web at
www.socialsecurity.gov, or call them at 1-800-772-1213 (TTY 1-800-325-0778).
Remember: Keep this Creditable Coverage notice. If you decide to join one of the Medicare drug
plans, you may be required to provide a copy of this notice when you join to show whether or not
you have maintained creditable coverage and, therefore, whether or not you are required to pay a
higher premium (a penalty).
Date: July 18, 2024, 2024 Plan Year
Name of Entity/Sender: STG Family of Companies
Contact Position: Mark Muzzana - (724)-712-1889
Address: 201 E. Commerce Street Youngstown, OH 44503
Phone Number: (724)-712-1889