Chamber Welcomes Final Medicare Part D Regulations

WASHINGTON, D.C. – The United States Chamber of Commerce today commended the Centers for Medicare and Medicaid Services (CMS) for the timely promulgation of the new Medicare Part D prescription drug benefit regulations.

"Moving swiftly on these prescription drug rules will benefit America's seniors," said Bruce Josten, Chamber executive vice president. "Employers have been given extra implementation time due to the agency's early action."

Last Summer, CMS published two proposed regulations implementing various aspects of the Medicare Modernization Act that impact employer-provided retiree health benefits. Because employers typically begin examining their benefit offerings in March each year, it has been imperative that CMS publish the final regulations for this new set of benefit options as early as possible. By publishing the regulations in the first month of 2005 as the agency planned, CMS will greatly improve the likelihood that employers will be able to take full advantage of the various options contemplated by Congress, according to the Chamber.

"The new plan is flexible and provides a variety of options for employers to help their retirees," Josten continued. "This new benefit will also help employers better provide benefits for their retirees at a time when costs continue to rise."

The U.S. Chamber of Commerce is the world's largest business federation representing more than three million businesses and organizations of every size, sector and region.

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