If you are Medicare eligible and participate in one of the plans listed under this section (referred to as "Creditable Coverage Plans"), the information contained in this section applies to you. BNY Mellon Creditable Coverage Plans include:

There are two important things you need to know about your current coverage and Medicare's prescription drug coverage:

If you are a participant in one of the Creditable Coverage Plans, because your existing coverage is, on average, at least as good as standard Medicare prescription drug coverage, you can keep this BNY Mellon plan coverage and not pay extra if you later decide to enroll in Medicare coverage.

Read this Medicare Prescription Drug Notice carefully. If you are eligible for Medicare, it explains the options you have under Medicare prescription drug coverage and can help you decide whether you want to enroll. You should compare your current coverage, including which drugs are covered, with the coverage and cost of the plans offering Medicare prescription drug coverage in your area. Medicare-eligible individuals can enroll in a Medicare prescription drug plan when they first become eligible for Medicare and each year during the Medicare annual enrollment period (October 15 – December 7 in 2018). If you drop coverage under a BNY Mellon Creditable Coverage Plan, you may be eligible for a special enrollment period in which to sign up for a Medicare prescription drug plan.

If you decide to enroll in a Medicare prescription drug plan and keep your BNY Mellon coverage, your BNY Mellon coverage will not change. However, if you drop your BNY Mellon Creditable Coverage Plan coverage (which includes prescription drug coverage), you may not be able to get this coverage back.

Your current BNY Mellon coverage pays for other health expenses in addition to prescription drugs. You cannot drop only the prescription portion of BNY Mellon coverage. If you keep your BNY Mellon coverage and enroll in a Medicare prescription drug plan, your BNY Mellon coverage will not change. If you drop your BNY Mellon coverage (which includes medical and prescription benefits) and enroll in a Medicare prescription drug plan, you may not be able to get BNY Mellon coverage back later.

If you drop or lose your coverage under a BNY Mellon Creditable Coverage Plan and do not enroll in Medicare prescription drug coverage after your current coverage ends, you may pay more to enroll in Medicare prescription drug coverage later.

If you drop or lose coverage under a BNY Mellon Creditable Coverage Plan, and you go 63 days or longer without prescription drug coverage that is at least as good as Medicare's prescription drug coverage (once your applicable Medicare enrollment period ends), your Medicare prescription drug plan monthly premium will go up at least 1 percent per month for every month that you did not have creditable coverage. For example, if you go 19 months without creditable coverage, your premium will always be at least 19 percent higher than what most other people pay. You'll have to pay this higher premium as long as you have Medicare prescription drug coverage. In addition, you may have to wait until the next Medicare Open Enrollment to enroll in Part D.

If you don't enroll in Medicare prescription drug coverage when eligible, and change your mind later, you may pay more.

If you wait until after you are eligible for your initial enrollment in a Medicare prescription drug plan, your monthly premium for a Medicare prescription drug plan could be much higher than it would have been if you had enrolled when initially eligible. If you go 63 days or longer without prescription drug coverage that is at least as good as Medicare's prescription drug coverage, your premium will go up at least 1 percent per month for every month that you did not have that coverage after the date you were first eligible for a Medicare prescription drug plan. You will have to pay this higher premium as long as you have Medicare prescription drug coverage. For example, if you go 19 months without creditable coverage, your premium will always be at least 19 percent higher than what most other people pay. You'll have to pay this higher premium as long as you have Medicare prescription drug coverage.

If you don't enroll in a Medicare prescription drug plan when first eligible, you also may have to wait to enroll.

Generally, you can only join a Medicare prescription drug plan during the Medicare annual enrollment period (October 15 – December 7 in 2018). This may mean the number of months you have to wait for coverage will be longer, which could make your premium higher. If you decide to enroll in a Medicare prescription drug plan and keep your BNY Mellon coverage, your BNY Mellon coverage will not change. If you drop your BNY Mellon Non-Creditable Coverage Plan coverage (which includes prescription drug coverage), you may not be able to get this BNY Mellon coverage back. Your current BNY Mellon coverage pays for other health expenses in addition to prescription drugs. You cannot drop only the prescription portion of BNY Mellon coverage. If you keep your BNY Mellon coverage and enroll in a Medicare prescription drug plan, your BNY Mellon coverage will not change. If you drop your BNY Mellon coverage (which includes medical and prescription benefits) and enroll in a Medicare prescription drug plan, you may not be able to get this BNY Mellon coverage back later.

General Information

When you make your decision, you also should compare your current coverage, including which drugs are covered, with the coverage and cost of the plans offering Medicare prescription drug coverage in your area.

For more information about this Notice or your current prescription drug coverage, contact the BNY Mellon Benefit Solutions Service Center at 1-800-947-4748, option 2, Monday through Friday, 8:30 a.m. to 8:00 p.m., Eastern Time.

Note: You may receive this Notice at other times in the future, such as before the next period you can enroll in Medicare prescription drug coverage, and if this coverage changes. You also may request a copy.

For more information about your options under Medicare prescription drug coverage:

More detailed information about Medicare plans that offer prescription drug coverage is available in the "Medicare & You" handbook. You'll get a copy of the handbook in the mail from Medicare. You also may be contacted directly by Medicare prescription drug plans. You also can get more information about Medicare prescription drug plans by:

For people with limited income and resources, extra help paying for a Medicare prescription drug plan is available. For more information about this extra help, visit the Social Security Administration at www.socialsecurity.gov or call 1-800-772-1213 (TTY: 1-800-325-0778).

Remember: Keep this guide because it contains your 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).

October 2018

BNY Mellon
Benefits Department
500 Grant Street, Room 3118
Pittsburgh, PA 15258
1-800-947-4748, option 2