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Employer Group Waiver Plans (EGWP) – Comprehensive Prescription Drug Coverage for Your Employees
e understand that managing healthcare costs for your employees is a priority. Our Employer Group Waiver Plans (EGWP) offer an effective and efficient solution for providing prescription drug coverage to your workforce while helping to control costs. EGWP plans are designed to complement Medicare benefits, ensuring that your employees receive comprehensive prescription drug coverage without the complexities.
EGWP
What is an Employer Group Waiver Plan (EGWP)?
An Employer Group Waiver Plan (EGWP) is a prescription drug plan (PDP) available to retirees and active employees who are eligible for Medicare. These plans provide prescription drug coverage that works in coordination with Medicare, offering enhanced benefits for eligible individuals who are part of an employer’s healthcare plan. The EGWP allows employers to offer Medicare-eligible employees a more affordable and streamlined drug benefit, while taking advantage of the cost-saving opportunities it provides.
Why Choose?
Why Choose an Employer Group Waiver Plan (EGWP)?
Cost Savings for Employers
EGWP plans can significantly reduce prescription drug costs for both employers and employees. With the ability to receive prescription drug coverage through Medicare, employers can lower their overall health insurance expenses and potentially receive subsidies through the Medicare Part D program.Comprehensive Drug Coverage
EGWP plans cover a wide range of prescription medications, ensuring that your employees and retirees have access to necessary treatments. The plans often include both generic and brand-name drugs, covering everything from maintenance medications to specialty drugs, ensuring your employees have comprehensive access to care.Medicare Coordination
EGWP plans seamlessly integrate with Medicare Part D, eliminating the need for your employees to navigate separate prescription drug plans. This simplifies the process for employees and ensures they receive all the benefits they are entitled to under Medicare.Attract and Retain Talent
Offering an EGWP plan enhances your employee benefits package and helps attract and retain top talent. Retirees and employees appreciate the comprehensive prescription drug coverage that’s included, ensuring that they remain satisfied and loyal to your organization.Simplified Administration
Managing a group prescription drug plan can be complex, but with EGWP, the administration is streamlined. We assist in handling enrollment, plan administration, and ongoing compliance with Medicare rules, so you can focus on your business.
How It Works
How EGWP Works
Eligibility
Employees and retirees who are eligible for Medicare Part A and Part B can enroll in the Employer Group Waiver Plan. As long as they have prescription drug coverage through your employer-sponsored plan, they can benefit from the EGWP’s cost-saving features.Plan Integration
The EGWP works alongside Medicare Part D and your employer’s health insurance offering, making it easier for employees and retirees to access their medications. With the EGWP, prescription drug benefits are seamlessly integrated into their overall Medicare coverage.Enrollment Process
Enrollment into an EGWP plan is typically handled by the employer or through a third-party administrator. Your employees will have access to easy enrollment and assistance with the process, ensuring they are properly enrolled in the plan and receiving their prescription benefits.
Benefits
Key Benefits of Employer Group Waiver Plans (EGWP)
- Lower Prescription Drug Costs – Take advantage of Medicare’s Part D drug plan subsidies to lower premiums and reduce out-of-pocket costs for both your business and your employees.
- Streamlined Administration – Simplify the management of prescription drug benefits with easy integration into your existing employee health plans.
- Retiree Coverage – Offer an important benefit to retirees, ensuring they maintain continuous, high-quality prescription drug coverage.
- Improved Employee Satisfaction – Provide your employees with comprehensive, affordable prescription drug coverage that helps reduce their healthcare expenses.
Right For You?
Is an Employer Group Waiver Plan (EGWP) Right for Your Business?
If your company employs retirees or employees who are eligible for Medicare, an EGWP plan is a great way to enhance your healthcare offerings while controlling prescription drug costs. It’s especially beneficial for businesses with a large number of Medicare-eligible employees or retirees, as it offers comprehensive coverage, lower costs, and simplified administration.
