For retirees who are looking for a reliable prescription drug plan, Employer Group Waiver Plans (EGWP) are an ideal option. These plans can provide retirees with the coverage they need while also keeping costs low. In this blog, we will discuss why Employer Group Waiver Plans are the best choice for retirees who are seeking coverage for their prescription drugs.
What Is an Employer Group Waiver Plan?
An Employer Group Waiver Plan (EGWP) is a Medicare Part D program that is offered to employers who have 20 or more retirees and their dependents enrolled in a Medicare Part A and/or Part B health insurance plan through the employer.
This type of plan allows employers to design their own prescription drug plan and ensure it meets the needs of their retired employees. Unlike traditional Medicare Part D plans, which are often limited to certain drugs or certain drug tiers, an Employer Group Waiver Plan allows employers to create their own plan that can vary by region, drug tier availability, and cost options.
Benefits of an Employer Group Waiver Plan
The main benefit of an Employer Group Waiver Plan is the flexibility that it offers to employers and retirees. Due to the fact that employers can customize their plan according to their preferences, they can ensure that all of their employees’ needs are met without paying for unnecessary features or services.
Additionally, because these plans are only available to groups of 20 or more people, there’s also a greater chance that everyone in the group will be covered for all possible medications and treatments. Finally, since these plans are employer-funded rather than being paid for out-of-pocket by each individual retiree, there is also the potential for significant savings over traditional plans.
Customizable Options For Employers and Retirees
Aside from the aforementioned benefits of an Employer Group Waiver Plan, there are many other advantages as well. One such advantage is that since the employer is responsible for managing the plan and setting the rates, they can take into account not just medical needs but also financial concerns when creating their plan.
This means that employers can make sure that everyone in their group has access to necessary medications while keeping costs low as well as making sure that no one person has too much financial burden associated with their medication costs. Since these plans generally do not require prior authorization before filling prescriptions, they provide greater convenience than some other types of plans as well.
At Benistar, We Provide Insurance Solutions for Companies and Organizations Across The Nation
It cannot be underestimated that Employer Group Waiver Plans (EGWPs) are the perfect solution for retirees seeking reliable prescription drug coverage at reasonable prices.
At Benistar, we work with brokers and consultants to provide companies and organizations customizable options that are designed to meet each employee’s needs individually, with a focus on cost savings for both employer and employee alike. Our Employer Group Waiver Plans provide retirees with peace of mind knowing that whatever medication they need is covered, without having to break the bank to pay for it.
If you’re interested in learning more about reliable prescription drug coverage and how Employer Group Waiver Plans can benefit you, give the experts at Benistar a call today– you won’t regret it!