What is Group Medicare Advantage?
A Group Medicare Advantage plan—also known as an Employer Group Waiver plan (EGWP)—is a customized Medicare Advantage plan. It's offered by an employer, union or other plan sponsor to Medicare-eligible employees and retirees.
A Group Medicare Advantage plan is a type of Medicare Advantage plan designed exclusively for eligible retirees. These plans provide all the benefits of Original Medicare (Parts A & B). They also typically include additional benefits designed to help retirees get the most from their retirement. Some plans have the addition of prescription drug coverage (MAPD).
It’s important to note that your CareFirst plan is a Group Medicare Advantage plan. This is different from all the individual Medicare Advantage plans on the market that other Medicare-eligible individuals may choose to buy when they don’t have retiree coverage available to them from their former employer or union.
Other features of a Group Medicare Advantage plan include:
Lower out-of-pocket costs
Many members may have lower total annual costs than those enrolled in individual Medicare Advantage plans.
Nationwide access
Members have access to a vast national network of providers through the BlueCross BlueShield network sharing agreement.
Part D coverage
For groups offering prescription drug coverage, retirees typically have access to a broader formulary than individual Medicare Advantage plans.
Additional benefits
Members can enjoy extras like fitness memberships, worldwide emergency and urgent care, and more. Employers can also choose to add additional supplemental benefits.
* Each Group Medicare Advantage plan is different. Part D prescription drug coverage and supplemental benefits may not be part of your plan. Consult your plan documents for specific details.
An important note about enrollment
If you choose not to enroll in your Group Medicare Advantage plan when it’s initially offered, you may not be able to enroll later. Be sure to talk to your HR representative to discuss the specifics of your plan and its enrollment requirements.