If you are enrolled in any Wells Fargo medical plan, you have prescription drug coverage with Wells Fargo that, on average, is as good as Medicare Part D coverage (prescription drug plan). This is called "creditable coverage." Because our coverage is considered creditable and your prescription drug coverage through Wells Fargo is primary to any Medicare Part D prescription drug coverage, you may want to consider delaying enrollment in Medicare. Also, most Medicare Part D plans do not pay as secondary to primary drug coverage.
Delayed Enrollment in Medicare
If you delay enrolling in Medicare because you are covered under a Wells Fargo medical plan, you may be able to enroll in Medicare at a later date without incurring a late enrollment penalty. Contact Social Security or Medicare directly for more information on Medicare enrollment and any penalties that may apply for delaying your Medicare enrollment.
To enroll in Medicare Part D coverage at a date later than when you first became eligible, you will need to provide a Notice of Creditable Coverage (PDF). You may also call the HR Service Center at 1-877-HRWELLS (1-877-479-3557) to receive a copy.
Medicare and COBRA Eligibility
If you are covered under a Wells Fargo medical plan as a COBRA participant, please note that once you or a covered dependent becomes entitled to Medicare, the Medicare-eligible person is no longer eligible to continue coverage under COBRA. You may want to consider enrolling in Medicare Parts A, B, and D when you first become eligible to avoid any late enrollment penalties.
For more information about Medicare, including late enrollment penalties that may apply, visit www.medicare.gov or call Medicare at 1-800-633-4227.
Enrolled in Health and Dental Insurance Outside of Wells Fargo?
You may have group health and dental coverage with another plan, such as with your spouse's employer. In these cases, specific rules govern how the plans share — or coordinate — payment of covered charges. It's rarely to your advantage to enroll in two plans. Review the primary and secondary payment rules and benefits under the other plan to determine if it's to your advantage to have dual coverage. Consider the impact of dual health and dental enrollment before proceeding. For additional details, see "Coordination with Other Coverage" in chapter 2 of the Benefits Book.
