I use a regular Bib hanger with the gel intact. I have tried using all types of different materials to wrap with and I have also tried Theraband alone.
Recently, I have tried hanging with no wrap. I have gone up to 16.25 lbs for 6x20 min sets without any ill effects. When not using a wrap, you have to be careful not to pinch the skin while applying the hanger, especially in the hinge portion, but this is not hard to get used to. I have not found any increased tendency for the hanger to slip with no wrap, at least at the weight I am using.