Having some bandage meshes that you just unhide as the animation plays would probably suffice, a rigged plane sounds a bit too elaborate they do exactly that in that Far cry video I believe
Does anyone have a technique that they would recommend for producing a believable animation of a character wrapping a bandage? I had been considering using an elongated plane rigged with a chain of bones, then unrolling it over a character's arm. My plan would be to export this for use in UE4.