Walmart to enter the health insurance business
Walmart is entering the health insurance business – just in time for Medicare Open Enrollment.
The retail giant announced the launch of Walmart Insurance Services, a licensed insurance brokerage, which will help people with enrolling in insurance plans. The initiative will begin selling Medicare insurance plans to consumers during this year’s annual enrollment period, Oct. 15 through Dec. 7.
“We are licensed in all 50 states, plus Washington, D.C., and we have built a team of licensed insurance agents who can help people find the right insurance plan for them,” said Lori Flees, senior VP and COO, Walmart U.S. Health & Wellness.
The launch of the program, which was first reported on https://chainstoreage.com/walmart-sell-health-insurance-policies in July, comes amid intense competition in the health insurance industry as more and more people become eligible for Medicare benefits. According to Walmart, only one in 10 Medicare beneficiaries are enrolled in a plan that saves them the most on out-of-pocket spending.
At launch, Walmart Insurance Services will provide Medicare plans (Part D, Medicare Advantage and Medicare Supplement plans) offered by Humana, UnitedHealthcare, Anthem Blue Cross Blue Shield, Amerigroup, Simply Health, Wellcare (Centene), Clover Health and Arkansas Blue Cross and Blue Shield. The retailer said more carriers may be added in the future, the retailer said.
“We want customers to feel confident in selecting a Medicare plan that best fits their needs, budget and lifestyle,” David Sullivan, general manager of Walmart Insurance Services. “Helping customers select the right Medicare insurance plan to meet their needs aligns with Walmart’s mission of helping people save money and live better.”
This story originally appeared on Chain Store Age.