Oct 6, 2020,11:13am EDT Bruce Japsen Senior Contributor
Walmart is launching health plans
through a new brokerage that will be available for the first time for seniors
signing up this fall for Medicare medical and drug benefits in 2021.
The move announced
Tuesday by Walmart comes at a time of intense competition in
the health insurance industry for the booming population of seniors eligible
for Medicare benefits. Already, myriad big health insurers are expanding into
hundreds of new counties to sell both private Medicare Advantage health
coverage and Medicare part D drug benefits.
In Walmart’s case, the retailer is
launching “Walmart Insurance Services,” which is a licensed insurance brokerage
the retailer says will “assist people with enrolling in insurance plans—and
simplify what’s historically been a cumbersome, confusing process.” Walmart
Insurance Services will be working with several existing national and regional
health insurance carriers including Humana, UnitedHealth Group’s
UnitedHealthcare health insurance unit and Centene’s Wellcare Health Plans.
“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,” Lori Flees, senior vice president and
chief operating officer of Walmart U.S. Health & Wellness said Tuesday. “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.”
Walmart Insurance Services will
begin selling these Medicare medical and drug benefit plans during this year’s
annual enrollment period, which runs Oct. 15 through Dec. 7.
Walmart is entering a competitive
business. Insurers began last week announcing their expansions in new regions
ahead of the annual open enrollment period when seniors eligible for Medicare
can choose new benefits or stay with their existing plans.
In the case of Medicare Advantage
plans, Walmart will offer several options. These plans contract with the
federal government to provide extra benefits and services to seniors, such as
disease management and nurse help hotlines with some also offering vision,
dental care and wellness programs. Every state in the U.S. offers Medicare
Advantage and choices of plans are soaring with practically every major plan
offering options that include “$0 Medicare Advantage 2021 premiums.”
Walmart vowed to be competitive in
offering health plans to their customers.
“We want customers to feel confident
in selecting a Medicare plan that best fits their needs, budget and lifestyle,”
Walmart Insurance Services general manager David Sullivan said. “And we want to
be a trusted partner on their health care journey. 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.”
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