Walmart is now in the insurance business. Recently, the mega-retailer announced the launch of Walmart Insurance Services. The new service coincides with the Annual Enrollment Period (AEP), October 15-December 7, when Medicare beneficiaries can add or drop parts of their Medicare insurance coverage and prescription plans.
Walmart aims to streamline a notoriously cumbersome and frustrating experience. “We want customers to feel confident in selecting a Medicare plan that best fits their needs, budget and lifestyle,” said David Sullivan, general manager of Walmart Insurance Services. “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.”
Walmart Wants To Bring Simplicity To A Complicated Service
Walmart will begin offering Medicare insurance plans through Walmart Insurance Services during the AEP. Health insurance can be an overwhelming process for many people, and Walmart hopes to simplify the process for Medicare beneficiaries of selecting and enrolling in Medicare supplemental insurance with three simple goals:
1. Walmart Insurance Services Is Enhancing The Transparency Of Medicare Insurance Options
Removing the complexity of the enrollment process and the pricing of Medicare plans is a key promotional component of Walmart Insurance Services. As a licenced insurance brokerage, Walmart Insurance Services can provide credible solutions for Medicare insurance customers who may feel confused by the AEP process.
2. Walmart Insurance Services Is Providing Cost Effectiveness For Medicare Insurance
Sullivan notes that only one in 10 Medicare beneficiaries are enrolled in plans that offer them the least amount of out-of-pocket expenses, which Walmart hopes to remedy by offering affordable plans. Walmart’s central marketing premise has always been value, which is reflected in the retailer’s commitment to cost-effective health insurance coverage.
3. Walmart Insurance Services Is Offering Only Quality Medicare Insurance Providers
Walmart is partnering with well-known providers in the health insurance business to offer a variety of plans from the Medicare marketplace. By hitting the ground running with trusted partners, Walmart can offer reassurance to consumers who may be curious about the relationship between the retailer and health insurance.
Walmart Enters The Health Insurance Market By Promising Convenience And Value For Consumers
Walmart has long promised its customers value, convenience and one-stop shopping experiences that meet the needs of most consumers. Walmart Insurance Services is offering the same promise, at a time when differentiation is critical. According to Bertha Coombs at CNBC, “this year there is a 32% increase in the number of Medicare Advantage plan choices,” which can be overwhelming, despite the benefits of having a variety of plans to choose from. Streamlining a complex, onerous process could be the factor that sets Walmart apart in a booming market that sees 10,000 Baby Boomers aging into Medicare every day.
“We’re always looking for ways to help our customers save money and live better, and insurance services is one another way we do that,” said Randy Hargrove, Walmart spokesperson. Brands, like Walmart, that are able to effectively leverage their images and consumer loyalty to launch new products and services are able to more quickly gain consumer confidence and on-board customers.
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