Walmart Inc. (NYSE:WMT) is once again expanding its business empire, this time into the medical insurance sector. Walmart Insurance Service is the latest service offering that assists people enrolling in insurance plans with ease. The unveiling of the product comes amid the signing up of Medicare enrollment in the fall.
Walmart Insurance Plans
With the new service offering, the nation's largest retailer wants people to feel confident while selecting their preferred Medicare insurance plan. Customers will be able to select a plan based on their needs, budget, and lifestyle. The company will start selling Medicare Insurance plans as soon as the Enrollment Period opens on October 15 and runs through December 7, 2020.
Walmart Insurance Services will oversee the enrollment process in all 50 states. The unit will provide Medicare plans, including Part D, Medicare Advantage, and Medicare Supplement plans, all offered by major insurance companies.
The new service aligns with Walmart's ambitions and vision of helping people save money on various products and live a better life. The retailer is especially targeting people who are yet to enroll in any Medicare plan. Currently, only 1 in 10 Medicare beneficiaries are enrolled in a plan that saves them out-of-pocket spending.
Walmart Healthcare Expansion
Expansion into the Medicare insurance business comes hot on the heels of the nation’s largest retailer divulging plans for healthcare supercenters. Walmart is looking to expand its operations beyond traditional retail clinics. Likewise, the company is in the process of launching supercenters that will offer comprehensive healthcare services.
The company has already rolled out two Walmart Health clinics in Georgia and Arkansas. The health clinics are more like a one-stop-shop for healthcare, offering primary care, urgent care diagnostics, and dental care.
Walmart has already caught the healthcare industry's attention on charging as little as $40 for primary care visits, $25 for dental exams, and $45 for counseling appointments. However, the retailer has refuted claims that it has set out to disrupt healthcare. Instead, it insists on meeting the needs of its customers.