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Walmart’s New Health Insurance to Offer Medicare Plans

Money Talks News logo Money Talks News 7/11/2020 Chris Kissell
a man looking at a laptop: shutterstock_519182953 © imtmphoto / Shutterstock.com shutterstock_519182953

If you’re looking for a new health care plan, Walmart soon might have the offering for you.

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MedCity News says a Walmart spokesperson confirmed that the retail giant is about to unveil a new line of health insurance policies. In fact, Walmart registered the business name “Walmart Insurance Services LLC” in late June in Arkansas, where Walmart is headquartered.

It also appears Walmart will focus on selling Medicare Advantage policies. MedCity reports that Walmart now has job listings for licensed insurance agents and Medicare sales supervisors.

The Arkansas Democrat Gazette reports that beginning in early August, Walmart insurance agents will begin enrolling customers in Medicare plans over the phone.

Business Insider speculates that Walmart’s foray into health insurance could be a boon for budget-minded health consumers:

“Given Walmart’s apparent dedication to providing low-cost health services, we think its health insurance offerings will also be a more affordable option for consumers.”

The publication notes that Walmart Health centers, currently available in a few states, offer lower prices than a typical doctor’s office.

Related: Don’t Toss These 7 Household Items — Sell Them

Choosing the right Medicare plan

Medicare Advantage plans are offered by private insurers as an alternative to the traditional Medicare program that is managed directly by the federal government.

This year, many Medicare Advantage plans became even more attractive, as we reported in “5 Extra Perks Covered by Many 2020 Medicare Advantage Plans.”

But picking the right Medicare Advantage plan can be challenging. Earlier this year, J.D. Power ranked the best of these plans. You can find the results in “These Are the 4 Best Medicare Advantage Plans for 2020.”

If you’re interested in changing your current Medicare coverage, you will have an opportunity to do so during Medicare’s fall open enrollment period. During this time, people with Medicare can switch from traditional Medicare to a Medicare Advantage plan, or switch from one Medicare Advantage plan to another.

The fall open enrollment period is always Oct. 15 to Dec. 7.

Finally, if you are not yet eligible for Medicare — which is typically reserved for people age 65 and older — you can still prepare for retirement health care costs by putting away money now in a health savings account, or HSA.

Saving money in an HSA — and possibly investing it in the stock market — can help ease the sting of medical costs during your golden years.

Money Talks News contributor Miranda Marquit uses our partner Lively as her HSA custodian, and she’s a fan. Find out why in “3 Ways a Health Savings Account Can Improve Your Finances.”

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