(FOXBUSINESS) -- Walmart is entering the health insurance business, just in time for those signing up for Medicare open enrollment this fall.
The Bentonville, Ark.-based retailer announced Tuesday the opening of Walmart Insurance Services to "assist people with enrolling in insurance plans—and simplify what’s historically been a cumbersome, confusing process."
“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, said in a statement. “And we want to be a trusted partner on their health care journey."
Walmart Insurance Services, a licensed insurance brokerage, will begin selling Medicare insurance plans during this year’s Annual Enrollment Period (AEP), which runs from Oct. 15 through Dec. 7.
We’re opening Walmart Insurance Services, LLC, to help people navigate the historically cumbersome and confusing process of choosing the right Medicare plan for them. https://t.co/ew2WN5dZ7I
— Walmart Inc. (@WalmartInc) October 6, 2020
The agency, which is licensed in all 50 states and Washington, D.C., 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.
Medicare Advantage plans cater to Americans who are older than 65 and those with disabilities.
According to Sullivan, only 1 in 10 Medicare beneficiaries is enrolled in a plan that saves them the most on out-of-pocket spending.
"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," he said in a statement on Tuesday.
The company said Tuesday that "more carriers may be added in the future."
Walmart already operates U.S. health centers, which offer low-cost services such as dental care and counseling.
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