Walmart Insurance Services LLC: Walmart Is Getting Into The Insurance Business

Big news has come out of Walmart, who reported earlier this week that they are planning to expand to sell health insurance plans. Hoping to fill jobs, a post has been found online that the company is looking for passionate health insurance professionals to fill jobs. The world’s largest retailer coined the agency ” Walmart Insurance Services, LLC” and will continue to look to fill the job roles starting later this year.

Walmart Insurance Services, LLC

“We currently offer access to insurance information in our Walmart Health locations, and we have a long-standing education program called Healthcare Begins Here to help people find the right insurance plan for them,” spokeswoman Marilee McInnis wrote in an email. “We’re expanding our current insurance services to now include the sale of insurance policies to our customers.” Currently, the company operates in four health centers that offer low priced medical services such as dental care and counseling.  The subsidiary will focus on selling Medicare Advantage plans, but the company has been quiet on additional details. Some believe that the statement by McInnis leaves room for the company to expand its services beyond senior shoppers. Walmart Insurance Services LLC will be operational by the end of 2020.

Walmart Partnership with PBM Startup

The company also announced that it had struck a deal with PBM startup Capital Rx, which provides health plans real-time information on prescription drug prices. For years the company has been in the space of pharmacies, which will likely expand through the partnership.  Capital Rx was founded by AJ Loiacono, a former insurance auditor, who had the idea of providing drug prices as part of pharmacy benefit plans. This partnership will continue to grow and allow Capital RX to sign on some payers. “Walmart is a diversified company. We liked the fact that they were independent. They’re not part of a PBM or a health system today,” Loiacono said. “The other part of it is, they have scale.”

Walmart has been linked to multiple insurance companies over the last few years allowing agents to set up shop in stores and offer guidance to those who need help. How the emergence of their own insurance company will affect this, stay tuned as more details are released!

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