Walmart announces Medicare Advantage strategy

A retail giant like Walmart is apt to have a pretty diverse customer base.

Parents of young children shop at Walmart frequently for the savings on groceries, apparel, and other essentials. College students shop at Walmart for affordable dorm room supplies and beauty products.

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And young professionals flock to Walmart, because where else can you find so many things under one roof?

Walmart is also a popular retailer among older Americans.

Many seniors today live on a budget that consists of a Social Security benefit and not much more.

Shopping at Walmart helps retirees stretch those monthly benefits. And that's been especially important recently, given the toll inflation has taken on seniors.

It's true that inflation has battered consumers across a range of ages. But seniors on a fixed income may be struggling the most in the face of higher costs.

It's harder for older people to side-hustle their way into extra income to cope with rising expenses. So for many retirees, Walmart is a true lifeline.

Walmart launches a Medicare Advantage strategy.

Image source: Brooks Kraft LLC/Corbis via Getty Images

Retirees need help navigating Medicare coverage

Many Americans sign up for traditional Medicare at age 65. It's not free healthcare by any means, but it's a solution when employer-sponsored coverage goes away in conjunction with retirement.

Many seniors opt for Medicare Advantage over traditional Medicare. These plans are offered by private insurers and come with specific rules and benefits.

The upside of Medicare Advantage is the expanded benefits it offers beyond what traditional Medicare covers. In some cases, Medicare Advantage can also provide cost savings.

But seniors on Medicare Advantage often struggle to understand and maximize their benefits. Part of the reason is that each Medicare Advantage plan is unique, and enrollees have to familiarize themselves with the rules every time they switch coverage.

Walmart throws Medicare Advantage enrollees a major bone

Medicare Advantage enrollees often need help understanding how to best use their benefits. Walmart is stepping in.

The retail giant just announced that Medicare Advantage members can now add benefit card information to their Walmart.com accounts. This allows them to unlock plan-specific benefits while shopping on the site and using the store's app.

Under this new system, Walmart customers will see a “benefit program eligible” icon on products that are eligible for coverage under their specific Medicare Advantage plan.

It's common for Medicare Advantage plans to offer supplemental benefits that extend to wellness products, and in some cases, even food. Now, enrollees who shop at Walmart can more easily identify those items.

Medicare Advantage enrollees can also use Walmart's new system to specifically search for benefits-eligible items, saving themselves time.

“We saw an opportunity to streamline the health benefits shopping journey, make it easier for customers to discover eligible items and offer convenient pickup and delivery options that fit their busy schedule,” said Senior Vice President of Health & Wellness Merchandising Ralph Clare.

More retail:

Roughly two-thirds of Medicare Advantage enrollees don't use their over-the-counter benefits, and much of that stems from not understanding which products are covered by their plans.

Walmart's new system could help senior shoppers make the most of their Medicare Advantage coverage and save money on health-related essentials.