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Boomers who shop at Costco may soon be able to check out a new health-related product at the warehouse giant: a Medicare health plan.
As theWall Street Journal reports, the chain is planning a trial of Costco-branded Medicare Advantage plans in two states and a Medicare supplement in a third.
Jeff Bezos backs a platform that lets anyone invest in rental homes for as little as $100 —6 ways to build wealth like a landlord without actually being one Dave Ramsey warns nearly 50% of Americans are making 1 big Social Security mistake.Here's what it is and 3 simple steps to fix it ASAP The tax breaks in Trump's 'big beautiful bill' expire after 2028.Here are 4 moves to make before the window closes The franchise is doing so in partnership with California-based SCAN Group, a California-based nonprofit that provides an array of healthcare services to older Americans, including insurance plans.
"We're trying to create a win-win," SCAN Health Plan CEO Sachin H.
"Something that was going to be good for seniors, good for SCAN and good for Costco." Jain said he pitched the idea to Costco because of the warehouse club's reputation with older Americans and its reach.
According toNumerator, one in three Costco members is a Boomer, many of whom qualify for or are already enrolled in Medicare plans.
Costco's Senior Vice President for Pharmacy Richard Stephens told the Wall Street Journal that the company aims to build on its reputation for reliability — the same thing that draws customers back for its beloved rotisserie chicken and Kirkland products — with the insurance product.
As Stephens said, customers "know that if they buy something from Costco, it has been vetted, and [they] feel it's the best thing in the category." Carrie Graham, Director of the Medicare Policy Initiative at Georgetown University's Center on Health Insurance Reform (CHIR), told Moneywise that the idea is a piece of "brilliant marketing," citing her father's belief that Costco products are "the best quality." "There's a really strong trust in the brand, especially among older adults," she said.
She noted that it is a great way to expand Costco's pharmacy, vision, hearing and over-the-counter products, adding that the chain has a well-earned reputation for offering drugs at affordable prices.
In April, Elizabeth Warren invoked Costco when shetold the Senate Finance Committeethat a generic prescription for the heartburn medication pantoprazole (brand name Protonix) costs $16.99 at Costco compared to $200 for the brand name on the federalTrumpRxprescription site.
Such affordability could enhance the value of a Costco-branded Medicare Advantage plan.
Meanwhile, Graham added, SCAN will benefit from operational savings by leveraging Costco's reach to recruit Medicare plan members instead of relying solely on insurance brokers.
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