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Costco will soon offer Medicare plans to certain members as part of a new, first-of-its-kind health insurance venture.
The warehouse giant has teamed up with SCAN Health Plan, one of the nation’s largest nonprofit Medicare Advantage plans focused on senior health care, the insurance company announced Tuesday.
Under the partnership, the companies will launch a “suite of senior-focused” insurance products over the coming years.
Pending regulatory approval, the suite could include a revamped pharmacy experience, Medflex over-the-counter pharmacy benefits, vision care coverage, audiology or hearing benefits and more.
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A customer approaches a pharmacy inside a Costco store in Teterboro, New Jersey, on Feb. 28, 2024.(Stephanie Keith/Bloomberg
The plans will be sold at Costco stores and also made available through insurance agents and websites
The companies have not revealed exactly when the plans will become available, as regulatory review and approval are still pending. SCAN currently serves members across 33 counties in California, Arizona, Nevada, Texas, New Mexico and Washington.
SCAN Health said the initiative was designed to address the “disjointed experience that many seniors face accessing care and services” and will “bring more value and better experience to seniors as they navigate their health insurance.”
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Customers visit the membership and customer service counter at a Costco store in Florida.(Lindsey Nicholson/UCG/Universal Images Group
“For the millions of older adults who rely on Medicare Advantage, the future of the program depends on strong partnerships that make healthcare more accessible, more connected and more seamlessly integrated into everyday life,” Dr. Sachin Jain, CEO of SCAN Group and SCAN Health Plan, said in a statement
“Older adults want healthcare that is easier to navigate, more responsive to their needs and rooted in organizations they trust. Our expanded partnership with Costco will give us a strong foundation to explore new ways to help people stay healthy and independent while delivering the quality, value, and service both of our organizations are known for.”
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| COST | COSTCO WHOLESALE CORP. | 961.35 | +7.85 | +0.82% |
Costco CEO Ron Vachris added that the partnership with SCAN serves as an extension of the company’s commitment to providing value to its customers
“For more than 40 years, Costco has consistently listened to our Members and earned their trust delivering consistent value on essential goods and expanding our health service offerings,” Vachris said in a statement.
A customer makes a purchase from a Costco pharmacy, Tuesday, May 30, 2006, in Long Island City, New York.(Daniel Acker/Bloomberg
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“Selecting SCAN as our partner to deliver a better healthcare experience for seniors, is an extension of that commitment. We have developed a shared understanding of what matters most to the seniors we serve. Deepening our partnership allows us to build on that foundation and create value for our Members.”
FOX Business reached out to Scan Health for more information
