Sam's Club has announced it will join the ranks of retailers who offer a private health insurance exchange for its members, according to a Washington Post report.
A vast majority (70 percent) of Sam's Club customers who have a business membership work for companies with five or fewer employees. The goal of the exchange is to provide a way for such patrons to offer affordable insurance coverage to their employees, according to the report. Also, Sam's hopes to build customer loyalty with its recent addition, called The Aetna Marketplace for Sam’s Club.
Sam's Club is not the first retailer to get into the healthcare exchange business. Costco, Sam's rival, already offers a private insurance marketplace that is geared at individual shoppers. However,the Sam's Club exchange will differ from its rival's in that it will be geared more toward small-business owners.
Sam's Club's decision to launch a private exchange was based on customer research, and the exchange could boost comparable sales among shoppers who hold a business membership.
The exchange will be available to members, as well as their employees and their families, in 18 states beginning in October.