Walmart's Banking and Healthcare Plans

[Stunt]

I've been reading a few articles on Walmart's plans to go into banking and healthcare. They already offer cheque cashing, credit cards, and clinics.

Will this increase low cost access to healthcare and banking services, or will this have a negative effect?

Personally I think Walmart should be allowed to go into banking as Loblaws (Canada's largest grocer - $13B assets, 130,000 employees) launched a bank with extremely low fees and good offers for shopping at their store (can't go wrong with free food). I have had a great relationship with this bank, even though it operated through a retail store; until recently I had a big fallout with them.

As for healthcare, I think the wait lines at emergency rooms and costs of healthcare warrent a solution such as this.

What do you think?

 

[Amplifier]

It's a positive. Patient First could use some competition

 

[charrison]

If you are small business or self employed you can get a sams card and get group rates on health insurance. I failt to see how this would be a bad thing.

 

[EatSpam]

I guess it couldn't be worse than dealing with UnitedHellCare.

 

[ShadesOfGrey]

I don't know on the Insurance part because I haven't read much about it but as for the banking. Target does their own so I don't see the problem with WalMart doing their own.

 

[alchemize]

I'm guessing that many providers would tell WM insurance to stick it up their ass...they'd just refuse to contract with them.

 

[AntaresVI]

Originally posted by: alchemize
I'm guessing that many providers would tell WM insurance to stick it up their ass...they'd just refuse to contract with them.

why? side note: congrats on your kid.

 

[dmcowen674]

Originally posted by: Stunt
I've been reading a few articles on Walmart's plans to go into banking and healthcare. They already offer cheque cashing, credit cards, and clinics.

Will this increase low cost access to healthcare and banking services, or will this have a negative effect?

Personally I think Walmart should be allowed to go into banking as Loblaws (Canada's largest grocer - $13B assets, 130,000 employees) launched a bank with extremely low fees and good offers for shopping at their store (can't go wrong with free food). I have had a great relationship with this bank, even though it operated through a retail store; until recently I had a big fallout with them.

As for healthcare, I think the wait lines at emergency rooms and costs of healthcare warrent a solution such as this.

What do you think?

Topic Title: Walmart's Banking and Healthcare Plans
Topic Summary: Good, Bad? What's your take?

Well prices have been climbing out of control (well it's great if your on the profitting side of it).

It wouldn't be a bad idea to see if Wally World could actually lower Health Care costs including Prescriptions. So far however they have shown no power to lower prescription costs so I doubt they could lower the rest of the Health equation either.

Banking wide we have a lot of banks and many of them have their operations set up in India. Will Wally World do the same thing? Again banking has become expensive and climbing costs out of control, will Wally World lower the cost of banking or will they be just another Bank of India robbing the U.S. legally?

 

[charrison]

Originally posted by: dmcowen674

It wouldn't be a bad idea to see if Wally World could actually lower Health Care costs including Prescriptions. So far however they have shown no power to lower prescription costs so I doubt they could lower the rest of the Health equation either.

[/quote]

Until people realize that the cost of prescriptions is not the cost of their copay, not much is going to happen drug costs. Your copay is that same at walmart as it is as the mom and pop drug store down the street.

 

[Aimster]

I work 30 hours at my work and I cant even qualify for healthcare

 

[charrison]

Originally posted by: Aimster
I work 30 hours at my work and I cant even qualify for healthcare

You might try looking at an HSA. They are quite affordable.

 

[alchemize]

Originally posted by: AntaresVI

Originally posted by: alchemize
I'm guessing that many providers would tell WM insurance to stick it up their ass...they'd just refuse to contract with them.

why? side note: congrats on your kid.

Thanks

I just think Wal-Marts history of borderline (or perhaps not borderline) monopolistic tactics with vendors would scare them off.

Doctors are a very opinionated and of course highly educated group - I would guess as a whole they hate Wal-mart and would do everything they could to avoid doing business with them.

 

[charrison]

Originally posted by: alchemize

Originally posted by: AntaresVI

Originally posted by: alchemize
I'm guessing that many providers would tell WM insurance to stick it up their ass...they'd just refuse to contract with them.

why? side note: congrats on your kid.

Thanks

I just think Wal-Marts history of borderline (or perhaps not borderline) monopolistic tactics with vendors would scare them off.

Doctors are a very opinionated and of course highly educated group - I would guess as a whole they hate Wal-mart and would do everything they could to avoid doing business with them.

It is also a market too large to ignore. Sams club is in fact selling healthcare plans to its members.

 

[alchemize]

Originally posted by: charrison

Originally posted by: alchemize

Originally posted by: AntaresVI

Originally posted by: alchemize
I'm guessing that many providers would tell WM insurance to stick it up their ass...they'd just refuse to contract with them.

why? side note: congrats on your kid.

Thanks

I just think Wal-Marts history of borderline (or perhaps not borderline) monopolistic tactics with vendors would scare them off.

Doctors are a very opinionated and of course highly educated group - I would guess as a whole they hate Wal-mart and would do everything they could to avoid doing business with them.

It is also a market too large to ignore. Sams club is in fact selling healthcare plans to its members.

I doubt they are administering the plan though - I'd guess they are contracting it out, probably an ASO. I'll have to dig more into this with some folks at work when I get back...

It's very different to offer health insurance via a third party, versus actually engaging in all the contracting and healthcare management type activities.

I would guess they will offer "prompt care" type facilities - very different than entering the Payor side...

 

[charrison]

Originally posted by: alchemize

Originally posted by: charrison

Originally posted by: alchemize

Originally posted by: AntaresVI

Originally posted by: alchemize
I'm guessing that many providers would tell WM insurance to stick it up their ass...they'd just refuse to contract with them.

why? side note: congrats on your kid.

Thanks

I just think Wal-Marts history of borderline (or perhaps not borderline) monopolistic tactics with vendors would scare them off.

Doctors are a very opinionated and of course highly educated group - I would guess as a whole they hate Wal-mart and would do everything they could to avoid doing business with them.

It is also a market too large to ignore. Sams club is in fact selling healthcare plans to its members.

I doubt they are administering the plan though - I'd guess they are contracting it out, probably an ASO. I'll have to dig more into this with some folks at work when I get back...

It's very different to offer health insurance via a third party, versus actually engaging in all the contracting and healthcare management type activities.

I would guess they will offer "prompt care" type facilities - very different than entering the Payor side...

They are just offering insurance plans that you get at a group rate as an individual. But I see no reason why walmart could not offer health services. After are they do have an optical chain. Why not add a doctors and dentists office.