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CU System
CUNA Mutual Humana join to offer Medicare products
BOSTON (6/23/09)--Credit union members will soon be able to turn to their credit union to purchase products related to Medicare. CUNA Mutual Group is announcing a new Medicare suite of products designed to help credit unions retain the growing ranks of retiring baby boomers. Medicare Suite will be offered this year through CUNA Mutual’s MemberCONNECT direct-to-member distribution channel. Targeted members of participating credit unions are able to take advantage of the remaining 2009 enrollment period for the Medicare product, which is Nov. 15 through Dec. 31. “Partnering with Humana to provide the Medicare suite of products to our credit union customers is the right decision with the right company at the right time,” said Andy Napoli, senior vice president and product group leader of consumer products at CUNA Mutual. “Competition for baby boomers’ business is heating up among financial institutions, and with good reason. Within credit unions, more than 24 million members are over 55. This is also a tough group to retain.” As baby boomers--defined as those born between 1946 and 1964--begin the retirement process, competition for their financial business is building. Research conducted by CUNA Mutual indicates credit unions have had trouble retaining this generation as it ages into retirement, primarily because it doesn’t view credit unions as providing all the products they need or seek in retirement. For the unprepared boomer retirees, Medicare will be welcomed as a safe haven of coverage. As the most widely available health care solution for retirees, traditional Medicare currently insures more than 45 million Americans. Clearly, this is a core product among older adults, CUNA Mutual said. Traditional Medicare can leave a person with large out-of-pocket expenses. To handle these additional expenses and provide other choices for coverage, private health-care companies also offer Medicare Advantage, Medicare Supplemental or Gap and Part D prescription drug coverage, CUNA Mutual said. “By providing additional Medicare insurance products to our credit union customers, CUNA Mutual is getting in on the ground floor of offering Medicare options to the next generation of retirees, the baby boomers,” Napoli said. “We know millions of Americans place a tremendous amount of trust with their credit unions, and relationships such as this new Humana--CUNA Mutual relationship are vital to Humana’s continued success as one of the nation’s leading Medicare Part D health-benefit plan sponsors,” said Lance Hoeltke, vice president of strategic alliances with Humana. Humana Inc., headquartered in Louisville, Ky., is a publicly traded health and supplemental benefits companies, with about 10.3 million medical members.
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