On-Site Coverage: CUNA Mutual Announces Medicare Alliance

BOSTON -- CUNA Mutual has partnered with Humana to offer all three Medicare products for credit unions to provide to their members.

According to CUNA Mutual, more than 24 million credit union members are over 55, with baby boomers just two years out from reaching age 65. CUNA Mutual's Jeff Hunt said that there aren't huge margins to be made, because all aspects of Medicare products including pricing are heavily regulated, but there is volume to be had. It also is just one more product to add stickiness to credit union relations with older members. Keeping older members is important, he emphasized, because there aren't enough Gen Xers to support credit union services, and Gen Y isn't making enough money yet.

CUNA Mutual will leverage its Member Connect program, a database of 50 million credit union members that can be segmented, to get the word out. Credit unions will direct their members to CUNA Mutual, which will act as an adviser to the member, and then Humana will handle the servicing.

The goal with the product, according to CUNA Mutual Chief Operating Officer Bob Trunzo, is to make credit unions even more relevant to their members. "If we don't have a solution, we will find a partner to provide that solution," he said.