Medicare Advantage: How You Can Differentiate Yourself Throughout Open Enrollment
by Reem Odeh
In 2014, the Medicare population was estimated to be 55.5 million individuals. By 2030, this population is expected to exceed 69 million; in 2050, the population is estimated to grow by almost 50% to 82 million individuals. It comes as no surprise that Medicare Managed Care enrollment is at all time high of 34%, and, with an estimated 10,000 baby boomers aging into Medicare daily, enrollment for Medicare will continue to rise. Consequently, health plans are under pressure to maximize the growth of their Medicare products; however, they face difficulty capturing new beneficiaries and retaining existing members as limited marketing budgets become an obstacle. The key to facing this challenge and growing plans successfully lies in a plan’s ability to increase marketing efficacy, while ensuring member retention.
FOCUS ON EDUCATION
To bring Americans into the Medicare Managed Care space, Americans must first understand the difference. Educate the consumer on the benefits of working with a managed care organization, such as extra benefits, like dental and vision care, the ability to set deductibles and copays, an out of pocket limit, and international coverage.
CREATE A RETENTION PLAN
An estimated 9% of Medicare Advantage enrollees voluntarily switched plans per year. Member retention is the key to success, as the cost of acquisition is significantly higher than the cost of retention. Ensure retention by maintaining high quality ratings, consumer satisfaction, and access to a wide array of doctors.
Simplicity, Access, Value, and Excellence are key drivers in health plan choices, and consumers are becoming more informed about the options. Offering high quality solutions, providing convenience, ensuring value by providing fair costs, great customer service, and convenient access points are necessary to not only retain current members, but also engage nonmembers. Focusing on these attributes can help plans save costs and resources, which can be utilized to maintain high quality ratings.
KNOW YOUR REACH
The best way to educate future members and retain current ones is to employ a successful marketing strategy. Digital media consumption has increased tremendously, especially with older Americans. Not only has digital media consumption surpassed that of traditional methods, but also, mobile accounts for 65% of all digital media consumed. This is important to note, as 80% of Americans over the age of 65 have a cell phone. In fact, 82% of this population reports having a Facebook account, with 15% spending over 11 hours a week on the social media site. This trend suggests an efficient and convenient way to reach this target audience.
Pursuant Health’s Digital Marketing Solutions allow health plans to more efficiently and conveniently reach this population across multiple platforms, including mobile, social media, web, and addressable TV. Pursuant Health’s success in Digital Marketing include increasing lead volume by 11% while decreasing CPA by 17% for a national Medicare Advantage insurer; reducing CPA by nearly 70% for ACA enrollment; and, reducing churn rates by over 50% of projected amounts for a northeastern insurer.
Reem Odeh is a Sales Analyst at Pursuant Health and has a background in investments and data analytics. She graduated with her MBA in 2017 from Indiana University.
Pursuant Health values its role in helping health plans achieve meaningful quality intervention and member engagement.
For more information on Pursuant Health and how we can assist your health plan, please contact: firstname.lastname@example.org