This is the second in a series of findings of Data Decisions Group’s 2022 Medicare Preferences Study. In Article #1, we discussed the differences between age-ins and current plan members when it comes to determining the importance of Medicare Advantage and Medicare Supplement (Medigap) plan features.
DDG’s Medicare Options Consumer Key Drivers Study quantifies the reasons Medicare-eligible (as well as those soon to be eligible, age-ins) consumers make the decisions they do regarding the Medicare options available to them.
In 1984, I begin supporting a direct response effort by JCPenney Life Insurance. The primary cash cow policy was “Birthday Life”. The consumer message was very clear; if you do not buy before this date, your premiums will be higher. Thus, it was critical to have the date of birth (and gender) for each individual.
Or I might remark that "those who cannot remember the past are condemned to repeat it.".*
Medicare is a complicated subject. We, at datadecisions Group, are always looking for an opportunity to discuss the complexities of Medicare Marketing and Sales. We look forward to hearing feedback from Rise: The Medicare Marketing & Sales Summit 2020 in Las Vegas, February 25-26,2020 .
A recent Kaiser Family Foundation article** states that in 2020 there will be 3,148 Medicare Advantage plans offered in the US.
I am back from Rise’s 12th Annual Medicare conference, and thought I would share to my experiences with those who did not attend.
First, the consumer will have from October 15th to December 7th, 2018 for AEP. Then from January 1st to March 31st, 2019 there will be an open enrollment period. What communication plan do you have to first indicate that you would like to be the healthcare provider and then insure they are satisfied with their choice? At DDG, we segment this audience into market segments*: Consumers who wish to become a Medicare Advantage Member: 1,049,182 Individuals who prefer to purchase Medicare Supplement Insurance: 1,255,367 Persons who desire PDP (Part D) only: 937,833 Dual Eligible individuals: 488,602 Special Needs Persons (SNP): 6,621,042 Turning 65** 3,342,487 Turning 66** 3,342,487 Turning 67** 3,236,222 Movers*** 1,305,457 These audiences are very useful in AEP campaigns—direct mail and Facebook. We call these custom audiences-dataFaces. However, OEP will present a different challenge. Our market(ing) research does indicate that many consumers can not accurately describe the form of Medicare coverage they possess. Do you have a Medicare Advantage Plan? Does it include prescription drug coverage? Did you purchase a Medicare Supplement policy? Are you dependent on only Medicare Part A and Part B? Thus, it is certainly understandable that the member can become very dissatisfied with their coverage during the following months. For example, did the individual consumer grasp that the PDP selected should match the prescription drugs that they are currently using? Does your customer service groups have training that enables them to assist the consumer in making the choice that optimizes their satisfaction? Or does your member learn that they had choices from their neighbor and thus becomes irate that your firm did not explain. To measure your risk of “members switching” you can consider both a. market research and b. churn analytics. Obviously, the goal of the two exercises is different but both can provide you with keen insight for member behavior in OEP.