How to Get Your Fair Share of the 60 Million Medicare Eligible Consumers

Buyer loyalty perspectives are changing. Naturally, many Medicare-eligible consumers are concerned about their overall health and well-being and want to make sure that they have the best overall solution for their health care needs.

We know that today’s Medicare consumers are savvier shoppers and utilize friends, family and the Internet to research their options. They are also discerning and not afraid to change health plans from one year to the next. Clearly articulating your health plan’s competitive advantage, and conveying empathy and emotional intelligence in every communication is vital to acquiring and retaining members.

With more than 60 million Americans projected to be covered by Medicare by 2020, it is critical for health plans to understand and meet members’ individual needs in a meaningful way that will attract and retain this growing market.

Open Enrollment Period (OEP) allows Medicare Advantage (MA) members to switch or leave a Medicare Advantage plan from January 1st to March 31st.

Annual Election Period (AEP) typically runs October to mid-December. During this time, Medicare eligible individuals may sign up for a plan, switch plans and/or leave a plan.

Initial Coverage Election Period (ICEP): The time period for someone new to Medicare (also called "Aging-In") to enroll in a plan. Starts three months before the month you turn 65 and ends three months after the month you turn 65.

For acquisition marketers, the pressure to obtain these individuals is high—plus, there is an incredible amount competition between health plans. When all is said and done, you have a big job that involves a singular focus: Keep the Medicare members you have and encourage eligible seniors to switch to your plan during the Annual Enrollment Period (AEP). But how do you do that?

Start by following these AEP marketing tips below:

Prioritizing Marketing Efforts for Medicare Advantage

AEP Marketing Tip #1: Take care of current members (so you retain them)

According to a survey conducted by Welltok, nearly six in 10 seniors said they would consider switching their current Medicare Advantage (MA) plan in the near future. This is because roughly half feel that their current plan is not offering relevant or personalized support. So how should health insurance providers meet the needs of their current members so that they don’t leave for a competitor? Simple. Offer programs and resources that address their total health and well-being.

AEP Marketing Tip #2: Keep the messaging simple—don’t overcomplicate it

Picking a plan can be challenging, especially when each one is so different. Try to simplify things by clearly explaining the value of your Medicare Advantage plan—even the intangibles you offer in online guides, coaching, seminars and events. Use data-driven marketing with current members to only present benefits that are relevant and not currently utilized by members, making them feel like you truly know them and their needs.

AEP Marketing Tip #3: Value your members for who they are

It’s important to make sure current members are valued for being the individuals they are, otherwise, you lose them during open enrollment period (OEP). One way to make members feel special is through personalized communications to show that they are not just a number in database. Use data-driven marketing to communicate clearly and often about their plan benefits and what they should be doing to live their best, healthy life.  But keep in mind that not all Medicare Advantage-eligible individuals are leading a happy, healthy retirement.  Make sure your messaging exudes empathy and resonates with their situation and not the lifestyle we all desire in retirement.

AEP Marketing Tip #4:  Introduce yourself to potential new members and give them a reason to engage with you to learn more

In addition to advertising to create awareness, specific data-driven marketing can help prospective members envision how your plan can better serve their needs. Tailoring your call to action to be appropriate to where they are in their research and buying journey is critical. For example, consider inviting them to an educational event instead of assuming they’re ready to call right away. Finally, remember that your offer for an individual appointment is the most personalized attention your company can provide.

A Final Note

In the high growth Medicare Advantage market, genuine, personal interactions that take advantage of data-driven marketing insights and actions can bring more members to your health plan. When done correctly members feels like your company is engaging with them on a human-to-human level, not a corporation to the Medicare enrollee masses.