New Research Reveals 6 in 10 Seniors May Be at Risk for Switching Medicare Advantage Plans
By Welltok Marketing
There's one month left in the new Medicare Advantage open enrollment period. Are you doing all you can to retain and attract members? With more Americans aging into Medicare and the new open enrollment period allowing consumers to switch plans between January 1 and March 31, the competition for members is really heating up. Medicare Advantage plans can attract and retain more of this growing population by understanding how to meet members' individual needs in a meaningful way.
Welltok recently surveyed more than 1,000 seniors covered by Medicare to get insight on important questions that plans need to know, including:
- What are the top health priorities for today's aging population?
- How do today's seniors compare to other generations?
- How are seniors using technology to support their health?
- What do seniors want from their health plans?
The report findings also show that nearly six in 10 seniors said they would consider switching their current Medicare Advantage plan in the near future. This is significantly higher than in the past, when approximately 11 percent of Medicare Advantage members voluntarily switched plans.
With one month left in this year’s open enrollment period, it’s not too late to think about implementing solutions that improve the member experience by building a personalized, year-round relationship with seniors.
Read an excerpt of the report below and download the full version here.
Why Seniors Would Switch Health Plans
Excerpted from Welltok's 65 Years Young: Health for the New Senior Generation Report
Nearly 6 in 10 Medicare Advantage plan members said they would consider switching their current plan. Those most likely to switch include seniors under the age of 75 and those living in the Northeast.
Seniors want plans with low out-of-pocket costs, prescription drug coverage and in-network access to their providers.
Furthermore, seniors also believe it is important for their insurance provider to offer programs and resources that address their top health priorities: physical, emotional and financial health, as well as social connection.
Yet roughly half of seniors said the resources plans are offering aren’t relevant and personalized to their own health goals and interests. Click here to get the full report.