Medicare Marketing: 3 Strategies to Address Acquisition Declines
If you’re responsible for Medicare marketing, you are most likely already prepping for the eight weeks in the Fall that have become pivotal to your business strategy. It’s the only time of year that most seniors can make a change to their Medicare Advantage coverage so the noise during this timeframe has built to a crescendo.
For acquisition marketers, the stakes are high and your goals are clear. Entice eligible seniors to switch to your plan during the Annual Enrollment Period (AEP).
But beyond market competition, you face another challenge. In recent years the rate of seniors who switched plans has plateaued or outright declined.
As recently as 2015, 23% of seniors switched plans. Today, it’s a mere 9%. What does a decline like this mean? If you apply the 9% to your marketable universe before calculating your expected return, the math itself will demonstrate the problem.
You need to rethink your approach to Medicare marketing.
But before you move to a new strategy, let’s dig a little deeper into the data. Turns out, the Medicare switchers are largely, if not exclusively confined to those who had an event or interaction that would predispose them to switching during the year.
It could be a customer service issue, a price complaint — or something else entirely — either way, it points to the conclusion of Deft Research that “switchers are not created during the AEP. A combination of consumer experiences and insurer outreach throughout the year creates them.”
How best to react? Embrace the challenge with a proactive approach to change.
3 Strategies to Address Medicare Marketing Declines
1. Rethink seasonality — Only 88% of seniors who had decided to switch plans by the start of AEP, actually switched. Similarly, 90% of those who decided to stay with their same 2017 coverage ultimately did. What does this data imply about seasonality? Although transactions occur during the AEP, the real work –relationships with members are year-round endeavors.
Jill’s career spans 25+ years with experience in performance marketing, communications, advertising, branding and creative development. She has a track record of success in building business for national brands like Netflix, Carnival Cruise Lines, AT&T and Hyatt, as well as regional healthcare accounts such as Highmark, and Emblem Health. She has earned a reputation as a strong agency leader based on her proven ability to develop relationships and drive innovation. Proud wife, mother, sister, and daughter, Jill believes passionately in giving back and has served executive leadership roles on the Board of Directors for Family Law CASA of King County.