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How to make Medicare Advantage plans attractive by meeting the needs of a new generation of senior patients.
Today’s seniors are not the same as generations past. They are living longer, more independently and becoming more tech savvy. This is in part due to innovations in science and medicine, alongside advancements that are fueling a rapidly growing ecosystem designed to better support seniors. 65 is the new 45.
As the population thrives and grows, so does the Medicare market. Approximately 60 million Americans are projected to be covered by Medicare by 2020, and over 40% of beneficiaries expect to be enrolled in Medicare Advantage plans in the next 10 years. Savvy health plans are quickly acknowledging this tidal shift and are acting upon it, customizing offerings to differentiate themselves and provide seniors support across all aspects of health.
With new rules allowing consumers to switch plans well into the first three months of the year, the Medicare Advantage market is becoming more competitive. For plans to attract, retain, and better manage this growing market, they must understand this increasingly diverse population and meet members’ individual needs in a meaningful way.
It is important that healthcare executives stay in tune with elder Americans and be prepared to respond. According to the results of a new national survey of more than 1,000 adults over the age of 65, seniors are feeling younger than ever and have redefined what they perceive as being “healthy.” They are also aware of their options and are not afraid to shop around.
Here are the top five takeaways:
The results of this new survey show that seniors are far from one homogenous, technophobic group. As the baby boomer generation continues to rapidly age into Medicare, this diverse population will only continue to grow. Now is the time for health executives to start personalizing and properly communicating with seniors to ensure they are able to successfully attract and retain new Medicare Advantage members, while also keeping the seniors of America happy and healthy.
April Gill is the vice president of health plan market solutions at Welltok, a consumer health SaaS company.