Strategies to boost Medicare Advantage Enrollments
In 2012, Medicare Advantage enrollment grew by 10 percent. A drop in the premium rates can be touted as one of the primary reasons for Medicare Advantage enrollments to increase.
As per the news release published by the U.S. Department of HHS,
the enrollment in Medicare Advantage plans continued to remain strong and is projected to increase by 11 percent in the next year.
Contrary to initial apprehensions surrounding the Affordable Care Act of 2010, since the inception of the healthcare law, Medicare Advantage enrollments have increased in number and the average premiums rates have reduced – a trend that is expected to continue into the next year.
To increase online Medicare Advantage plan enrollments, the plan sponsors would need to devise smart marketing strategies that help in increasing MA sales figures. However, plan sponsors would need to be careful an approaching the senior consumers as seniors may find it difficult to process excessive complex health plan related information. However, taking into account the maturity of the Medicare market, insurers would need to efficiently utilize the broker and direct channels to communicate with the senior citizens.
To efficiently draw out a business plan to increase Medicare Advantage enrollments plan sponsors would not only need to optimize their sales lead management process but would also need to carefully analyze and understand seniors’ enrollment behavioral patterns and demographics. For instance, some seniors prefer doing the research themselves and largely depend on the internet to get necessary information on available plans and benefits. Plan sponsors can draw an online marketing strategy to ensure that seniors have easy access to required information. Using various online analytics tools, sponsors can get details on the websites and social channels that seniors visit frequently and these results can be used to bring relevant information to the seniors.
Similarly, using direct mails or services of brokers and agents can help plan sponsors in increasing the outreach of their available plans and benefits. Some senior citizens prefer availing the services of an individual broker or brokerage firm to enroll in Medicare Advantage plans. Plan sponsors can ensure that the brokers help seniors’ access relevant, detailed and accurate information on Medicare Advantage and other Medicare plans.
The Medicare open enrollment period commenced on October 15, 2012 and the program will remain open until December 7, 2012. Medicare open enrollment period allows seniors enrolled in Medicare plans to change or upgrade their plan benefits such as adding or dropping a prescription drug plan or avail other benefits. To ensure competitive edge in the already mature Medicare market, payers need to draw up effective business strategies that can help them retain existing customers and increase their Medicare Advantage enrollment figures.
