More Medicare Advantage members switched to other Medicare Advantage plans in 2023
Although overall switching during the Annual Enrollment Period (AEP) for all lines of Medicare business was flat this year at 11 percent, George Dippel, president, Deft Research, said the number of seniors who switched from one Medicare Advantage plan to another was up significantly this year. Indeed, Deft Research’s recently published 2023 Medicare Shopping and Switching Study, which surveys 3,000 seniors in Medicare Advantage, Medicare Supplemental insurance, and Original Medicare Only immediately after the 2023 AEP, found that the switch rate from one Medicare Advantage plan to another was 15 percent, the highest point the company has seen in seven years. What drove seniors to seek out a different Medicare Advantage plan? Inflation, which made premiums less affordable and Part B givebacks.
Storytelling and branding are essential elements to successful marketing plans
Jeremy Troutt, creative director, TRAFFIK, said one trend that is emerging in 2023 is that Medicare Advantage plans are getting “lost in the sea of sameness.” Prospective enrollees receive similar marketing materials from plans that offer similar benefits, marketing language, tone, and brand design. This leaves consumers with little to fall in love with when shopping, to tell their friends about, or to remember next year. The problem is many health plans minimize their work on brand marketing and story telling and instead focus on lead generation. And while lead generation does produce good results, over time the strategy can work against you and becomes more expensive and less effective. Storytelling, he said, is 22 times more memorable than facts yet most Medicare marketing only contains facts about benefits. His advice: Don’t neglect brand marketing and storytelling in pursuit of leads because in the long term, you need both. Give a reason for your audience to care about your brand to drive long-term growth. Keynote Dan Clark, an international motivational speaker, also emphasized the importance of story telling or story selling, creating an “emotional roller coaster ride” so prospective enrollees will remember you and want to spend more time with you.
Member experience is everyone’s job
“Every single person at your health plan should be responsible for member experience, just like in compliance,” said Kristy Croom-Tucker, director, acquisition and member experience, BayCare, during a session with Bloom on how to create an exceptional member experience. “Any level of interaction or impact the person has on the member and time with you, should have responsibility of member experience.” To improve the member experience at BayCare, the organization conducts journey mapping, plotting every step in the member’s journey from initial enrollment, to getting the member ID card and welcome kit, to their first primary care appointment, and all the interactions that occur as a member of the plan. The organization also conducts call listening sessions each quarter with all their partners, listening to four or five calls, scoring them and discussing them. Each session has led to an opportunity to improve a process, coach a team member, or clarify something on the plan side. Croom-Tucker also schedules quarterly zoom meetings for member advisory groups. This online community of 2,000 seniors allows the organization to conduct qualitative and quantitative research about their experience. She recommends also asking brokers the same questions as members because they are close to members and can offer a different perspective to help improve the plan. BayCare also tracks its net promoter score, monitors where members spent time on the plan portal, and monitors its social media accounts to learn how members feel about the organization.
Adjust your campaigns to market to 'Generation Jones'
Generation Jones refers to the younger Baby Boomers, who were born between 1954 and 1965. This cohort is aging into Medicare now. Unlike traditional Baby Boomers, these individuals are used to the internet, don’t know a world without television, and are very cynical and have a distrust of institutions. Consider these factors when designing your messaging and marketing plans because the messaging must be different than the ones you’ve used to reach traditional Baby Boomers, said Lauren Stupin, account director, TRAFFIK. They need more ways to educate themselves, more reasons to believe, and more opportunities for dialogue. The opportunity to reach Generation Jones is enormous, noted Naomi Irvin, chief of staff–government markets, Blue Cross NC and Leah Smith, vice president, client solutions, Anderson, in a later presentation. This population represents more than 38 million Boomers and $1.5 trillion in spending power. They also demand and consume more health care services than any other generation in U.S. history. If you market to them correctly and can engage and retain them, Medicare Advantage plans can create a relationship with them for the next 20 years.
