The Medicare Advantage (MA) market is a lucrative line of business for health plans. Thousands of seniors age into Medicare eligibility daily, creating a market rife with organic growth. Medicare Advantage’s rising popularity with seniors is bolstered by competitive prices and expanded benefits, positioning MA to overtake traditional Medicare enrollment by 2025.
Medicare Advantage’s popularity with seniors has in turn increased the competition for health plans, with a record number of carriers and MA products available. Plans must fine-tune their understanding of seniors’ preferences and decision-making around plan selection to appeal to consumers and stand out in a fiercely competitive crowd.
Advisory Board conducted an online survey of 1,397 seniors over the age of 60 to understand what matters most to consumers when selecting a Medicare product and what makes the biggest difference in overall satisfaction. Our Senior Shopping Preferences Survey uncovered unique ways that seniors are exposed to Medicare Advantage, how they prioritize benefits and other aspects of product design, and how they weigh options for switching between plans. This briefing will showcase our nine data-driven insights that allow plans to get into the minds of senior consumers—and position their products to better meet these members’ needs.
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