With over 22 million seniors enrolled, the future of Medicare Advantage looks bright. But, competitive rivalry has never been greater. The top ten MA plans have 74% market share. Most Medicare beneficiaries have access to at least 20 MA plan options with many having access to extra or supplemental benefits not provided by traditional Medicare such as dental, fitness, eyewear, over-the-counter drugs or medical transportation. And, every year we see new market entrants, either startup insurance companies or hospital sponsored plans challenging incumbents.
This crowded marketplace shows no signs of letting up. Mega-players continue to gobble-up smaller MA plans, reconfigured supplemental benefits are used to differentiate product offerings, and ‘solution selling’ distribution systems are becoming more robust. Taking time to ‘gut check’ Medicare Advantage marketing and sales operations can have a big payoff. Here’s an 8-point checklist:
√ Assess marketing and sales plans, lead generation and media tactics
√ Examine prospect data, lists and MarTech infrastructure
√ Assess Medicare messaging and value differentiation
√ Evaluate media mix, grassroots, social and digital capabilities
√ Assess adequacy of member on-boarding and retention
√ Review integration of compliance, marketing and sales
√ Appraise marketing team structure, talent, functionality and staffing levels
√ Examine marketing metrics: budgets, expense structure, and ROI
Now more than ever Medicare Advantage plans must take a critical look product development, operating technology, customer experiences, and growth strategies to make sure prospective members are getting what they want, when and where they want it. Remember, today’s Medicare customer is redefining old…they work longer, believe in ‘active aging’, and value convenience. Paying attention to the complete customer lifecycle by making sure hard earned new members don’t march out the back door is critical to success. Only an engaged, loyal MA member optimizes LifeTime Value.