Attracting and enrolling consumers at the time of their first Medicare purchasing decision has big payoff. By taking them on a frictionless buying journey, activate them smoothly, and serve them well, Medicare plans can enjoy strong annual retention and realize significant customer LifeTime Value. But this may be easier said than done. Knowing when prospective Medicare customers turn 65 is basic ‘blocking & tackling’ for any savvy Medicare marketer. Knowing when they’re ready to buy is another story. What used to be ‘retirement at 65’ and enroll in Medicare is now a moving target. More and more Boomers are continuing to work and stay on their employer sponsored health plan until they are ready to retire.
Clearly, MCOs with Group and Individual business should have an advantage of capturing ‘same brand’ members with an internal cross-selling effort to convert them to their Medicare products. However, ‘should’ is the operative word here. According to Deft Research only one-third of Medicare enrollees went to a plan with their same Group or Individual commercial plan sponsor.