New National Survey Reveals Greater Risk of Seniors Switching Medicare Advantage Plans in 2019
DENVER, Jan. 16, 2019
DENVER, Jan. 16, 2019 /PRNewswire/ -- A new survey by Welltok, the leading consumer health SaaS company, validated that today's seniors are increasingly tech savvy, expect more from Medicare plans and are striving for total wellbeing. With over 60 million Americans projected to be covered by Medicare by 20201, it is critical for plans to understand and meet members' individual needs in a meaningful way to attract, retain and better manage this growing market.
Welltok, which works with national and regional health plans, conducted a nationwide survey of 1,000 seniors age 65 and older to gather primary data on what seniors are looking for from their plans, how they want to be communicated with and their health priorities. Key findings of the newly released survey include:
Why Seniors Would Switch Plans: Nearly six in 10 seniors said they would consider switching their current Medicare Advantage plan in the near future. Low out-of-pocket costs, prescription drug coverage and in-network access to providers were cited as primary factors that could influence a plan change. Seniors also say it is important for their insurance provider to offer programs and resources that address their total health and wellbeing. Yet, roughly half feel that their current plan is not offering relevant or personalized support.
65 is the new 45: Seniors want to stay healthy and active as they age – 88 percent say they feel healthier than their parents' generation and approximately four in five feel younger than their actual age.
Seniors' New Definition of Health: To improve quality of life, seniors are adopting a new definition of health, which includes all aspects of health (physical, social, emotional and financial). They are most likely to say financial stability (94 percent), adequate sleep (91 percent), and positive relationships (90 percent) are most important for them to achieve and maintain. Managing stress, good nutrition and then maintaining an appropriate level of physical activity followed in importance.
- How to Reach Seniors: The way seniors communicate is changing and plans need to track and honor preferences to be successful. Email emerged as the top way that seniors want to communicate with their health plan, especially among Medicare Advantage members (52 percent), followed by phone (automated voice or live agent) and regular mail. There is also growing interest in connecting digitally, including text messaging.
"Seniors are the fastest growing population, and health plans will lose if they treat them as a homogenous population," said April Gill, vice president health plan market solutions for Welltok. "We analyze all types of data to understand and target seniors to drive health actions, including gathering insights and preferences directly from consumers themselves. Our Medicare acquisition and retentions solutions are designed to deliver the personalized experience that seniors not only want but expect from their plans."
A full copy of the survey is available here. Also, register for a free webinar with Welltok and Gorman Health Group on February 12 at 1:30 – 2:15 pm ET for a deeper dive on the survey and the steps Medicare Advantage plans can take to support seniors at an individual level.
Welltok is a data-driven, enterprise SaaS company that delivers the healthcare industry's leading consumer activation platform. Welltok's solutions empower leading health plans, employers, providers and public entities to connect consumers with personalized health improvement resources, making it easy and rewarding for consumers to complete actions that optimize their health and wellbeing. Only Welltok leverages a machine-learning, multi-channel approach proven to help innovative organizations power growth and retention initiatives, improve healthcare value, and streamline the consumer experience, while upholding the highest security and compliance standards. Follow us on Twitter @Welltok.com.
About the Study
These are the findings from an Ipsos poll conducted October 31 – November 1, 2018 on behalf of Welltok. For the survey, a sample of 1,004 adults ages 65 and over from the continental U.S., Alaska and Hawaii was interviewed online, in English. In order to qualify for the survey, seniors had to be covered by Medicare. This includes 503 adults who currently have an original Medicare plan (Parts A/B through government) and 501 adults who have a Medicare Advantage Plan. The precision of Ipsos online polls is measured using a credibility interval. In this case, the poll has a credibility interval of ±3.5 percentage points for all respondents.
Erica Sniad Morgenstern
1 Kaiser Family Foundation, Medicare Enrollment, 1017-2035, https://www.kff.org/medicare/slide/medicare-enrollment-1970-2035/
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