Medicare Advantage has emerged as a compelling alternative to traditional Medicare plans, experiencing significant growth over the past decade. With approximately 31 million Americans enrolled in nearly 4,000 Medicare Advantage health plans, it has become the preferred choice for over half of the eligible Medicare population.
Medicare members exhibit a remarkable level of loyalty and trust toward their health insurance companies. This presents a unique opportunity for plans to leverage this trust for improved efficiency, cost reduction, and, most importantly, better health outcomes.
Medicare plans achieve these goals by:
- Setting their plan apart
- Fostering better engagement
- Leveraging member loyalty
Set your Medicare Advantage plan apart
Medicare Advantage plans offer members numerous benefits, but they still experience challenges. Pent-up, post-pandemic demand has led to higher use rates. And the sheer number of Medicare Advantage plans (43) can feel overwhelming. Plans must make themselves stand out amid the noise and highlight unique benefits.
Foster better member engagement
The data shows many opportunities for plans to improve member engagement.
- 31% of Medicare members say they don’t receive regular correspondence from their plan.
- 86% of Medicare members prefer to manage their health digitally, but only 16% have used their plan’s digital benefits.
- 27% of Medicare members fall below the basic level of health literacy.
To enhance member engagement, Medicare Advantage plans should leverage healthcare activators. These activators focus on personalized communication, digital clinical support and tailored education to meet the individual needs of Medicare members. For example, appointment reminders, remote patient monitoring and health coaching all represent digital clinical support that is personalized to each member.
Leverage member loyalty
Long-term trust and effective problem resolution are key factors influencing member retention in the Medicare Advantage market. By establishing trust and leveraging member loyalty, plans can achieve significant benefits, such as cost savings and improved CMS star ratings. Plans must foster lasting relationships with their members through trust.
Build your member engagement plan
In the competitive landscape of Medicare Advantage, effectively engaging members is essential for success. By implementing strategies that prioritize personalized communication, digital innovation and tailored education, plans can enhance member satisfaction, improve health outcomes and ultimately thrive in the evolving healthcare ecosystem. Embracing these opportunities benefits plans financially and ensures the well-being of Medicare members now and in the future.
Carenet Health outlines compelling data and specific ways Medicare Advantage plans can better engage members. Read the full ebook, “Activating the business of healthcare for Medicare Advantage,” for more insights to set your plan apart.
