2024 Medicare Member Benefit Experiences: What Drives Engagement and Retention
We connected with 300 Medicare members across the U.S. to dive deep into their experiences — uncovering what they love about their plan benefits, what’s holding them back from using them fully and how payers can better communicate to keep them informed and engaged. Our 2024 Member Benefits and Retention Survey reveals important takeaways that can help healthcare marketers refine their strategies to improve member satisfaction and retention.
Key Findings from the 2024 Survey
This year’s survey focused on Medicare members’ satisfaction, benefit awareness and the likelihood of switching plans during the Annual Enrollment Period (AEP). Here are some takeaways:
1. Member satisfaction is high, but there is still a need to focus on retention.
- While 89% of members report satisfaction with their current plans, 42% are still open to exploring new plans from their current insurer during AEP, underscoring the need to ensure a member has the right coverage for their needs. Additionally, 38% of members are open to switching insurers.
2. Supplemental benefits are valued, but often underutilized.
- Supplemental benefits utilized the most are over-the-counter (OTC) allowances along with vision, dental and hearing benefits. A large percentage of members say they don’t use their benefits for reasons including lack of need, difficulty accessing them or simply forgetting they are available.
3. Younger members are more likely to switch.
- Not surprisingly, members that fall into the younger cohort (65-72), express lower satisfaction and are open to exploring other plan options – making targeted retention strategies critical.
4. Email is the preferred communication method.
- Email comes out on top as the preferred method for all communications, regardless of age, but a notable minority still prefers mail. The traction shown in all channels speaks to the importance of syncing communications across multiple channels for an optimal member experience.
5. Personalization is key to engagement.
- Members want personalized communications about their benefit usage and cost-saving opportunities, with particular interest in receiving updates on their medical and nonmedical supplemental benefits.
Flip through the deck below to see the complete survey findings. You can also download a PDF version of the presentation.
Actionable Takeaways for Marketers
- Emphasize benefit awareness: Create campaigns that remind members about the availability and usage of underutilized supplemental benefits.
- Pay special attention to younger members: Focus on loyalty programs or incentives for younger members who are at higher risk of switching.
- Leverage personalized communications: Use personalized emails to update members on cost savings, wellness programs and benefit usage to boost engagement and retention.
A comprehensive, data-based Medicare retention strategy is hugely important for keeping these members – and keeping them happy. For more consumer insights to help inform your marketing decisions, check out our surveys on the media habits of older adults, their attitude and outlook and how consumers view regional versus national health plans.
Any questions about optimizing your Medicare retention strategy? Reach out to Media Logic today.
