2024 Medicare AEP Shopping Experience: Consumer Insight Survey
With 31 million lives insured through Medicare Advantage and growing competition for switching opportunities, it is critical to find the best ways to engage shoppers during the Annual Enrollment Period (AEP).
After more than a decade of consistent growth of Medicare Advantage, big jumps may be a thing of the past. 2023 was the first in nearly 15 years to see a drop in the number of plans (now at 3,959 across the nation). At the same time, consumers’ satisfaction with their current plans is high. Therefore, understanding their experiences and preferences during AEP is paramount.
As part of our ongoing series of healthcare consumer surveys, Media Logic’s Consumer In Sight research team surveyed 451 individuals enrolled in Medicare, aged 65 to 73. The questions delved into buyers’ experience with the 2024 AEP to gain perspective and provide marketing professionals with actionable insights.
Key findings from the survey include:
1. Increased Plan Loyalty/Inertia: Compared to last year, more people reported renewing their plans without looking at other options, but younger seniors (ages 65-70) were more likely to shop and switch.
2. Top Marketing Channels: TV ads and mail were the most memorable and influential marketing channels, with over 80% recall. Consumers also reported that these channels were the most likely to spur their interest in learning more.
3. Consumer Shopping Journey: The Medicare shopping journey for consumers typically started online, with the health plan’s website being the most helpful source early on. That said, many consumers responded to marketing by picking up the phone and calling.
4. Preference for Agents and Brokers: Consumers preferred engaging with insurance agents and brokers over other sources and found them the most helpful when making their final decision.
5. Holding on to Mail: After receiving AEP-related direct mail, 56% of consumers reviewed it right away, and 30% kept it for future reference.
View all the survey findings below, including the participants’ responses to questions about supplemental benefits, direct mail, and more. You can also download a PDF version of the deck.
For more insights, check out our survey on the media preferences of older adults. Stay tuned for surveys and strategic takeaways from Consumer In Sight throughout the year.
Any questions? Reach out to Media Logic today.
