Not Your Grandma’s Medicare
Did you know that by the year 2034, seniors will outnumber children in the United States? Medicare is undergoing a massive reorientation as it prepares to serve larger numbers of people, and that is being felt specifically by Medicare Advantage plans and the heated competition to identify and convert prospects each year. It’s an exciting time to be in the Medicare business.
A few weeks ago, Jump joined over 500 leaders and senior executives in the managed care space at the RISE Medicare Marketing & Sales Summit. This marquee conference focuses on insights, strategies and tactics from industry leaders to deliver in this rapidly evolving marketplace.
The next generation aging into Medicare looks very different than what you would typically expect. It includes Madonna, Arnold Schwarzenegger and Barak Obama. What has worked well with Medicare marketing in the past may not be the right approach for these bold, tech-savvy individuals who are now reaching retirement age. Here are a few of the notable takeaways from this year’s conference as you prepare for the annual enrollment period only seven months away:
Personalization and Targeting are Key
People want to feel seen. With technology developments, it is now more important than ever to meet prospects where they are online and show up with messaging that is relevant to them. Consumers are looking for more conversational and personalized interactions with businesses.
The market is saturated, and it is tough to stand out from the competition. Authentic brand storytelling is the best way to break through the noise. Be real about who you are and offer comprehensive and dynamic journeys that demonstrate you truly care about them.
Marketing Mix Matters
Direct mail has been the historical workhorse of Medicare marketing, but the tide is turning, especially as new generations age into Medicare. The marketing mix needs to evolve. Consider omnichannel marketing with tactics that build on each other in a strategic way.
Playing by the Rules Has Never Been More Important
CMS is cracking down on marketing activities. Rules are being enforced, and penalties are steep – sometimes even including suspension of enrollment activities. Now is the time to be more vigilant than ever to ensure you are following all the regulatory guidelines.
These are exciting new days in the world of Medicare. The opportunity is rich, but the competition is steep, and regulations are strict. If you’re looking for a marketing partner who understands the dynamics of this market, we’d love to help you tell your story in a way that will make even Madonna open her heart to you.