Looking Back to Look Ahead: Lessons from the 2023 AEP for the Upcoming Enrollment Season
Over the past few years, Medicare Advantage (MA) has enjoyed a surge in enrollment — surpassing Original Medicare enrollment — and currently commands nearly half of Medicare beneficiaries. Considering these trends, we took a closer look at the 2023 Annual Enrollment Period (AEP) to inform creative decisions as we plan for the 2024 season.
Though statistics on switching and shopping behavior are widely covered by organizations such as Med Pac, Kaiser Family Foundation (KFF) and Deft, Media Logic wanted to understand more about the underlying sentiments of shoppers during AEP, especially when it comes to messaging and the role of direct mail.
To get the answers we were looking for, Media Logic’s Consumer In Sight research team surveyed 450 seniors aged 65-73. The participants are distributed across the United States and have an even makeup of men and women. We asked questions about their participation in AEP, feelings about the AEP experience, shopping decisions and more.
Here were our main takeaways from the responses:
- Medicare-eligible consumers are generally aware of the AEP and have a generally positive or indifferent attitude about it, as opposed to negative.
- While consumers reported high rates of satisfaction with their current plan, more than 40% were somewhat or very interested in changing plans at the time of AEP.
- Direct mail continues to be an important channel for reaching and impacting respondents, with 69% noting that either review it right away or plan to hold onto it until they need it.
- In fact, 68% of respondents say written communication — a letter, brochure or email — is the best format for them to learn about new options.
- We also asked participants about their relationship to their finances, and the majority reported having little or no discretionary spending, reinforcing that healthcare is an important household expense to consider.
Look at the full survey below. You can also download a PDF version of the deck.
For more insights on senior behavior and preferences, check out our 2022 senior media preferences survey. Stay tuned for more surveys and strategic takeaways from Consumer In Sight throughout the year.
Any questions? Reach out to Media Logic today.