There are many articles written about Marketing Open Enrollment. As a matter of fact, there are a couple of great ones in our blog, including a new one on Making your Open Enrollment Marketing stand out that I highly recommend you read.
There is a prediction by insurance giants Humana and Aetna that Medicare funding will drop. This means insurance carriers may change co-pays, premiums, maximum out of pocket, and some “extras”. Add to that AARP’s announcement that there will probably be no or a very small Cost-of-Living-Increase for Medicare recipients. These 2 factors are causing great concern for seniors.
Because of this, many consumers will be reviewing their Medicare Supplement and Advantage plans with an even sharper eye.
It’s incredibly confusing…and the insurance agent who has the patience to help seniors with this challenge will get new business that will last for years!
Reaching the Right prospects
The #1 list for marketing open enrollment is the Turning 65 list
This list narrows down prospects by actual birth year and birth month. These highly targeted lists can be used to send regular direct mail campaigns timed to arrive as soon as the prospect is eligible to enroll in Medicare.
The initial enrollment window is 7 months long – ranging from 3 months before turning 65, the birth month and 3 months after turning 65. Not all consumers know they are eligible to enroll 3 months before their birthday so this becomes a great opportunity to inform them with a mailer and set an appointment. That’s why I always talk about synchographics – the timing of marketing – and why that can really effect ROI. Many insurance agents do their first mailing 6 months out.
BTW – Direct mail lists for other insurance product lines can also be narrowed down to target the 64-65 age group to create extra opportunity leads.
Competition
The Turing 65 age group is a high value demographic and there is tremendous competition for their business. By the time they are eligible to enroll in Medicare, most have been exposed to promotions and advertisements for at least a year.
With full page ads in the newspapers, ads on TV, emails galore – the best option to reach seniors at the right time is through direct mail.
Easy Lead Generation Tip
In order to generate and convert leads, insurance agents need to keep their direct mail copy informational and avoid a hard sales pitch at presentations. These agents are the one who generate the most business.
Multiple mailings are essential. Your goals is to develop a relationship with your prospect. Education is key.
Let’s face it, with all the changes in the marketplace, consumers have a lot of questions. They are looking for answers from a professional they can trust. Consequently, helpful advice, patience and strong product knowledge go a long way.
For updates on schedules and deadlines, go to Healthcare.gov