According to the Center for Medicare Advocacy and the Medicare Trustees, in 2023, approximately 66.7 million Americans were enrolled in Medicare.
The number of seniors switching their health insurance plans in 2024 appears substantial, according to an article in NerdWallet. It’s Medicare Open Enrollment Season, from October 15 to December 7, when seniors can review and modify their plans.
Key drivers of this trend include rising premiums, policy changes and cost increases in Medicare Part A and B, changes in Medicare Advantage and private insurance plan offerings, and updates to prescription drug coverage.
During this Open Enrollment period, many people switch plans, and often, agents, to make the most out of their coverage. Insurance agents need to work with their existing clients to insure they are covered and renewed – AND at the same time – find new customers to replace the non-renewals.
Key Statistics from 2023:
Back to that 66.7 million Americans enrolled in Medicare. This Medicare enrollment represents about 19.4% of the total U.S. population and roughly 25.4% of all U.S. adults – covering eligible citizens aged 65 and older or those with qualifying disabilities.
This 66.7 million number includes individuals covered under both Original Medicare and Medicare Advantage plans. Of these, around 34 million beneficiaries chose Original Medicare, while 32 million opted for Medicare Advantage.
This suggests a growing trend towards private plans that often offer additional benefits and a significant rise in the number of people choosing this option over traditional Medicare.
According to my friendly AI, this has been going on for the past decade where, the percentage of beneficiaries in Medicare Advantage grew from roughly 30% in 2013 to about 64% in 2023. “The increase in enrollment is largely driven by lower out-of-pocket costs, additional benefits (such as dental and vision), and the convenience of bundled services. During Medicare’s annual open enrollment period, millions switched plans, with many opting for Medicare Advantage due to these advantages.”
Even though many people switched into Medicare Advantage, “In 2022, approximately 1.3 million Medicare beneficiaries switched from traditional Medicare to Medicare Advantage; about 8% of the population switched out, back to traditional Medicare, often seeking broader provider options or fewer network restrictions.”
With all this switching around, many Insurance Agents market heavily during this period.
Targeted Lists Fuel Open Enrollment Growth for Agents:
Insurance agents who want to make the most out of this year’s Open Enrollment period need to
get their marketing messages out NOW.
Marketing lists are available: where you can select by age, month-of-birth (for Turning 65), income, home ownership and zip-code, are available from Dataman Group in Boca Raton, Florida. Lists are available for direct mail, with emails addresses or scrubbed telephone #s.
Insurance agents should always keep up-to-date on the latest marketing/privacy regulations in their area.
Market Smart and Get More in Return:
Targeting best prospects is the only way to go. Market smart, spend less and get more in return.
This way Insurance Agents can Optimize Every Outreach. There’s no time to waste during Medicare Open Enrollment. A strategic, data-driven list helps agents find the right prospects fast, maximizing time and impact with every marketing effort.
Chase direct mail with email. Use the phone where possible. Personal visits – even better. The more marketing channels an agent uses to get their name across to their neighbors and prospects, the more effective their marketing will be!
Time is running short for insurance agents to take advantage of Medicare Open Enrollment marketing.
But, the window is still open for solid opportunities.