PITTSBURGH, Oct. 16, 2019 /PRNewswire/ -- Patrick Phillips, CEO of Cavulus, a leading technology firm serving the Medicare Advantage (MA) industry, encourages Medicare beneficiaries to carefully consider their options in the forthcoming Annual Election Period (AEP) started this week.
Phillips points to Research from the Kaiser Family Foundation that shows on average, only 10% of MA enrollees switch plans annually. "There's a reluctance to move from the familiar," says Phillips, "particularly when it comes to such important aspects of our lives such as doctors and prescription drug coverage."
A new crop of MA plans entering the market in 2019 plus more flexible rules regarding supplemental benefits, explains Phillips, have provided Medicare shoppers with value and savings previously non-existent.
"Some of the newest MA plans are hyper-focused on disrupting the status quo, and rightly so, having built their plans around their members," affirmed Phillips. "From what I've seen, many start-ups are truly member-centric, with that focus permeating every aspect of the health plan, from company culture to the technologies they've integrated."
Kaiser Family research suggests that age factors in for individuals shopping for and switching plans, with the share of MA enrollees voluntarily who switch plans declining as they get older. Contrast that with over 11,000 baby boomers aging into Medicare every day starting this year, the market is skewing to a younger, more savvy consumer. In 1954, the number of U.S. babies born topped 4 million for the very first time and remained that way for 10 more years.
The more elderly Medicare population typically relies on family members or insurance agents for advice, but Phillips sees that shifting. "New Boomers shopping for a Medicare Advantage plan are inclined to utilize online shopping comparison tools, and recent changes to the CMS Plan Finder make that even simpler. It's absolutely worth shopping annually to ensure you're not leaving savings or better benefits on the table. Moreover, if you're underwhelmed by the service you're receiving, now is the time to consider a change."
ABOUT CAVULUS - Cavulus is a technology driven specialist in Medicare Advantage insurance solutions. The Cavulus Cloud-based Medicare Advantage Platform (Cavulus MAP™) unifies marketing, sales and enrollment operations, and is utilized by many of America's top insurers, including several BlueCross/ BlueShield companies, UPMC Health Plan, Johns Hopkins Healthcare, Lumeris and United Healthcare. For details visit: www.cavulus.com.
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