A recent study by America's Health Insurance Plans (AHIP) commissioned by American Viewpoint, Inc. concluded that there is a high rate of Medicare Supplement policyholder satisfaction (90% of those polled), comparable to the survey results in 2009 (91%) and 2005 (87%). The survey asked Medigap enrollees about both their satisfaction and experience with their coverage. Medicare Supplement coverage continues to be an important option to Medicare beneficiaries and their survey concluded:
- Nine out of ten (90%) Med Supp policyholders are satisfied with their coverage.
- Over half of enrollees (79%) say their Med Supp policy is excellent or good value for the money.
- Just over nine out of ten (91%) would recommend a Med Supp plan to a friend or relative who they become eligible for Medicare benefits.
- Policyholders highlighted several benefits when asked what they liked most about their coverage, including limits on out-of-pocket costs, ease of dealing with medical bills and paperwork, and being able to budget for unexpected medical costs.
- Enrollees also appreciated their freedom of choice for doctors, and that their plan covered hospital expenses and physician costs not covered by traditional Medicare.
- Top concerns Medicare beneficiaries had were out-of-pocked loss, maintaining financial security and peace of mind.
The study also showed that enrollment in Medigap is stable with 49% of those polled having maintained the same coverage for the past five years, and an additional 20% purchased for the first time during the five year period. Of those polled, 39% transferred from their Employer-sponsored coverage when they became eligible, and 34% switched from another form of coverage.
With client satisfaction up, the Boomer generation aging into the market, and great new products like Combined Insurance, Stonebridge Life, and Heartland National becoming available in new areas, now is a great time to be selling Medicare Supplements. Feel free to call a marketer at 1-800-998-7715 for advice on finding a target niche and what new products would fit into your portfolio.
Please give us your feedback!
Have you seen an increase in client satisfaction? What percent of your clients have maintained the same policy for 5 years? Is that as common as the survey results make it seem?