US Medicare Market Report 2024
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This report offers a comprehensive analysis of the Medicare market in the United States. With the strategic insights provided, your business can adapt to this competitive market landscape and enable future growth. Below, we’ve provided the core topics analyzed and handpicked insights from the full report.
The Medicare market is experiencing significant shifts influenced by economic factors and consumer behavior. Inflation, which remains above 3%, is impacting consumer budgets, leading to a heightened focus on the cost of Medicare plans over other factors such as the choice of doctors. This has resulted in increased interest in Medicare Advantage plans, which offer price advantages and are closing the gap with Original Medicare enrollment.
Over half of Medicare Advantage users actively review their Medicare coverage annually to evaluate the need for changes. This trend toward regular evaluation and the potential for plan switching is influenced by the growing enrollment in Medicare Advantage plans and heightened budget sensitivity, particularly among the aging population.
Despite the increased price sensitivity, only 39% of Medicare users conduct research before enrolling in a plan. Medicare.gov remains the top source of information for many users. However, Medicare Advantage enrollees tend to consult a wider range of sources, including direct mail, email, family, friends, and online searches, to make informed decisions.
Since more Medicare users evaluate their coverage for potential changes each year than research Medicare upon initial enrollment, there is a clear opportunity for Medicare Advantage (MA) providers to accelerate growth by simply increasing consideration among these users. Providers can take advantage of the fact that first-time enrollees often lack the foresight to weigh multiple coverage options, and by promoting research and education, they can potentially attract more customers to their MA plans.
Buy the full report for a comprehensive review of trends and opportunities in the Medicare industry. You may also want to browse our healthcare market research.
Leading analyst Patrick Rahlfs delivers expert insights with this in-depth report.
Inflation’s compression of consumer budgets has caused a prioritization of cost over choice of doctors when selecting coverage, driving consideration of switching.
Patrick Rahlfs
Senior Research Analyst
Mintel is the world’s leading market intelligence agency. We show you how consumers think today and tomorrow. As a trusted partner to industry leaders, we deliver game-changing insights to businesses across the globe, fuelling their marketing and innovation strategies that will shape the future.
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