US Medicare Market Report 2022
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This report provides comprehensive and current information and analysis of the Medicare market including Medicare market size, anticipated market forecast, relevant market segmentation, and industry trends for the Medicare market in the US.
Current market landscape
Medicare recipients are changing the way they research and make decisions in the enrollment process. Medicare Advantage plans are rapidly approaching Original Medicare plans in popularity, a phenomenon that is being mirrored by consumers’ declining reliance on governmental sources of Medicare information in favor of weighing third-party references. As only 17% of Medicare recipients both researched their initial enrollment decision and review their coverage annually, insurers face the challenge of demonstrating value to a market that does not actively re-evaluate their choices throughout the course of coverage.
Inflation concerns that restrict personal budgets may enhance the appeal of Medicare plans that offer low premiums and affordable coverage. Total cost ranked second only to choice of doctors among factors in selecting Medicare coverage, and the balance between quality of coverage and cost efficiency will continue to be at the fulcrum of consumers’ enrollment decisions.
Future market trends in the Medicare market
The future of Medicare remains uncertain, and consumer sentiments are beginning to reflect unease toward the looming issues on the horizon. The Medicare Part A trust fund is projected to be depleted by 2026, directing pressure toward Congress to address this impending funding predicament. Additionally, a growing number of Americans support an expansion of Medicare to cover all citizens, signalling a rethinking of the very structure of the American healthcare system as a whole. In the wake of the COVID-19 pandemic, healthcare is in the midst of rapid innovation and change, with both advancements in technology and telehealth and deficiencies in healthcare accessibility brought into focus.
Read on to discover more about the Medicare consumer market, read our Approach to Health Management – US – 2021, or take a look at our other Health and Wellbeing Market research reports.
Quickly understand Medicare market research
- Types of healthcare coverage.
- Factors in selecting Medicare coverage.
- Sources of Medicare information.
- Past and future coverage changes.
- Medicare enrollment behaviors.
- Attitudes toward healthcare.
Covered in this Medicare market report
Brands include: Aetna, Cigna, USAA, Blue Cross/Blue Shield, Humana.
Expert analysis from a specialist in the field
This report, written by Patrick Rahlfs, a leading analyst in the Finance sector, delivers in-depth US Medicare market research, commentary, and analysis to highlight current trends and add expert context to the numbers.
As Medicare has adapted to a global health crisis and hurtles toward an uncertain future with trust fund depletion approaching, beneficiary attitudes have responded in kind, with mixed attitudes toward the present and future of the system characterizing a state of flux. Medicare Advantage plans continue to gain popularity while Original Medicare plan enrollment declines, mirroring consumers’ decreasing reliance on standard government sources in favor of third-party personalized recommendations. Telehealth has gained adoption and penetrated marketing, offering a glimpse into the future of digital health as a key component of Medicare coverage. Despite recipient satisfaction with current Medicare coverage and its navigation of the pandemic, skepticism toward the future of Medicare is emerging, with declining confidence in the current system paired with surging support for reform.
Patrick Rahlfs
Senior Research Analyst
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Overview
- What you need to know
- This Report looks at the following areas
- Definition
- Market context
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Executive Summary
- Top takeaways
- Medicare decisions vary by income
- Figure 1: Medicare coverage by income, 2022
- Enrollees are shifting toward personal sources
- Figure 2: Sources of Medicare information by year, 2020 and 2022
- Consumers reassess the future of Medicare
- Figure 3: Forward-looking attitudes toward healthcare by year, 2020 and 2022
- Market overview
- Figure 4: Category outlook, 2022-27
- Opportunities and challenges
- Adoption of telehealth drives accessible coverage
- Education remains a barrier for enrollment
- Key consumer insights
- Choice of doctors is key
- Figure 5: Factors in coverage selection, 2022
- Medicare recipients are more satisfied than general population
- Figure 6: Healthcare satisfaction by Medicare enrollment status, 2022
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Market Size
- Medicare-age population is increasing rapidly
- Figure 7: US population by age, 2016, 2021, 2026
- Medicare Advantage is gaining enrollees at the expense of traditional Medicare
- Figure 8: Year to Year Increase in Medicare Enrollment by Plan Type, 2015-2020
- Medicare-age population is increasing rapidly
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Market Factors
- Medicare marketing activity spikes in November
- Figure 9: Medicare/Medicare Advantage Marketing Spend, April 2019-March 2022
- Medicare Part D marketing spend has doubled in the past two years
- Figure 10: Medicare Prescription Drug Plan Marketing Spend, Q1 2019-Q1 2022
- Figure 11: Share of Medicare recipients with prescription drug coverage, 2017-21
- Telehealth visits surged post-pandemic
- Figure 12: Two-Year telehealth visit trend, March 2019-February 2021
- Figure 13: Change in Medicare FFS Part B Visits from 2019 to 2020 by Visit Specialty
- Medicare marketing activity spikes in November
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Companies and Brands
- Aetna sends formal invitations to learn about Medicare
- Figure 14: Aetna Medicare Invitation Direct Mail piece, 2021
- Cigna uses free gifts to attract phone calls
- Figure 15: Cigna Medicare Advantage Direct Mail piece, 2021
- USAA turns to paid social
- Figure 16: USAA Medicare Paid Facebook Ad, 2021
- Aetna sends formal invitations to learn about Medicare
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Competitive Strategies and Market Opportunities
- Medicare Supplement Insurance revolves around choice and freedom
- Figure 17: UnitedHealthcare Medicare Supplement Direct Mail Piece, 2021
- Checklists can guide customers post-enrollment
- Figure 18: Blue Cross and Blue Shield of Illinois Direct Mail Checklist, 2022
- Telehealth coverage assumes the spotlight
- Figure 19: Humana Medicare Television Ad, 2021
- Medicare Supplement Insurance revolves around choice and freedom
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The Medicare Consumer – Fast Facts
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Types of Healthcare Coverage
- 9 in 10 seniors are on Medicare
- Figure 20: Healthcare coverage by age, 2022
- Higher-income consumers tend toward original Medicare
- Figure 21: Medicare coverage by income, 2022
- 9 in 10 seniors are on Medicare
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Factors in Selecting Coverage
- Choice of doctors outweighs total cost as the top coverage consideration
- Figure 22: Factors in coverage selection, 2022
- Higher-income Medicare beneficiaries prioritize extent of coverage
- Figure 23: Factors in coverage selection by income, 2022
- Under-65 Medicare beneficiaries seek coverage of their particular condition
- Figure 24: Factors in coverage selection by age, 2022
- Choice of doctors outweighs total cost as the top coverage consideration
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Sources of Medicare Information
- Medicare.gov is consumers’ top educational source
- Figure 25: Sources of Medicare information, 2022
- Personal sources are growing compared to legacy sources
- Figure 26: Sources of Medicare information by year, 2020 and 2022
- Medicare.gov is consumers’ top educational source
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Coverage Changes
- Coverage changes are uncommon, but skew younger
- Figure 27: Changes in Medicare coverage by age, 2022
- Coverage changes are uncommon, but skew younger
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Enrollment Behaviors
- 65+ recipients are more likely to do their own research
- Figure 28: Medicare enrollment behaviors by age, 2022
- Nearly 40% of Medicare recipients do not research or review coverage
- Figure 29: Medicare research behaviors, 2022
- Initial enrollment decision is key for higher income recipients
- Figure 30: Medicare enrollment behaviors by income, 2022
- 65+ recipients are more likely to do their own research
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Attitudes toward Healthcare
- Younger consumers are experienced and open to telehealth
- Figure 31: Teleheath attitudes by generation, 2022
- Preventative care is a sought-after area of improvement for healthcare
- Figure 32: Forward-looking attitudes toward healthcare, 2022
- Consumers are less optimistic about the future of Medicare
- Figure 33: Forward-looking attitudes toward healthcare by year, 2020 and 2022
- Medicare recipients are more satisfied with healthcare than the general population
- Figure 34: Healthcare satisfaction by Medicare enrollment status, 2022
- Millennials and Gen Xers are highly receptive to technology
- Figure 35: Attitudes toward wearable technology by generation, 2022
- Younger consumers are experienced and open to telehealth
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Appendix – Data Sources and Abbreviations
- Data sources
- Sales data
- Consumer survey data
- Marketing creative
- Abbreviations and terms
- Abbreviations
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