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ACA Year 3: Evolving Consumer Shopping Attitudes & Behaviors

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ACA Year 3: Evolving Consumer Shopping Attitudes & Behaviors

  1. 1. ACA:YEAR 3 EVOLVING CONSUMER SHOPPING ATTITUDES AND BEHAVIOR Pre-Open Enrollment Survey: November 2015
  2. 2. It’s “go time” for health insurance marketers as health plan marketplaces open nationwide. Once again, challenges and opportunities abound. Health care marketing agency Media Logic and Competiscan surveyed federal and state exchange consumers across the country looking for a sneak peek of their shopping intentions during this open enrollment. The survey probed how exchange consumers shop for, choose and value their health plans – and provides insight on the new health care consumer. Are consumers satisfied with their current plan and the value it provides? Do they intend to shop, and for what? What matters beyond the monthly premium? How savvy has the new health care consumer become as a shopper? READ ON TO SEE THE FINDINGS. This is the third in a series of ACA research reports put out by Media Logic and Competiscan. © 2015 Media Logic USA, LLC & Competiscan, LLC.
  3. 3. Last year 61% were satisfied, indicating an ever-increasing challenge for retention...and potential sales opportunities. Nearly half of respondents are ambivalent about or unsatisfied with their plans. 19% VERYS ATISFIED 34% SATISF IED 2 8% NEUTRAL 11%NOTSA TISFIED 2% HAVEN’T REALLY USED IT 6% VERY DISSATISFIED 53% ARE SATISFIEDWITH THEIR CURRENT HEALTH PLAN How satisfied are you with your current health plan? © 2015 Media Logic USA, LLC & Competiscan, LLC.
  4. 4. Health insurers need to do a better job at “merchandising” value and promoting plan benefits. 51% YES 49% MAYBE 22% NO 27% Does your current health plan give you good value for your money? 49% DON’T KNOW OR DON’T BELIEVE THEIR HEALTH PLAN IS A GOOD VALUE. © 2015 Media Logic USA, LLC & Competiscan, LLC.
  5. 5. NEW HEALTH PLAN 62% YES 23% MAYBE 15% NO 85%PLAN TO OR MAY SHOP FOR A NEW PLAN Last year at this time, 61% reported that they were planning to shop. As satisfaction decreases, shopping increases. Even among the “satisfied” or “very satisfied” respondents, 74% plan to or may shop. Do you plan to shop for a new plan this coming enrollment period? © 2015 Media Logic USA, LLC & Competiscan, LLC.
  6. 6. 41%SIMILAR PLAN FROM DIFFERENT INSURER 26%DIFFERENT PLAN FROM DIFFERENT INSURER 33%DIFFERENT PLAN FROM SAME INSURER 67% OF SHOPPERS PLAN TO CHOOSEA NEW INSURER Among shoppers, 67% are looking for an entirely new insurer - indicating that they are dissatisfied with their insurance companies, and not just their plans. Improving their brand experience will be critical to reversing this trend. When you shop, what are you most likely to choose? © 2015 Media Logic USA, LLC & Competiscan, LLC.
  7. 7. PRIOR TONOV NOV DEC JAN UNDER 1 HOUR (32%) 1-2 HOURS (31%) 4+ HOURS (14%) 2-3 HOURS (23%) 23% 41% 21% 15% 1OUTOF3PLAN TO SPEND UNDER AN HOUR SHOPPING 64%HAVE ALREADY STARTED OR WILL BE SHOPPING IN NOVEMBER When do you plan to begin shopping? How long do you plan to spend researching and selecting a new plan? © 2015 Media Logic USA, LLC & Competiscan, LLC.
  8. 8. WILL COMPARE DEDUCTIBLES AND OUT-OF-POCKET COSTS ACROSS PLANS58% WILL REVIEW THEIR HEALTH CARE USAGE FROM THE PREVIOUS YEAR TO ENSURE THEY HAVE THE RIGHT COVERAGE FOR THE YEAR AHEAD 25% WILL COMPARE PROVIDER NETWORKS 37% WILL SEEK ASSISTANCE FROM AN INSURANCE PROFESSIONAL27% NEW HEALTH PLAN How will you shop for a new health plan, and what will you be looking for? © 2015 Media Logic USA, LLC & Competiscan, LLC.
  9. 9. 1 32 4 5 RATING AVERAGE OUT-OF-POCKET COSTS (DEDUCTIBLES OR COPAYS) 62 76 42 23 11 1 2.29 MONTHLY PLAN COST (PREMIUM) 77 52 29 16 13 28 2.63 PROVIDER/PHYSICIAN/DOCTOR NETWORK 26 38 61 50 21 19 3.27 BENEFITS THAT MEET MY HEALTH NEEDS 31 27 49 68 30 10 3.32 NAME AND REPUTATION OF INSURANCE COMPANY 15 11 26 36 50 77 4.52 CUSTOMER SERVICE 4 11 8 22 90 80 4.97 6 OOP costs replaced premiums as #1, as consumers are learning that they also need to factor variables like coinsurance and deductibles into their health plan decision-making. Please rank the following health plan features in order of importance (starting with 1 for the most important feature): © 2015 Media Logic USA, LLC & Competiscan, LLC.
  10. 10. 1 RATING AVERAGE32 4 5 COST COMPARISON TOOLS 64 80 47 14 10 2.19 ONLINE PORTAL TO MANAGE HEALTH 51 82 61 16 5 2.27 PHYSICIAN REVIEWS 47 86 58 14 10 2.32 DISEASE MANAGEMENT AND WELLNESS PROGRAMS 42 65 72 27 9 2.52 PERSONAL HEALTH ADVOCATE AVAILABLE VIA PHONE 34 75 65 23 18 2.61 TELEHEALTH OFFERINGS 29 57 62 36 31 2.92 MOBILE APP 19 47 58 39 52 3.27 VERY IMPORTANT NOT IMPORTANT Aside from benefits, there is a growing demand for tools that consumers can use to manage their health Although “mobile app” is at the bottom of the list, almost 1/2 (47%) of respondents who said it was “very important” were between the ages of 26-34. How important is it that your health plan offers: © 2015 Media Logic USA, LLC & Competiscan, LLC.
  11. 11. ATTEND AN INFORMATIONAL MEETING SEARCH THE INTERNET AND VISIT WEBSITES 10% 24% 33% 79% 15% 33% 34% VISIT A HEALTH INSURANCE RETAIL LOCATION The web’s importance to consumers as the primary information gathering channel is increasing, while all other channels experienced little change or a decrease in value as compared to last year’s data. SPEAK WITH A HEALTH INSURANCE PROFESSIONAL/CONSULTANT WATCH / READ THE NEWS READ MAIL SPEAK WITH FAMILY, FRIENDS OR COWORKERS How consumers plan to learn about their health plan options: © 2015 Media Logic USA, LLC & Competiscan, LLC.
  12. 12. BETTER DRUG COVERAGE 14% CLEARER COMMUNICATIONS 16% BETTER CUSTOMER SERVICE 14% BETTER WEBSITE FEATURES & FUNCTIONALITY 12% TELEHEALTH OFFERINGS 17% BROADER NETWORK 27% While a broader provider network was the obvious top choice, the parity among the other options is noteworthy. This reinforces the notion that health care needs and preferences are highly personalized. The second-highest ranking for telehealth – still a new concept in the health care industry – may be a way for health insurers to differentiate themselves. If you could change one thing about your current health insurer (besides lower prices), what would it be? © 2015 Media Logic USA, LLC & Competiscan, LLC.
  13. 13. UNDER $25K (15%) $75K-$99K (15%) $100K-$149K (7%) $150K (3%) $25K-$49K (39%) $50K-$74K (21%) HOUSEHOLD INCOME 35–44 (32%) 55-64 (16%) 45–54 (27%) UNDER 34 (25%) AGE Methodology / Demographics The survey was designed and analyzed by researchers at Media Logic and Competiscan and was conducted from October 29 - November 3, 2015, among a nationally represented sample of 215 adults who purchase health insurance through a federal or state exchange. © 2015 Media Logic USA, LLC & Competiscan, LLC.
  14. 14. About Media Logic Media Logic is a national leader in health care marketing – providing strategic, breakthrough solutions that drive business. Media Logic offers deep experience in branding and lead generation, and it is expert at turning research and segmentation data into actionable plans. Leveraging more than two decades of health plan marketing knowledge, Media Logic understands the nuances of group, Medicare and individual exchange prospects. From traditional ad campaigns to retention efforts to content marketing, everything Media Logic does is focused on generating results for clients… giving them an edge in a competitive, constantly changing environment. Visit www.medialogic.com for more information. About Competiscan Founded in 2006, Competiscan provides its valued clients insights into the direct marketing strategies of competitors. Competiscan and its powerful web-based search utility monitors direct mail, email, mobile, online banners, print and social networking communications targeted at consumers, businesses, financial advisors, insurance producers and providers over time. As the market leader, Competiscan’s clients are better informed, leading to more effective communications and marketing with the ultimate goal of staying ahead of the competition. Visit www.competiscan.com for more information. © 2015 Media Logic USA, LLC & Competiscan, LLC.
  15. 15. If you have any questions about this report or any of the topics covered, contact: Richard Goldman CEO & Founder Competiscan 312.546.3489 richard@competiscan.com Learn more about Media Logic at medialogic.com and subscribe to their health care marketing newsletter at medialogic.com/signup Learn more about Competiscan at competiscan.com Jim McDonald Director of Business Development Media Logic 866.353.3011 jmcdonald@medialogic.com

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