MA Observers Ponder Consumer Behavior During Atypical AEP
While every Medicare Annual Election Period (AEP) is different, experts agree that the most recent open enrollment was a wild one, due in large part to the ongoing COVID-19 pandemic and the general election. But these factors didn’t have quite the impact in Medicare Advantage as some had expected, and looking deeper into regional differences, enrollment by MA product type and growing interest in certain supplemental benefits may help drive 2022 benefit design, observed Carrot Health and Deft Research in a recent webinar co-hosted by the firms.
Carrot Health, which provides consumer and health analytics through its MarketView platform, witnessed a remarkably slow start to the AEP followed by a crunch of activity at the end, according to Senior Product Manager Nicole Norder, who spoke during the Feb. 18 webinar, “Myth Busters: 2021 AEP Edition.” Across Carrot’s book of business, 48% of customers’ sales occurred in the last two weeks of the AEP, and 36% of those happened in the final week. And plans on average had a 95.5% retention rate. The AEP ran from Oct. 15 to Dec. 7.