Study Shows Increases in Working After 65 and Using Commercial... ( MINNEAPOLIS June 17 /- Deft Research ...)

Study Shows Increases in Working After 65 and Using Commercial Insurance

Date:6/17/2009

MINNEAPOLIS, June 17 /PRNewswire/ -- Deft Research recently released the 2009 Age-In Study, which describes the expectations of those aged 63-64 for their retirement and health insurance. The study also develops a picture of health insurance preferences and priorities among persons in this group. This group is known as "age-ins" by health insurers because at 65 they become eligible for Medicare benefits and so must make their first decision about Medicare related health insurance.

According to the study, among those who have decided to work or retire, the percentage of age-ins who will continue working after age 65 has increased in the past year from 43% to 55%. And among those who will continue working, the largest share will look to commercial employee health benefits as their primary source of health insurance. Overall, 48% of all age-ins will purchase individual Medicare coverage from a Medicare Advantage plan or a Medigap carrier after they turn 65. For health insurers, this means that as more people in their mid-60's stay in the workforce, the consumer market that needs a Medicare plan at 65 is diminishing. The competition therefore is to be most effective at marketing to a diverse group who will retire along a range of ages.

The study helps by identifying market segments based on retirement approaches as well as different health benefit preferences for each segment. "Both market segments and preferences can be tied together," said Rich Hamer, Principal at Deft Research, "the study results could be used by plans to target segments with a specific message and product offer best suited for them."

The study was conducted in May of 2009 and included 1,469 age-in participants. The study linked its primary research to Nielsen Claritas' PRIZM to better understand who and where the best customers for specific types of Medicare related plans are. Recipients of the report will also have the opportunity fo
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