Consumers Build Their Own Plan
A major health insurance carrier partnered with TRC to redesign its Medicare Advantage plans. With Medicare Advantage plans, carriers have considerable flexibility to differentiate themselves through additional benefits and options. Our client wanted to identify the most appealing benefits, and the trade-offs consumers make when considering specific levels of these benefits, and to profile consumers interested in specific features and levels so that the client could customize marketing materials.
Through the use of a product configurator exercise, consumers were able to build-their-own Medicare Advantage plan and see the actual cost impact each level had on the overall premium.
Successful Results Implementation
With this data TRC helped identify the most preferred levels for each health benefit and areas consumers were willing to pay more for higher levels of coverage. Profiling consumers by plan type, state and various demographics provided insights to assist in marketing efforts for the new plans.