Medicare Statistics Every Broker Should Know
According to a Vorsight, only 3% of your market is actively ready to buy. 56% aren’t ready to buy, while 40% are ready to start.
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Data is an important part of the story and it helps close sales.
We’ve gathered some important Medicare statistics every Medicare sales broker should know. With our tips on how exactly to use them, these stats can be incorporated into your sales pitches and presentations to impress your prospects and make an impact in their decision making.
Data only works when used right
With the right data comes the right perspective. Don’t just throw numbers and figures at people. Tell a story. How does your statistic relate to them? What does it mean for their health/finances/time/future, etc.? Focus on a solution for their needs.
If you do your research and keep your target market in mind, your data should:
- Relate to primary needs of your target
- Trigger emotion or provoke thought
- Inform and open discussion
- Show product benefits
Just the Facts, Ma’am
To create trust with your client, always, always, always research carefully.
- Make sure your stats are legit. Don’t get caught using a bogus statistic. Learn how to find out if your source is credible here.
- Understand the context from which your statistic came from. Are you using it the right way?
- Cite your sources (be sure to find the original source too).
Medicare Statistics for Brokers and Agents
Check out these statistics to see where they may fit within your sales pitches and presentations.
When to use: During sales presentations explaining Medicare.
Why use: To put things into prospective for the buyer.
How many Americans are on Medicare?
There were 55,504,005 Medicare Beneficiaries in the U.S. in 2015.
How many people in California use Medicare?
In 2015, 5,644,384 individuals in California used Medicare.
Medicare Advantage Statistics
When to use: When pitching MA plans.
Why use: To explain the difference between Medicare Advantage Plans vs. Original Medicare, plus illustrate the benefits of MA plans.
When did Medicare Advantage Plans start?
Medicare Advantage Plans have been around, in some form or another, since the 1970s. Private health plans offered as a part of Medicare’s managed care program were offered through “Medicare+Choice” (brought into effect by the Balanced Budget Act [BBA] of 1997). The program name was changed to “Medicare Advantage” in 2003.
How many people use Medicare Advantage Plans?
Out of 57 million Medicare beneficiaries, 31% are enrolled in a Medicare Advantage plan in 2016.
What percentage of Medicare beneficiaries are enrolled in Medicare Advantage plans?
31% of Medicare beneficiaries (17.6 million people) are enrolled in a MA plan in 2016.
Are Medicare Advantage Plans growing in popularity?
Yes! The number of Medicare beneficiaries enrolled in private plans have more than tripled since 2004 (5.3 million in 2004 to 17.6 million in 2016).
Medicare Cost Statistics
Any statistics on how a plan may affect a prospect’s wallet will prove hard-hitting. We’ve compiled a few relevant Medicare statistics on beneficiary cost to help your client make the most informed decision on their healthcare based on their realistic budget.
When to use: While comparing plans during your sales meeting.
Why use: They’re relevant and effective in helping clients make better decisions.
What’s the annual income of Medicare beneficiaries?
25% of Medicare beneficiaries have an annual income of $14,000.
5% of Medicare beneficiaries have an annual income greater than $93,000.
50% of Medicare beneficiaries had annual incomes below $24,150 and savings below $63,350 in 2014.
Main takeaway: Medicare is affordable. You’ll be able to find them the best plan for their fixed budget.
How much is the Medicare Part B Premium?
Most beneficiaries pay $104.90 each month for their Medicare Part B premium.
How much do you pay for Medicare Part B coinsurance and deductible?
Beneficiaries pay $166 per year.