GoHealth leveraging proprietary technology to help consumers navigate an unprecedented Annual Enrollment Period, as new data shows millions of Medicare beneficiaries face significant plan disruption
October 15 2024 - 8:00AM
As the Medicare Annual Enrollment Period (AEP) begins, GoHealth,
Inc. (NASDAQ: GOCO), a leading health insurance marketplace and
Medicare-focused digital health company, today announced the launch
of AI and proprietary technology tools dedicated to increasing
efficiency and improving consumer experience. This new technology
is designed to ensure ‘peace of mind’ for consumers with their
healthcare decisions, amidst new data from GoHealth suggesting that
millions of Medicare Advantage beneficiaries are expected to
experience an unprecedented period of disruption this AEP.
In an analysis of more than 5,000 Medicare Advantage plans from
top health insurers, GoHealth found that an estimated 6
million Medicare Advantage beneficiaries are expected to
face plan degradation, an erosion of benefits offered within their
specific plan. Furthermore, according to Deft Research, an
estimated 2 million are expected to be affected by
plan exits, which means carriers will no longer be offering that
plan within a specific county.
“Medicare Advantage beneficiaries are staring down a truly
unprecedented enrollment period. This AEP will present unique
industry and market dynamics, including a reduction in marketing
capacity across the broker industry, combined with strong demand
for Medicare Advantage shopping and appropriate switching,” said
GoHealth CEO Vijay Kotte. “Individuals are going
to see fewer options, higher costs, and diminished benefits.
GoHealth has thousands of licensed, trusted agents with the tools
necessary to provide clear personalized advice to help
beneficiaries make the best decision that benefits their
future.”
Additional GoHealth research reveals the significance of
choosing the right Medicare plan.
- Most beneficiaries likened purchasing a plan to that of buying
a house or a new car. Like those higher-stakes purchases, 44% of
beneficiaries preferred to be presented with 2-3 options before
making a decision, while an additional 40% said they preferred to
review all options.
- Moreover, 46% of those surveyed said that the availability of
better plans was the top reason they would consider changing their
Medicare plans. An additional 40% cited prescription drug coverage,
annual changes to plan coverage, benefits or costs as reasons they
would consider switching their plan.
- Furthermore, beneficiaries who were surveyed said the most
common emotion they experienced before choosing a plan was
nervousness.
“Our research underscores the importance of choosing the right
Medicare plan as beneficiaries often view this decision with the
gravity of their physical and financial health in mind. Now more
than ever, it is imperative that consumers shop around and compare
plans. Building on our PlanFit technology, we are proud to offer a
data-driven, unbiased solution that addresses their concerns to
help them select a plan that best fits their needs while also
delivering excellent consumer experience,” Kotte
added.
Last year, GoHealth introduced PlanFit Checkup, a seamless
offering designed to remove stress and enhance the experience for
consumers shopping for a Medicare Advantage plan. Backed by
analytics from nearly 30 million consumer touch points and by
machine learning technology, GoHealth’s proprietary PlanFit
technology reduced stress and improved the shopping experience by
matching every consumer with the best plan based on their profile
and priorities. This technology further distinguished GoHealth’s
industry-leading model by investing in the long-term consumer
relationship, aligning consumer healthcare needs with agent
compensation to create a pressure-free Medicare shopping
experience. Specifically, GoHealth agents who complete a
PlanFit CheckUp continue to be compensated
regardless of whether the assessment results in an enrollment – for
example, if the consumer is already on the best plan to suit their
needs.
This year, GoHealth is building upon its PlanFit technology to
enhance the consumer-agent experience, leveraging AI to tackle the
unprecedented challenges of this year’s AEP by making plan
selection more informed and efficient.
- Utilizing an AI-powered coach, GoHealth provides agents with
training and scenarios simulations, in advance of the busy AEP
season with complex plan questions they may encounter. This tool
helps agents by ensuring they’re fully prepared to deliver the most
accurate and comprehensive counsel to individuals navigating
challenging and potentially life-changing decisions.
- GoHealth has also built PlanGPT, a large-language model to
streamline the plan comparison process by retrieving key
information from thousands of pages of plan documentation.
Implementing this tool allows licensed insurance agents to provide
more personalized guidance by answering detailed questions for
consumers in real time to help them make educated decisions when
comparing benefits across multiple plans.
“With streamlined processes for agent onboarding
and precise, data-driven insights, we will continue to build
lasting relationships and improve the Medicare consumer journey,”
Kotte said. “Our consumer-centric approach is
purpose-built to deliver peace of mind to beneficiaries and provide
clarity in a landscape often marked by confusion and
uncertainty.”
This year’s AEP runs from October 15 through December 7.
GoHealth encourages Medicare beneficiaries to keep their ‘NOTES’
handy and offers the following tips:
- NEEDS – Know your prioritized
healthcare/benefit NEEDS.
- OPTIONS – Understand the different types of
OPTIONS available to you and understand what you might be giving up
to get the new things.
- TRUST – Find someone you can TRUST who can do
a personalized assessment of which option is best for you.
- ENGAGE - Connect with a licensed, experienced
professional who can provide expert guidance throughout AEP.
- SHOP – SHOP every year to give you peace of
mind you are either on the best plan for you or enrolling in the
best plan for you.
Learn more at www.GoHealth.com
About GoHealth Inc.As a leading
health insurance marketplace, GoHealth believes every Medicare
consumer should have personalized guidance so they can find a plan
that fits their needs and budget. For customers, enrolling in a
health insurance plan is confusing and difficult, and seemingly
small differences between plans can lead to significant
out-of-pocket costs or lack of access to critical medicines and
even providers. GoHealth uses their technology, agents, and
expertise to cut through the confusion and get customers enrolled
in a plan with the right coverage and benefits.
Media Inquiries
pressinquiries@gohealth.com
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