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September 9th, 2009
How Age-ins Breakdown by Retirement Expectations and Health Insurance Author: Deft Research
Based on retirement expectations, current income and sources of retirement income, Deft Research developed four market segments for it’s Age-in Study.
• On the Fence
• Working Secure
• Working with Less
• Retiring Well
IMPLICATIONS.
Although people are eligible for Medicare at age 65, this date is no longer significant for the majority’s approach to retirement from work. The result is a prospective market of Medicare age-ins where only one half will actually be in the market for individually purchased MA or Medigap plans.
Because of the variety of retirement approaches, age-ins can be divided into market segments whose health insurance needs also vary.
• On the Fence and Retiring Well are far more likely to need individually purchased health insurance. Which means that targeting them with specific and more intense marketing will result in a higher ROI for that marketing activity.
• Working Secure and Working with Less will continue to work and to rely more on employer-based insurance. These markets may need supplemental coverage or basic lean MA benefits to assure complete coverage.