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Retiree Medical Care in the United States 2006
Mintel, Feb 2006, Pages: 114
The retiree health care marketplace is experiencing the most dynamic changes in its history. Legislation has promoted the introduction of new products, benefits, and competitors. Fueled by increased government funding, the aging of the Baby Boomers, and enhanced competition, major companies are undertaking significant expansions and acquisitions. Beneficiaries now have more choices.
Most significantly, companies of all sizes are positioning themselves to offer the new Medicare Part D benefit. However, as hundreds of plans vie for market share, enrollment remains sluggish. Despite billions of dollars spent for education and promotional efforts, all of this activity is contributing to beneficiary fear and confusion. This confusion highlights two significant points: given the size and potential of the Baby Boomer market, insurers must excel in both product innovation and advice-based marketing/distribution to be successful. It is also critical for providers, either alone or through partnerships, to offer a wide range of products through multiple distribution channels. Federal officials and private health plans will both need to reach out more vigorously to the senior market to raise interest and increase participation.
This report looks at the current state of the retiree healthcare market and the implication of demographic changes on the future of the industry. Strategies of the major companies in the industry are discussed, as they attempt to mitigate confusion and capitalize on changes in the marketplace. In addition, the attitudes of healthcare consumers over the age of 65 are summarized as to their preferences about these issues, and the product/service attributes that are most important to them.
This report provides an overview of the retiree health care and Medicare markets, including Medicare Part D, and provides a summary of private and public health care options for individuals over the age of 65. Current issues are analyzed, as well as consumer attitudes to prescriptions and healthcare programs; advertising and marketing strategies; and trends that will impact the industry and government policy.
This report contains US IRI InfoScan data.
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